Household Refrigerator Market

The global Household Refrigerator market was valued at USD 14925 Million in 2020 and is projected to reach USD 20300.5 Million by 2028, growing at a CAGR of 4% from 2021 to 2028.

The household refrigerator refers to an appliance mainly used for the food storage with this aslo for protecting the food from the contamination.

The global Household Refrigerator market was valued at USD 14925 Million in 2020 and is projected to reach USD 20300.5 Million by 2028, growing at a CAGR of 4% from 2021 to 2028.

The global Household Refrigerator market is segmented into product, application, regions, and countries. The regional segmentation covers current and forecasts demand on the basis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments are analyzed on the basis of current and future trends. The report covers a complete evaluation of the market based on competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 and forecast from 2021 to 2028. 

Outbreak of COVID-19 led various countries impose strict lockdown measures during the initial stages of the pandemic. Numerous companies from different verticals faced challenges due to remote work environments. As a result, companies from various sectors switched to online/virtual platforms to maintain a steady flow in their daily business activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

The huge demand and the requirment due to the increasing population and urbanization in various economies is expected to drive the growth of the market in the years to come.

The subsequent technology and design advancements have substituted conventional units, thereby creating continuous opportunities and supporting the growth of the market over the forecast period.

Continual upgrades have ensured an increase in energy consumption and the electricity costs associated with the operations which is estimated to hamper the growth of the market in the years to come.

Door Type  Analysis: Preview

On the basis of Door Type, the market is segmented into Single Door, Double Door. Double Door Segment  held the highest share in 2020 and is expected to grow at a significant rate over the forecast period. This is attributed to the rising demand for the Double Door Segment in developing countries such as China and India. Digitalization in Asia Pacific region has led to a surge in the usage of technology in various business processes over the past few years. Rising adoption of online platforms across various sectors along with analytical solutions, IoT, AI, and Blockchain technology to gain a competitive advantage is also paving the way for the Household Refrigerator market growth.

Structure Analysis: Preview

Based on Structure, the market is segmented into Built-in, Freestanding. Freestanding  held the largest share and is projected to grow at a notable CAGR over the coming years. Rising demand for Household Refrigerator  in various countries such as the U.S., Germany, China, India, and Japan, among others is likely to support the growth of the market. Numerous companies are focusing on investing heavily in this application to cater the end user requirements effectively.

On the basis of region, the global Household Refrigerator market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region held a leading share of the global Household Refrigerator market in 2020. Some of the major countries contributing to the market growth are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. India and Nepal is considered as the most lucrative country for market players. This is attributed to the presence of major companies operating in the region.

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Household Refrigerator market are Godrej Industries, AB Electrolux, Robert Bosch GmbH, Hisense, Panasonic Corporation, LG Electronics, Samsung Electronics, The Whirlpool Corporation, Haier Group Corporation, Siemens, Dacor Inc, Dover Corporation, Philips Electronics.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

• Global Household Refrigerator Market is projected to reach USD 20300.5 Million by 2028
• Asia Pacific held the highest share of the Household Refrigerator market
• Double Door Segment held the largest share of the product segment in the Household Refrigerator market
• Freestanding held the major share of the application segment in the Household Refrigerator market