The global Household Refrigerators And Freezers market size is expected to be worth around US$ 217.25 billion by 2030, according to a new report by Vision Research Reports.
The global Household Refrigerators And Freezers market size was valued at US$ 91.90 billion in 2020 and is anticipated to grow at a CAGR of 8.8% during forecast period 2021 to 2030.
The growing trend of nuclear families, and increasing consumption of , are driving the market growth. Integration of state-of-the-art features with the help of disruptive digital technologies, such as the (IoT), digital temperature control system, and (AI), has enabled the global market to grow exponentially over the last decade. The strong competition among leading manufacturers has resulted in heavy R&D investments to develop technologically advanced and size-compatible refrigerators.
For instance, in 2020, LG Electronics introduced the InstaView line of door-in-door refrigerators featuring a large glass panel that enables the household consumers to gaze inside the refrigerator without having to open it. This mechanism ensures that cold air inside does not escape and the food is fresh for a longer time. Furthermore, rising environmental concerns and energy efficiency initiatives are compelling manufacturers to follow regulations set by the agencies, such as the U.S. Environmental Protection Agency (EPA), which focuses on the reduction of Greenhouse Gas (GHG) emissions. An increasing number of consumers are preferring energy-efficient household refrigerators and freezers that consume less power per unit and reduce electricity bills and conserve energy in the long run.
The double door segment accounted for the highest revenue share of more than 87% in 2020 due to the high demand for products with several shelves, door bins, and adjustable freshness and temperature control features for the freezing compartment. The automatic frost-free cooling technology, one of the essential attributes of double door designs, also works in favor of the segment. Moreover, double door refrigerators offer more storage space with the systematic partition of compartments according to food and beverage items, making them more convenient and efficient.
The double door segment is further divided into top-mounted freezers, side by side, and French door. Among these, the French door segment is expected to witness the fastest growth during the forecast period. French door designs have separate spaces to store groceries, beverages, and other food items, and have freezers placed at the bottom, which offer extra shelf space and wide door bins as compared to any other refrigerators. This refrigeration equipment can assist in conserving energy as they allow easy access to smaller compartments while the others are closed.
The freestanding segment led the global market in 2020 accounting for a revenue share of more than 68%. Freestanding refrigerators, commonly called standalone equipment, are the most common variety of equipment. Since their inception, the products have witnessed several changes and enhancements in terms of design and ergonomic features. These appliances can be relocated quickly, which helps resolve the complexity of maintenance, repair, and operations. Furthermore, the availability of various types of standalone refrigeration equipment in the market, ranging from the right and left hinge options to French doors to considerable depth to store items, ensures segment growth.
The 15 to 30 cu. Ft. segment accounted for the highest revenue share of over 57.0% in 2020. Storage capacity is one of the primary factors considered when purchasing household refrigerators & freezers. The majority of the households worldwide require 4 to 6 cu. Ft. of storage space per adult. As the average family consists of three to four people, due to the rising global trend of a nuclear family, refrigerators with built-in freezers at mid-capacity ranges are being preferred for home use.
Asia Pacific accounted for the highest revenue share of over 45.0% in 2020 and is expected to retain its dominance over the forecast period. The region is a manufacturing hub featuring the presence of the headquarters of numerous leading market participants, such as Panasonic Corp., LG Electronics, Samsung, and Haier Group. In addition, rapid urbanization and government initiatives for the electrification of rural areas in developing countries, such as India, Nepal, Indonesia, the Philippines, and angladesh, will support the regional market growth.
|Market Size||US$ 217.25 billion by 2030|
|Growth Rate||CAGR of 8.8% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Door Type, Structure, Capacity, Region|
|Companies Mentioned||AB Electrolux, Dover Corporation, LG Electronics, Whirlpool Corporation, Samsung, Robert Bosch GmbH|
Robert Bosch GmbH
Door Type Outlook
Top Mounted Freezer
Side by Side
Less than 15 cu. Ft.
15 to 30 cu. Ft.
More than 30 cu. Ft.
Middle East & Africa
The Household Refrigerators And Freezers market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Household Refrigerators And Freezers market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Household Refrigerators And Freezers market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Household Refrigerators And Freezers market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Household Refrigerators And Freezers market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Household Refrigerators And Freezers capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Household Refrigerators And Freezers by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Household Refrigerators And Freezers market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Household Refrigerators And Freezers market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Household Refrigerators And Freezers market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Household Refrigerators And Freezers industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Household Refrigerators And Freezers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Household Refrigerators And Freezers market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Household Refrigerators And Freezers market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Household Refrigerators And Freezers market. These factors have benefited the growth of the global market for Household Refrigerators And Freezers. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Household Refrigerators And Freezers. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Household Refrigerators And Freezers are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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