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Household Refrigerators Market to Reach USD 102.53 Million by 2028
According to a new report by Vantage Market Research, the Household Refrigerators Market is expected to reach USD 102.53 Million by 2028, growing at a CAGR of 4.8% between 2021 and 2028. The factors that have been driving the growth in household refrigerators is the new innovation in refrigerator technology with changing dietary preference of people all over the world coupled with increasing disposable income and the trend of modular kitchen space.
Key Findings:
- The Double Door segment is projected to grow at a CAGR of over 3.31% over the forecast period owing to the high demand for refrigerators with door bins, several shelves, and adjustable freshness as well as temperature control features for the freezing compartment.
- The 15 to 30 cu. Ft. segment held a market share of around 48.26% in 2020. Capacity is the main factor that is considered while purchasing household refrigerators. Usually, the average strength in a family consists of three to four members. Thus, the demand for refrigerators with a capacity of 15 to 30 cu. Ft. (as it is a medium-range capacity) is higher.
- Asia Pacific is expected to expand at a CAGR of over 4.38% from 2021 to 2028. The demand in the region is driven by the increasing population in countries like China and India. Asia Pacific is a manufacturing hub and has a presence of various big market players such as LG Electronics, Panasonic Corp., Haier Group, Samsung, and more.
Some of the key players in the household refrigerators market include Dover Corporation, AB Electrolux, LG Electronics, Samsung, Whirlpool Corporation, Robert Bosch GmbH., among others. The competition in the refrigerator market is high as various players are coming up with new and innovative technologies to gain a higher market share.
Innovation in the product has been playing important role in the demand for the refrigerator market for the past few years. Today refrigerators have various design aesthetics, high energy efficiency as well as the temperature of moderation to prevent food. The increasing demand for refrigeration technology and innovations like the inclusion of automatic defrosts features with the increased sizes of the freezer are some of the factors driving the growth in the household refrigerators market.
North America is poised to record the highest CAGR. The increasing use of smart home automation products in the U.S and other countries in the region coupled with the rising number of nuclear families are some factors expected to boost demand for the household refrigerators market.
The Household Refrigerators is segmented as follows:
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Global Household Refrigerators Market: Door Type Segment Analysis
- Single Door
- Double Door
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Global Household Refrigerators Market: Structure Segment Analysis
- Built-in
- Freestanding
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Global Household Refrigerators Market: Capicity Segment Analysis
- Less than 15 cu. Ft.
- 15 to 30 cu. Ft.
- More than 30 cu. Ft.
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Global Household Refrigerators Market: Segment Analysis
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Pages and in-depth TOC on "Household Refrigerators Market by Door Type (Single Door, Double Door) by Structure (Built-in, Freestanding) by Capicity (Less than 15 cu. Ft., 15 to 30 cu. Ft., More than 30 cu. Ft.) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028"
View detailed Research Report here - https://www.vantagemarketresearch.com/industry-report/household-refrigerators-market-0434
By 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
About us
Vantage Market Research is a reputed company committed to providing high quality data and market research services. The company provides quantified B2B high quality research on more than 20,000 emerging markets. The company offers detailed reports on multiple industries including chemical materials and energy, food and beverages, healthcare, technology, etc. The company comprises over 125 analysts and consultants, adding more than 1,100 market research reports to its vast database every year. The company’s clientele base spans across 70% of the Global Fortune 500 companies.
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