Global Household Refrigerators And Freezers Market by Door Type (Double, Single), by Structure (Freestanding, Built-in), by Capacity (Less Than 15 cu. Ft., 15-30 cu. Ft.) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global household refrigerators and freezers market was valued at USD 81.9 billion in 2020. It is expected to grow at a compound annual rate (CAGR), of 4.8% between 2021 and 2028. The market's promising growth prospects are due to the increasing consumer preference for smart appliances in order to make food storage easier. The market is also driven by factors such as increasing consumer purchasing power, rising number of nuclear families, popularity of modular kitchen spaces and changing dietary preferences. The freezers that are mounted on refrigerators have heat pump as well as thermally insulated compartments designed to preserve food and beverages for a relatively long time.

These benefits have made the appliance an essential household item. Manufacturers have been able to offer new features to their products to attract consumers and encourage them to replace traditional household refrigeration equipment with modern ones due to fierce competition. In response to the remarkable rise in refrigeration technology demand in the 1950s, innovations were made such as the automatic defrost function and larger freezer sizes. The market has continued to grow with technological and design advances that have replaced conventional units.

Constant upgrades have resulted in an increase in energy consumption as well as higher electricity costs for conventional equipment. To reduce their environmental impact, the regulatory bodies around the world are drafting regulations that aim to reduce the energy consumption and Greenhouse Gases emissions from refrigerators & freezes. The European Commission (EC), requires that manufacturers based in the region provide the appropriate energy rating labels for their products. The EC has introduced a new regulation in 2021 called the Eco design requirements for refrigerating devices (EU) 2019/2019 regulation. This regulation supports the circular economy and emphasizes product repairability, easy disassembly and recyclability.

Over the last few years, product innovation has played a positive role in driving market growth. Modern household equipment incorporates design aesthetics, energy efficiency and temperature control to prevent food spoilage. Modern compressor technologies and improved insulation are helping to drive demand for high-quality refrigeration equipment. As different items have unique requirements for temperature and humidity, the innovations allow manual adjustment to the refrigerator's temperature.

Market dynamics were changed by the new coronavirus that was discovered at the start of 2020. The temporary production halts in manufacturing and slowdown in logistics caused a drop in product sales in the first months of 2020. The enforcement of stay at home norms in an effort to limit the spread of the virus among others created business opportunities. The production of refrigerators was reduced by the relaxations in lockdown regulations that were implemented by many governments around the world during the last few month of 2020. These appliances saw steady sales increases due to the resumption in shipping operations and e-commerce sites. The majority of these appliances are being used at a higher rate than the average consumer due to extended work-from home policies. This will lead to a rise in demand for these products in the near future. This trend will help manufacturers recover losses from the first months of 2020.

Door Type Insights

Due to high demand for products that have multiple shelves and door bins and adjustable freshness and temperature controls for the freezing compartment, the double door segment had a higher revenue share than 67% in 2020. Double door designs also benefit from the automatic frost-free cooling technology. Double door refrigerators have more storage space thanks to the system of dividing compartments according food and beverages. This makes them more efficient and convenient.

The double door segment can be further divided into top mounted freezers and French doors. The segment with the French door will see the most growth over the forecast period. French doors have separate areas to store groceries, beverages, or other food items. They also have freezers at the bottom that offer more shelf space and wider door bins than other refrigerators. These refrigeration units can help conserve energy because they make it easy to access smaller compartments, while others remain closed.

Structure Insights

In 2020, the freestanding segment accounted for more than 58% of global market revenue. The most popular type of equipment is the freestanding refrigerator. The products have seen many improvements and changes since their conception. This makes it easy to move appliances quickly and reduces the amount of work involved in maintenance, repairs, and operations. Segment growth is also possible due to the wide range of standalone refrigeration equipment available on the market. These include French doors, right hinge options, French doors, and French doors.

