Refrigerator Market Outlook

A refrigerator is a household appliance primarily used for food storage with protecting it from getting contaminated. A refrigerator is used in almost all the houses and across the globe. There are different weights and different function refrigerator. There is an increase in demand for refrigerators due to an increase in hotels and homes.

Nowadays, with the changing technology the refrigerator is also changing, they are becoming multi-functional. Emerging technologies such as wireless communication and the Internet of Things along with their high adoption rate has led to the integration of these technologies in household appliances. A similar trend is expected to transform the household refrigerator market.

However, the higher cost of the refrigerator is likely to dampen the growth over the forecast period. Lack of awareness related to benefits and as well as proper utilization of technologies is the major factor that is expected to hamper the growth of the market in the next few years.

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Reasons for Covering Refrigerator

The demand for Refrigerator is increasing, with the growing population across the globe. The major reason to cover this topic is to see the growth of this market for the forecasted period. The demand for Refrigerator has decreased due to a growing concern for safety and security.

With the introduction of energy-efficiency regulations that mandate the labeling of refrigerators based on their performance, will induce manufacturers and retailers to promote energy-efficiency as a product differentiating feature.

Consumers have also started preferring ENERGY STAR-rated refrigerators since they are equipped with high-efficiency compressors, improved insulation, and defrosting features that help enhance energy-efficiency.

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Refrigerator: Market Segmentation

On the basis of Product	Top Freezer Refrigerator Bottom Freezer Refrigerator Side-by-side Refrigerator French Door Refrigerator
On the basis of Technology	Touch Screen Bluetooth Manual
On the basis of Weight	Small Capacity Refrigerator (Less than 100L) Medium Capacity Refrigerator (100L to 200L) Larger Capacity Refrigerator (200L to 300L) Extra Larger Capacity Refrigerator (More than 300L)
On the basis of Price	Low Medium Premium
On the basis of Sales Channel	Offline Hypermarket and Supermarket Specialty Store Retail Store Other Online

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Refrigerator Market: Regional Outlook

The evolution of Refrigerator in developing countries is estimated to have further growth opportunities in the global market. The Refrigerator market classified into seven key players: North America, Europe, Latin America, East Asia, South Asia, Oceania, and the Middle East & Africa.

Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19. Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country.

Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil. The refrigerator market is excepted to grow by CAGR XXX for the forecasted period.

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Refrigerator Market: Key Players

The global market players of Refrigerator consists of some leading players which are as follows: Godrej Appliances Ltd. Frigidaire, Panasonic Corporation, GE Appliances, Videocon International Ltd., AB Electrolux, Haier Group Corporation, LG Electronics, Samsung Electronics Co. Ltd., BPL Refrigeration, Whirlpool Corporation, Siemens AG, Hisense Co. Ltd., Midea Group, and many others.

KEY DEVELOPMENTS:

Panasonic Corporation today announced the following Organizational and Personnel Changes effective April 1, 2020. The aim of setting up a structure capable of formulating and quickly implementing business strategies for increasing the profitability of existing businesses as well as promoting co-creation in new markets related to apartment and nonresidential buildings, super-industrialized housing, and overseas businesses.

Godrej Appliances is all set to invest another Rs 700 crore by 2022. This latest announcement made by Godrej Appliances, investment in capacity and technology expansion to Rs 1,100 Crore over a period of six years, increasing it up to 65 lakh units per annum, which will boost the market size of the company in the refrigerator market.
In 2017, Whirlpool Corporation has announced that it has reached an agreement to acquire Yummly Inc. Yummly, founded in 2009 by David Feller and Vadim Geshel, is a food-centric technology company that provides personalized recipes and cooking resources.