Global Refrigerator Market 2016-2020
About Refrigerator Market
The refrigerator market in developed regions is growing at a low rate because the household penetration rate for primary refrigeration appliance is already at a high level and has reached the mature stage. Refrigerator has become an essential durable for everyday household and is being used by consumers in developed countries for years now. With minimum average product lifespan of five years and maximum lifespan of 8-10 years, the product has long replacement cycles.
Technavio’s analysts forecast the global refrigerator market to grow at a CAGR of 4.5% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global refrigerator market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of refrigerators worldwide.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Refrigerator Market 2016-2020
Technavio recognizes the following companies as the key players in the global refrigerator market: Electrolux, Haier, LG Electronics, Samsung Electronics, and Whirlpool.
Other Prominent Vendors in the market are: Arçelik, Bosch, Godrej, Hisense, Hitachi, Midea, Miele, Mitsubishi Electric, Panasonic, Sharp, and Toshiba.
Commenting on the report, an analyst from Technavio’s team said: “Growing use of glass door refrigerator at home will be a key trend for market growth. A greater demand for time-saving and convenient home appliances has been observed owing to the busy schedules of individuals. Thus, players are continuously re-inventing refrigerators according to the needs of consumers. One such type is the glass door refrigerator. Earlier these refrigerators were used for cold storage at commercial places. However, these refrigerators have now penetrated homes. They facilitate a look at the ingredients without opening the door.”
According to the report, warmer or hotter weather condition is the primary driver for the refrigerator market. The hot and humid weather conditions have made consumers increasingly concerned about food spoilage and hygiene levels (for cooked food, perishable food items, beverages, and others) and have generated the demand for efficient refrigerators. The low temperatures inside the refrigerator slow down the growth of microorganisms and the rate of chemical (including enzymes) changes in food. This allows for food storage for a few days until consumption.
Further, the report states that the high cost of refrigerator types like freezer-on-bottom refrigerators and smart connected refrigerators is hindering the growth of the market. The prices offered by global players are very high, which pose a significant challenge as most end-users in developing countries (like India and China) are reluctant to make such premium purchases, which affects the overall revenue of the global refrigerator market. The high cost of these refrigerators allows only the elite section of the population to adopt these refrigerators.
Electrolux, Haier, LG Electronics, Samsung Electronics, Whirlpool, Arçelik, Bosch, Godrej, Hisense, Hitachi, Midea, Miele, Mitsubishi Electric, Panasonic, Sharp, Toshiba.