Key points from the Refrigerator Market analysis available in the latest report

 

Refrigerators are widely used in both homes and businesses to provide a convenient and safe method of preserving food. They are available in a variety of shapes and sizes, as well as features and applications. Refrigerator Market players are working to introduce higher levels of luxury and new refrigeration products in order to attract end-users.

Refrigerator Market Scope:

The Refrigerator market is segmented in this Stellar Market Research report based on manufacturers, regions, product types, and application areas. A market's size can be calculated using its value, output, and consumption. This Stellar Market Research (SMR) report discusses distribution channels, Porter's Five Forces Report, market share, size, growth rate, future trends, market drivers, opportunities and challenges, risks, and entry barriers, among other things.

Refrigerator Market Overview:

The SMR Refrigerator Market report investigates the historical and projected growth of the upstream, midstream, and downstream industries. The market research study goes into great detail about the overall market size, revenue, and market segmentation. The SMR research takes into account a wide range of factors, including current market competition, potential growth barriers, key manufacturer profiles, and production and consumption by relevant areas.

Refrigerator Market Size was valued at USD 106.23 billion in 2020. Global Refrigerator Market size is estimated to grow at a CAGR of 5.51 % over the forecast period.

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Refrigerator Market Drivers:   
Hotels and quick-service restaurants typically use freezers with high cooling features to prevent food spoilage and to have an effective food storage system. Sales of high-end refrigeration products will increase as demand for hotel and hospitality items grows. The growing number of ice cream shops and bars will drive the refrigerator market forward. Refrigerators are required to provide specific chilling range options in freezers, which are commonly used to store cold drinks and ice creams in ice cream parlours and bars. The growing global consumption of frozen and processed foods is expected to increase the demand for freezing products.

Refrigerator Market Segmentation:

In 2020, the Top Freezer segment dominated the refrigerator market with a 40% market share. Because of its unique feature of combining freezer and shelf size in a single unit. This eliminates the need to buy a separate chest freezer or dedicate a room to food storage.
These containers provide more useful storage space than other types of containers. Customers can easily and quickly locate the required food items in these refrigerators thanks to their open side shelf sections, which also provide additional shelf space for consumer use, and the side by side segment is expected to grow at a CAGR of 6.1% during the forecast period.

By Channel of Distribution, In 2020, the offline segment held a 65% share of the refrigerator market. Retail outlets, shopping malls, and specialty stores are examples of this. Customers can better touch, see, and understand the product. Customers have a wide range of options for selecting refrigerators that meet their specific needs under this distribution model. They prefer to buy refrigerators from physical stores because they can haggle and get discounts. Hotels and restaurants typically purchase branded smart freezers for their kitchen chilling and food storage systems from specialised stores.

Bottom freezers are popular with senior citizens because they do not have mobility issues that make it difficult for them to stoop down to get food. The French door category has grown significantly as a result of their deeper drawer freezers, which are commonly used to store frozen food products.
During the forecast period, the online channel is expected to grow at a CAGR of 5.99%. Because of advancements in the e-commerce industry and rising internet penetration, people will be more likely to engage in online shopping.

Key Players:
Haier (Qingdao, China)
L.G. (Seoul, South Korea)
Samsung (Suwon-si, South Korea)
Whirlpool (Benton Harbor, Michigan, United States)
Voltas (Mumbai, India)
Electrolux (Stockholm, Sweden)
Panasonic (Kadoma, Osaka, Japan)
Sharp (Sakai, Osaka, Japan)
Hitachi (Chiyoda City, Tokyo, Japan)
Toshiba (Minato City, Tokyo, Japan)
Godrej (Mumbai, India)
Intex (New Delhi, India)

The SMR report also includes company profiles, product images and specifications, output and capacity figures, pricing and cost information, revenue information, and contact information for the Refrigerator market's leading players. It investigates the specifications for raw materials, machinery, and upstream and downstream processes.

Refrigerator Market Regional Analysis:

The Middle East and Africa, South America, North America, Asia Pacific, and Europe are the market's five geographical regions. Stellar Market Research covers all market sub-segments as well as major geographic divisions. In this SMR report, we investigate regional evolution in terms of market size, share, and volume. This Stellar Market Research Refrigerator industry report includes data, geographic breakdowns, and revenue, as well as an in-depth analysis of business chain structures, opportunities, and the most recent market news.

Key Questions answered in the Refrigerator Market Report are:

  • Which product segment is expected to hold the largest share in the Refrigerator market?
  • How is the competitive scenario of the Refrigerator market?
  • Which are the key factors aiding the Refrigerator market growth?
  • Which region holds the maximum share in the Refrigerator market?
  • What is the expected CAGR of the Refrigerator market during the forecast period 2022-2029?
  • Which application segment emerged as the leading segment in the Refrigerator market?
  • Which are the major key players in the Refrigerator market?
  • What key trends are expected to emerge in the Refrigerator market in the forecast period?
  • What will be the Refrigerator market size by 2029?
  • Which company held the largest share in the Refrigerator market?

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About Stellar Market Research:

In 2018, Stellar Market Research, an organisation based in India, was founded. Its area of expertise is long-term planning and consulting services to help clients meet their organisational transformation goals. The organisation uses its extensive network and in-depth knowledge of the industry to produce well-informed comments on reports that give clients a tactical edge. Customers have access to a market portfolio that will help their company establish a substantial presence, set long-term objectives, and carry out the necessary actions for remarkable growth and market dominance. Price changes, secondary market analysis, and customer buying habits are all carefully taken into account.

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