Report Description
A recent market
intelligence report that is published by Data Insights Partner on the
global Refrigerator Market makes an
offering of in-depth analysis of segments and sub-segments in the regional and
international Refrigerator Market. The research also emphasizes on the impact of restraints,
drivers, and macro indicators on the regional and global Refrigerator
Market over the short as
well as long period of time. A detailed presentation of forecast, trends, and
dollar values of global Refrigerator Market is offered. In accordance with the report, the global
Refrigerator Market is projected to
expand by healthy CAGR over the period
of forecast.
Market Insight, Drivers, Restraints,
Opportunity & Trends of the Market:
Definition
Refrigerator
is an electronic gadget that is used to preserve food. It comprises of a heat
insulating section and a heat siphon that enables the transportation of warmth
and high temperature from the interior of refrigerator to the exterior
environment. This transfer helps in keeping the temperature of refrigerator
within three to five degree Celsius. The low temperature of refrigerators
prevents the multiplication of bacteria and keeps track of the moisture content
in foods to avoid food spoilage.
Market Drivers
The
seasonal supply of certain food products and its demand and usage throughout
the year is widening. The necessity of food preservation is reaching new
heights and this is primarily driving the refrigerator market.
The
growth of the food and beverage industry and the dependence on this sector of
numerous consumers on a daily basis calls for the preservation of food on a
day-to-day basis and charging this market.
The
surging construction of residential buildings brings with itself the need to
furnish the flats by the ones accommodating. This is indirectly fueling the
growth of the refrigerator market.
Rapid
urbanization and the soaring percentage of nucleated families where both the
parents are working reduces the time spent on kitchens especially during the
weekdays. As a shortcut, one-time food preparation, indulgence in ready made
foods necessitates storage facilities and empowers this market.
The
rising disposable income in the hands of the people and their tendency to
afford better and smart living is determining the refrigerator market.
The
constantly evolving technological advancement and its application on
refrigerators to launch smart refrigerators is fueling the growth of this
market.
Also,
the various promotional activities and the selling techniques like discounts,
EMIs and offers are powering this market. The availability of these products on
various e-commerce platforms and specialty stores and it’s rising export and
import among countries are influencing the refrigerator market to a large
extent.
Market Restraints
Apart
from the premium price of refrigerators, the cost of maintaining and repairing
refrigerators are extravagant and beyond the reach of lower income groups.
Also, the repairing services are available from the company which is
immoderate. The lack of substitution of expensive repairing services of the
company is a bottleneck to this market.
The
lack of awareness and reluctant dependence on refrigerators on behalf of the
consumers situated in many villages of developing and underdeveloped countries
is hampering the refrigerator market. The lack of infrastructural facilities in
these areas prevents the setting up of kitchen appliances stores is a factor.
The
use of refrigerators generates a lot of environmental issues. High-end
refrigerators consume electricity to a large extent, leads to carbon emission
and pollution. The widening environmental concern with is directly and
indirectly caused by the operation of refrigerator is hindering the growth of
this market.
Opportunities
The
technical innovation and its application in the evolution of smart
refrigerators that comprises of voice recognition, efficient energy
consumption, custom interface and digital connectivity which goes hand-in-hand
with smart homes is a great opportunity for this market.
The
revolution of aesthetic pleasures and the need for refrigerators that are not
only functional in every respect but also comprises of color-rich patterns and
retro designs is a good scope for the refrigerator market.
The
growth of bachelor and nucleated families and the seasonal availability of
certain food products is a good set of circumstances for this market.
Trends
The
Asia-Pacific Market is likely to be the fastest growing refrigerator market
because of two reasons. Firstly, some of the business giants like Samsung,
Panasonic Corporation, Heier Inc, Godrej are situated in this region. Secondly
this region is expected to face economic development and concentration of youth
population that results in an ever-rising disposable income. Also, the
infrastructural development that led to the transportation of electricity to
some of rural areas is a factor for the development of refrigerator market in
this area. But the leading position of refrigerator market will be held by
North America because of urban population and educated population. The growth of
food and beverage industry in this region can be attributable to the growth of
refrigerator market.
Segment Covered:
This market
intelligence report on the global Refrigerator Market encompasses market segments based on product type, distributional
Channel, end user, and country.
