Refrigerators Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Refrigerators Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6071984 •
  • Format: PDF
Major players in the refrigerators market are Electrolux, Haier, LG Electronics, Samsung Electronics, Whirlpool, Hitachi, Bosch, Hisense, Sharp and Siemens.

The global refrigerators market is expected to grow from $31.61 billion in 2020 to $34 billion in 2021 at a compound annual growth rate (CAGR) of 7.6%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $44.26 billion in 2025 at a CAGR of 7%.

The Refrigerators market includes sales of Refrigerators which are electrical appliances used to preserve food at cold temperatures.

The increasing consumption of processed food products such as frozen meat, vegetables, dairy products as well as change in the dietary habits of consumers is driving the refrigerators market growth.Due to busy lifestyles, consumers are increasingly relying on processed food, prepared meals that require refrigerators for storage.

According to Rentokil, the processed food industries are valued at $2 trillion globally. The huge market for processed food products is expected to drive the refrigerators market.

Intense pricing pressure on manufacturers is restraining the growth of the refrigerators market.The market has numerous players competing in terms of price, specifications, and other characteristics.

Durable goods such as TV, freezers are more price elastic than necessities. People are more likely to purchase when there is reduction in the price of the goods and less likely to purchase when there is a price hike.

The refrigerators market covered in this report is segmented by type into single-door, double-door, French-door and others.The refrigerators market in this report is segmented by distribution channel into specialty retailers, department stores, mass retailers/hypermarkets/supermarkets, discount stores and online.

The refrigerators market covered in this report is segmented by application into household, commercial and industrial. The refrigerators market in this report is segmented by freezer location into freezer-on-top, freezer-on-bottom and freezer-less.

Refrigerators manufacturers are implementing technologies such as IoT and embedded sensors in their products to improve overall functionality. Manufacturers are introducing advanced human machine interface designs in refrigerators and also manufacturing refrigerators that can automatically recognize the type and weight of the food stored in the refrigerators, adjust and monitor the temperature as per requirement.

In March 2019, The Legacy Companies, a Florida based food and beverages company acquired Avanti Products Inc for an undisclosed amount.Through this acquisition the Legacy Companies plans to produce some of Avanti’s product solutions in its wholly owned manufacturing plants thereby securing a source of competitive advantage.

Avanti Products Inc, a Florida based company that develops, manufacturers and markets compact appliances including refrigerators, freezers, ranges, microwave ovens, wine refrigerators, ice makers, water dispensers, laundry appliances and other compact appliances.