Household Refrigerators And Freezers Market by AB Electrolux, Dover Corp., LG Electronics
The global Household Refrigerators And Freezers Market size is estimated to reach USD 117.25 billion by 2028, registering a CAGR of 4.8% from 2021 to 2028, according to a new report by Grand View Research, Inc. Factors, such as a rise in disposable incomes, the growing trend of nuclear families, and increasing consumption of frozen food, are driving the market growth. Integration of state-of-the-art features with the help of disruptive digital technologies, such as the Internet of Things (IoT), digital temperature control system, and Artificial Intelligence (AI), has enabled the global market to grow exponentially over the last decade. The strong competition among leading manufacturers has resulted in heavy R&D investments to develop technologically advanced and size-compatible refrigerators.
For instance, in 2020, LG Electronics introduced the InstaView line of door-in-door refrigerators featuring a large glass panel that enables the household consumers to gaze inside the refrigerator without having to open it. This mechanism ensures that cold air inside does not escape and the food is fresh for a longer time. Furthermore, rising environmental concerns and energy efficiency initiatives are compelling manufacturers to follow regulations set by the agencies, such as the U.S. Environmental Protection Agency (EPA), which focuses on the reduction of Greenhouse Gas (GHG) emissions. An increasing number of consumers are preferring energy-efficient household refrigerators and freezers that consume less power per unit and reduce electricity bills and conserve energy in the long run.
While the COVID-19 pandemic has reduced the frequency of purchases made from traditional, brick-and-mortar retail shops, the demand for online refrigerators and freezers delivery has considerably increased. Temporary shutdowns of production plants, limited accessibility to parts & components, constrained labor supply, and additional supply chain-related issues were some of the major challenges faced by most of the market players during the initial months of 2020. However, the end of lockdown is anticipated to bring substantially higher buyer traffic, particularly through e-commerce channels.
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Household Refrigerators And Freezers Market Report Highlights
- In terms of door type, the double door segment captured the highest revenue share in 2020
- The segment is expected to retain its dominance growing at a steady CAGR during the forecast period
- Led by the U.S., North America captured a considerable revenue share in 2020 due to the early adoption of the latest technologies by the consumers in the region
- By structure, the built-in segment is anticipated to record the fastest CAGR over the forecast period as such structures allow more counter space than the freestanding structure types