Built-in structures are expected to grow at a faster rate of 5.0% between 2021 and 2028. This segment is expected to grow in tandem with the rising popularity of modular kitchen spaces. Built-in appliances are becoming more popular because they allow users to create upscale front panels that match the rest of a high-end kitchen. Built-in freezers and refrigerators allow for better movement within the kitchen, as they take up less space. Built-in appliances can be expensive. They cost between USD 5,000 and USD 10,000. Freestanding household refrigeration equipment is usually cheaper at USD 1,000 to USD 3.

Capacity Insights

The 15-30 cu. The Ft. segment had the highest revenue share at 47.0% in 2020. When purchasing household fridges and freezers, storage capacity is a key factor. Most households require between 4 and 6 cu. Ft. of storage space for each adult. Because the average family is three to four members, refrigerators with built in freezers of mid-capacity are preferred for home use.

Refrigerators with a capacity greater than 30 cu. Ft. will also see significant growth in the forecast period. But, increased usable capacity often comes with higher energy consumption patterns. This has an impact on electricity bills. Manufacturers are now incorporating more energy-efficient features to prevent this. High-capacity refrigeration equipment has automatic energy-saving features that allow consumers to turn off compressors when they are not in use.

Regional Insights

Asia Pacific was the region with the highest revenue share, exceeding 35.0% in 2020. It is expected to continue its dominance during the forecast period. This region is home to many market leaders, including Haier Group, Samsung, LG Electronics and Panasonic Corp. Rapid urbanization and government initiatives to electrify rural areas in developing nations, like India, Nepal and Indonesia, will also support regional market growth.

North America accounted for a significant share of the market in 2020, led by the U.S. High-end appliances are in high demand due to the increasing use of smart home automation products within the region. The region's growth is also due to its growing urban population and increasing number of nuclear families.

Market Share Insights & Key Companies

With many international and domestic companies operating worldwide, the market is experiencing rapid growth. The market is thriving because of established players' strong brand image, product portfolios and continuous focus on innovation. To maintain a competitive edge on the market, leading vendors spend more money on R&D. These state-of the-art features include digital temperature control to regulate optimal temperature, AI sensors for lower energy consumption, Internet of Things connectivity to remotely monitor fridge temperature, and touch display panel panels. These customer-centric solutions offer multiple benefits such as simplifying everyday tasks and keeping food fresher for longer periods.

Global market players are closely monitoring the opportunities for collaboration to grow their businesses. To expand their product portfolio, some key players are looking to collaborate with technology providers. In 2017, Liebherr partnered with Smarter, a London-based start-up that specializes in connected homes. In 2017, Liebherr's product line was fitted with Smarter's wireless FridgeCam, which allows consumers to remotely see inside food items using their tablets and smartphones. These are some of the top players in the global household fridges and freezers market:

• AB Electrolux

• Dover Corporation

• LG Electronics

• Whirlpool Corporation

• Samsung

• Robert Bosch GmbH

Up Market Research published a new report titled “Household Refrigerators And Freezers Market research report which is segmented by Door Type (Double, Single), by Structure (Freestanding, Built-in), by Capacity (Less Than 15 cu. Ft., 15-30 cu. Ft.), By Players/Companies Electrolux, Whirlpool, LG Electronics, Robert Bosch, Haier, Samsung”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Household Refrigerators And Freezers Market Report Segments:

The market is segmented by Door Type (Double, Single), by Structure (Freestanding, Built-in), by Capacity (Less Than 15 cu. Ft., 15-30 cu. Ft.).

Household Refrigerators And Freezers Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Household Refrigerators And Freezers Market

Overview of the regional outlook of the Household Refrigerators And Freezers Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Household Refrigerators And Freezers Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Household Refrigerators And Freezers Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Double

                2. Single

                1. Freestanding

                2. Built-in

                1. Less Than 15 cu. Ft.

                2. 15-30 cu. Ft.

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Household Refrigerators And Freezers Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
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Reasons to Purchase the Household Refrigerators And Freezers Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.