Growing energy efficiency initiatives and rising purchasing power of consumers would drive the global household refrigerators and freezers market size over the forecast timeline
Sellbyville, DE -- (SBWIRE) -- 11/02/2018 -- Household Refrigerators and Freezers market may surpass USD 75 billion by 2025. These devices provide cold storage to store food products such as fish, ice-cream, fruits, vegetables, milk, water, etc. Adding to this, it uses vapor compression technology for maintaining storage conditions.
Increasing adoption of environmental friendly products in order to reduce emission of chloro-fluoro carbons has encouraged the development of high energy efficient refrigerators. With new energy standards, manufacturers have increased the refrigerator and integrated the product with user friendly technological interfaces such as water and ice dispensers.
In order to meet with the standards and regulations put forth by regulatory authorities, household refrigerators and freezers market players are investing heavily in R&D to develop products with continued efficiency improvements. The increasing demand for consumer electronics sector will further support the increased adoption. Moreover, speeding technical breakthroughs and development of energy efficient hardware accompanied with automation and smart technologies will propel the household refrigerators and freezers market growth.
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On the basis of product, French door bottom freezers accounted around 25% of the overall volume, increasing demand for technically advanced products accompanied with user friendly interface and comfortable positioning for opening and closing doors will support the demand. Side-by-side refrigerators in household refrigerators and freezers market are further anticipated to showcase a growth at a CAGR of 4% in the forecast timeframe this growth is credited to growing consumptions of frozen food products in urban areas.
Several key players in household refrigerators and freezers market have shifted their focus towards development and deployment of premium energy efficient and environmentally friendly products. These premium products are gaining popularity among the upper-middle and middle class segment. Adding to this, rise in disposable income has further contributed to boost the industry growth as consumers are able to afford premium and high-end products.
The energy efficiency upgrades introduced in September 2015 in the U.S. will continue to drive the demand for environmentally friendly products in the region. Increasing growth in APAC region owing to emerging economies such as India, Singapore, Indonesia, China and Malaysia will enhance the household refrigerators and freezers market growth. Changing lifestyles in rural areas will contribute to shape up the business growth. Moreover, significant push by governments in rural electrification will further drive and stimulate the rising demand.
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Players competing in the household refrigerators and freezers market includes Whirlpool, LG, Haier, Electrolux, Samsung, other players involved are General Electric, Panasonic, Bosch, Frigidaire, etc. The major competitive strategies adopted by the industry players include expansion of product portfolio through new product developments, collaborations and strategic partnerships to accommodate key technology developments. Reinforcing the aftersales service in order to stimulate & enhance market penetration and development of goodwill tend to augment the increased adoption. Companies are also focusing on product service bundling in order to enhance sales.
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