Global Drawer Refrigerator Market 2017-2021
About Drawer Refrigerator
Drawer refrigerators are under-the-counter refrigerators that consist of drawer panels instead of doors. Drawer refrigerators let consumers store drinks, dairy products, meats, and vegetables, providing convenience to consumers. It has now become an essential part of traditional kitchen designs as well as modular kitchens, pubs, bars, restaurants, hotels, recreational vehicles (RVs), marines, consumer and passenger vehicles (CPVs), and quick service restaurants (QSRs). Drawer refrigerators can be customized and can be fit in stainless-steel cabinets with different panel options. They provide additional storage space to consumers and do not occupy much space.
Technavio’s analysts forecast the global drawer refrigerator market to grow at a CAGR of 7.26% during the period 2017-2021 .
Covered in this report
The report covers the present scenario and the growth prospects of the global drawer refrigerator market for 2017-2021 . To calculate the market size, the report considers the retail volume and value sales of the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Drawer Refrigerator Market 2017-2021
Technavio recognizes the following companies as the key players in the global drawer refrigerator market: DOMETIC GROUP AB, Felix Storch, Haier, Middleby Corporation, and Whirlpool
Other Prominent Vendors in the market are: INDEL WEBASTO MARINE, Perlick Corporation, Robert Bosch GmbH, SUB-ZERO Group, and Vitrifrigo S.r.l.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Synchronization with studio apartments. The number of studio apartments has risen considerably in urban parts of the world. The popularity of studio apartments is accounted by the limited availability of space in urban cities. Studio apartments are characterized by a single room that serves as the dining hall, kitchen space, drawing room, and study room. Drawer refrigerators are extensively used in studio apartments owing to their high degree of fit and usability. They can be placed under the sink, table, next to the bed, or under the cooktop. Many customers have started shifting to drawer refrigerators owing to their custom-made build, size, and usability.”
According to the report, one of the major drivers for this market is Product innovation leading to premiumization of products. With the advent of technology and product innovations in the global drawer refrigerator market, manufacturers have come up with innovative refrigerator drawers in terms of design, build, quality, features, and storage capacity. The prices of drawer refrigerators, currently, range from $1,000 to $5,000. Consumers are willing to spend for drawer refrigerators that offer features like energy efficiency, customizable panels, and separate compartments designed for individual temperature settings. Product innovation when coupled with the addition of features leads to premiumization of the product. Consumers tend to invest heavily in premium brands that offer maximal value. Premiumization leads to improved customer engagement.
Further, the report states that one of the major factors hindering the growth of this market is Higher costs in comparison to small-sized (regular-door or French-door) refrigerators. Drawer refrigerators are priced higher than their traditional counterparts owing to the high degree of functionality associated with them. Traditional refrigerators are stand-up French-door refrigerators that may or may not consist of separate freezers on top. The degree of penetration of traditional refrigerators is high as people have a lot of options to choose from and they are cheaper than other refrigeration products.
DOMETIC GROUP AB, Felix Storch, Haier, Middleby Corporation, Whirlpool, INDEL WEBASTO MARINE, Perlick Corporation, Robert Bosch GmbH, SUB-ZERO Group, and Vitrifrigo S.r.l.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook