Shifting trends toward the energy efficient as well as eco-friendly products will drive household refrigerators and freezers market over the coming eight years. According to Global Market Insights, Inc., “Global household refrigerators & freezers market worth more than USD 59 billion in 2015 is anticipated record a CAGR of 2.7 percent over the period of 2016 to 2025.”
The latest energy efficiency standard demands the new models of refrigerators and freezers to cut their energy consumption by 20–25 percent, which is pushing the manufacturers to spend heavily in R&D to develop the high-efficiency refrigerators meeting the energy standards. The active partaking of the manufacturers along with the high demand from the consumers for the advanced refrigerators will enhance the household refrigerators and freezers industry outlook over the coming timeframe.
The implementation of the new generation features such as smartphone connectivity and automated temperature adjustability in the refrigerators and freezers will surge the product demand. Gradually changing lifestyle in the rural areas along with increasing disposable income of the consumers will build a lucrative roadmap for household refrigerators and freezers industry trends over the period of 2016 to 2025. In addition, heavy investment by government in electrification across the rural areas will further boost the household refrigerators and freezers market trends significantly.
Additionally, compressor less refrigerator and freezers is one of the notable technological innovations, which will become a significant growth factor in the household refrigerators and freezers industry. An average refrigerator consumes 13.7 percent of the home energy which is the second highest usage rate after the air conditioner. Newly launched products having ENERGY STAR label are being incorporated at a rapid rate worldwide.
French door bottom freezers to lead the household refrigerators and freezers product landscape
Top mounted freezer, French door bottom freezer, bottom mounted, and side-by-side are the prominent products of the household refrigerators and freezers market. Side-by-Side household refrigerators and freezers market will register a CAGR of 4 percent over the coming eight years, driven by the rising consumption of the frozen and fast foods across the urban regions. Moreover, enhanced life style, easy financing options, and incorporation of maintenance free compressors will boost the demand for the side-by-side refrigerator.
French door bottom freezers accounted for 25 percent of the market share in 2015 and will grow lucratively over the coming years, owing to the growing demand for technically advanced products.
Geographically, US contributed majorly towards the North America household refrigerators and freezers market share in 2015 and will grow noticeably over the coming timeframe, owing to the growing demand for eco-friendly products.
Europe household refrigerators and freezers industry is predicted to exhibit a lucrative growth rate over the coming eight years. The attributing factors towards the market growth are surging need of energy efficient products and rising disposable income.
The market players are focusing on technological developments to enhance the product portfolio in terms of better efficiency, as it is a major value adds for the consumers leveraging a decent energy and cost saving for them.— Market Watch