By
Product Type the global Refrigerator Market has been divided into:
q Side-By-Side Refrigerator
q Bottom Freezer Refrigerator
q Top Freezer Refrigerator
q French Door Refrigerator
By Distributional Channel the global Refrigerator
Market has been divided into:
q
Offline Mode
q
Online Mode
By End
User the global Refrigerator Market has been divided into:
q Commercial
q Residential
By country/region,
the global Refrigerator Market has been divided into:
q North
America (the U.S., Canada),
q Latin
America (Brazil, Mexico, Argentina and other countries),
q Europe
(Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia
Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle
East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market
Players:
This business
intelligence report offers profiling of reputed companies that are operating in
the market. Companies such as:
q Toshiba
q Panasonic
Corporation
q Mitsubishi
Electric
q Hitachi
q Godrej
q Bosch
q Samsung
Electronics
q LG
Electronics
q Haier
q Electrolux
q Whirlpool
others have been
profiled into detail so as to offer a glimpse of the market leaders. Moreover,
parameters such as Refrigerator Market related investment & spending and developments by
major players of the market are tracked in this global report.
Report Highlights:
In-depth
analysis of the micro and macro indicators, market trends, and forecasts of
demand is offered by this business intelligence report. Furthermore, the report
offers a vivid picture of the factors that are steering and restraining the
growth of this market across all geographical segments. In addition to that, IGR-Growth
Matrix analysis is also provided in the report so as to share insight of the
investment areas that new or existing market players can take into consideration.
Various analytical tools such as DRO analysis, Porter's five forces analysis
has been used in this report to present a clear picture of the market. The
study focuses on the present market trends and provides market forecast from
the year 2020-2028. Emerging trends that would shape the market demand in the
years to come have been highlighted in this report. A competitive analysis in
each of the geographical segments gives an insight into market share of the
global players.
Few Recent Developments
Whirlpool Corporation
The Whirlpool
Corporation has invested in the manufacturing facility situated in Pune, India
on February 2018. The purpose of the investment was to maximize the capacity to
produce refrigerators that would serve the Indian customers.
Samsung Electronics
SpaceMax, a set
of side-by-side refrigerators was launched by Samsung Electronics in India on
April 2019. SpaceMax as the name suggests provides larger capacity to ensure
more food storage without expanding the physical dimension. This product was in
harmony with an interior kitchen and total cooling facilities.
Haier
On February
2020, Haier introduced smart home appliances including refrigerator that was
based on IoT.
Salient Features:
Ø
This study offers
comprehensive yet detailed analysis of the Refrigerator
Market, size of the market (US$ Mn), and Compound
Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking
into account 2019 as the base year
Ø
It explains upcoming
revenue opportunities across various market segments and attractive matrix of
investment proposition for the said market
Ø
This market
intelligence report also offers pivotal insights about various market opportunities,
restraints, drivers, competitive market strategies of leading market players,
emerging market trends, and regional outlook
Ø
Profiling of
key market players in the world Refrigerator Market is done by
taking into account various parameters such as company strategies, distribution
strategies, product portfolio, financial performance, key developments,
geographical presence, and company overview
Ø
The data of
this report would allow management authorities and marketers of companies alike
to take informed decision when it comes to launch of Type of models, government
initiatives, marketing tactics and expansion, and technical up gradation
Ø
The world
market for Refrigerator caters to the needs of various stakeholders pertaining to this
industry, namely suppliers, manufacturers, investors, and distributors for Refrigerator
Market. The research also caters to the rising needs
of consulting and research firms, financial analysts, and new market entrants
Ø
Research
methodologies that have been adopted for the purpose of this study have been
clearly elaborated so as to facilitate better understanding of the reports
Ø
Reports have
been made based on the guidelines as mandated by General Data Protection
Regulation
Ø
Ample number
of examples and case studies have been taken into consideration before coming
to a conclusion
Reasons to buy:
v
Identify
opportunities and plan strategies by having a strong understanding of the investment
opportunities in the Refrigerator Market
v
Identification
of key factors driving investment opportunities in the Refrigerator
Market
v
Facilitate
decision-making based on strong historic and forecast data
v
Position
yourself to gain the maximum advantage of the industry’s growth potential
v
Develop
strategies based on the latest regulatory events
v
Identify key
partners and business development avenues
v
Respond to
your competitors’ business structure, strategy and prospects
v
Identify key
strengths and weaknesses of important market participants