Refrigerators are widely used in both homes and businesses to provide a convenient and safe method of preserving food. They are available in a variety of shapes and sizes, as well as features and applications. Refrigerator Market players are working to introduce higher levels of luxury and new refrigeration products in order to attract end-users.
Refrigerator Market Report Scope and Research Methodology
The aim of the Refrigerator Market report is to provide the current and future market scenario. demand, income generation and sales and revenue have been provided in the Refrigerator market report. The division of the market into various segments and sub-segments helps clients to know about different growth components that are likely to be similar across the Refrigerator industry. The top players in the Refrigerator industry including market leaders, new entrants and followers are also included in the report. The Refrigerator market study provides unique guidance in thoughtful details regarding the development factors and has used a top-down and bottom-up approach to keep it error-free and accurate. SMR's Refrigerator market report is the result of a study that used various methodologies such as the PESTLE, PORTER, and SWOT analysis. The use of these methodologies provides the knowledge of strengths and weaknesses along with the macro and micro economic factors in the Refrigerator market.
Refrigerator Market Report Overview:
The report provides insights about Refrigerator Market key players along with a thorough analysis of their growth strategies, financial information and capacity, geographical presence, and product portfolio. The report provides fundamental dynamics of the Refrigerator market, including drivers, opportunities, challenges and restraints faced by the market.
Refrigerator Market Size was valued at USD 106.23 billion in 2020. Global Refrigerator Market size is estimated to grow at a CAGR of 5.51 % over the forecast period.
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Refrigerator Market Dynamics:
Hotels and quick-service restaurants typically use freezers with high cooling features to prevent food spoilage and to have an effective food storage system. Sales of high-end refrigeration products will increase as demand for hotel and hospitality items grows. The growing number of ice cream shops and bars will drive the refrigerator market forward. Refrigerators are required to provide specific chilling range options in freezers, which are commonly used to store cold drinks and ice creams in ice cream parlors and bars. The growing global consumption of frozen and processed foods is expected to increase the demand for freezing products.
Refrigerator Market Segmentation:
In 2020, the Top Freezer segment dominated the refrigerator market with a 40% market share. Because of its unique feature of combining freezer and shelf size in a single unit. This eliminates the need to buy a separate chest freezer or dedicate a room to food storage.
These containers provide more useful storage space than other types of containers. Customers can easily and quickly locate the required food items in these refrigerators thanks to their open side shelf sections, which also provide additional shelf space for consumer use, and the side by side segment is expected to grow at a CAGR of 6.1% during the forecast period.
Bottom freezers are popular with senior citizens because they do not have mobility issues that make it difficult for them to stoop down to get food. The French door category has grown significantly as a result of their deeper drawer freezers, which are commonly used to store frozen food products.
By Channel of Distribution, In 2020, the offline segment held a 65% share of the refrigerator market. Retail outlets, shopping malls, and specialty stores are examples of this. Customers can better touch, see, and understand the product. Customers have a wide range of options for selecting refrigerators that meet their specific needs under this distribution model. They prefer to buy refrigerators from physical stores because they can haggle and get discounts. Hotels and restaurants typically purchase branded smart freezers for their kitchen chilling and food storage systems from specialized stores.
The online channel is expected to grow at a CAGR of 5.99% during the forecast period, owing to advancements in the e-commerce industry and rising internet penetration, which will encourage people to shop online.
Refrigerator Market Key Players:
Haier (Qingdao, China)
L.G. (Seoul, South Korea)
Samsung (Suwon-si, South Korea)
Whirlpool (Benton Harbor, Michigan, United States)
Voltas (Mumbai, India)
Electrolux (Stockholm, Sweden)
Panasonic (Kadoma, Osaka, Japan)
Sharp (Sakai, Osaka, Japan)
Hitachi (Chiyoda City, Tokyo, Japan)
Toshiba (Minato City, Tokyo, Japan)
Godrej (Mumbai, India)
Intex (New Delhi, India)
Key Questions answered in the Refrigerator Market Report are:
- What is Refrigerator Market?
- Who are the top Refrigerator Market players?
- What was the Refrigerator Market size in 2021?
- What is the expected Refrigerator Market size by 2029?
- What will be the CAGR of the Refrigerator market during the forecast period?
- Which region held the largest market share in the Refrigerator Market?
- Which regional Refrigerator market is expected to grow at a high rate during the forecast period?
Key offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis of segments and sub-segments
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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