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.
- 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.