According to Fortune Business Insights, the global refrigerator market is anticipated to gain traction from the rising number of bars and ice cream parlors worldwide. Besides, the increasing consumption of processed and frozen food items would affect the market positively. This information is published by Fortune Business Insights™ in a recent report, titled, “Refrigerator Market, 2019-2026.” The report further states that the refrigerator market size was USD 64.17 billion in 2018 and is projected to reach USD 103.95 billion by 2026, exhibiting a CAGR of 6.3% during the forecast period.
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Fortune Business Insights™ lists out all the refrigerator market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
This Report Answers the Following Questions:
What are the refrigerator market trends?
How many growth drivers and hindrances would the market come across?
Which strategies would the key companies adopt to intensify competition?
What are the significant challenges and opportunities?
Which region is likely to dominate the market in terms of revenue?
Drivers & Restraints-
Rising Government Initiatives to Provide Environmental Sustainability will Aid Growth
The governments of various countries across the world are implementing new policies to lower the energy consumption of home appliances. These policies are meant to support the adoption and manufacturing of energy-efficient appliances, as well as provide environmental sustainability. Additionally, they are taking various initiatives to upsurge and promote the capability and manufacturing of electronic products. ‘Make in India’ is one such campaign that is likely to propel the supply of home appliances in India. Apart from that, many incentive schemes, such as vouchers, discounts, and coupons are being persistently made available by these campaigns. These are also attracting consumers towards buying refrigerators. However, lack of repairing services for these products may hamper the refrigerator market growth in the coming years.
Top Freezer Refrigerator Segment to Lead Backed by its Possession of Many Benefits
In terms of product type, the market is segregated into French door, side by side , bottom freezer, and top freezer. Out of these, the top freezer refrigerator segment is set to dominate the market backed by its possession of several features. They are made by combining a refrigerator and a freezer in a single unit. This aids in avoiding the requirement of a separate chest freezer or separate space for food storage. Also, this type of freezer offers more storage space, as compared to the other types of units. The segment acquired 37.31% refrigerator market share in 2018 and would lead throughout the forecast period.
Asia Pacific to Dominate Fueled by Rising Disposable Income of People
Geographically, the market is categorized into North America, Europe, South America, the Middle East and Africa, and Asia Pacific. Amongst these, Asia Pacific procured USD 24.67 billion refrigerator market revenue in 2018 and is likely to dominate because of the rising demand for infrastructure in this region. In addition to that, rising number of households, rapid urbanization, increasing disposable income, and inclination of people from conventional to smart appliances are set to surge the demand for refrigerators in this region.
Europe, on the other hand, is anticipated to grow at a fast pace owing to the emergence of technologically advanced refrigerators developed by industry giants present in this region. It would, in turn, attract more consumers. North America is likely to generate a significant share in the near future on account of the increasing disposable income of people residing in Canada and the U.S. Also, factors, namely, rising number of nuclear families and increasing urban population would contribute to market growth.
Rеаѕоnѕ to Get thіѕ Rероrt:
A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
Data on market value for each section and sub-segment
Indicates the region and market segment that is likely to expand the fastest and dominate the market.
The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
The competitive landscape includes the top players’ market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
Key Players Focus on Mergers & Acquisitions to Strengthen Position
The market house several big, small, and medium companies that are striving persistently to gain the maximum share. They are doing so either by expanding their bases or by following the strategy of mergers and acquisitions.
Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
Global Refrigerator Market Analysis, Insights and Forecast, 2015-2026
Key Findings / Summary
Market Size Estimates and Forecast
By Product Type (Value)
Top Freezer Refrigerator
Bottom Freezer Refrigerator
Side by Side Refrigerator
French Door Refrigerator
By Distribution Channel (Value)
By Region (Value)
Middle East & Africa
Below are a few of the industry developments:
March 2019: Gorenje is planning to widen its base of fridge and freezer production in Serbia. This new extension would help in taking the total production capacity to 750,000 units by the end of 2020. The total cost of expansion is 4 million euro.
November 2018: Daikin Industries Ltd. announced the acquisition of the AHT group. The latter is a prominent commercial refrigerator company headquartered in Europe. This acquisition would aid the former in broadening its business in Europe and capitalizing on environmental regulations.
Frequently Asked Questions (FAQs):
1 How much is the refrigerator market worth?
Answer: Fortune Business Insights says that the global market size was USD 64.17 billion in 2018 and is projected to reach USD 103.95 billion by 2026.
2. What was the value of the global refrigerator market in 2018?
Answer: In 2018, the market value stood at USD 64.17 billion.
3. At what CAGR is the refrigerator market projected to grow in the forecast period (2019-2026)?
Answer: Growing at a CAGR of 6.3%, the market will exhibit steady growth in the forecast period (2019-2026).
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.