The global household refrigerators and freezers market size was USD 89.9 billion in 2022 and is expected to register a rapid revenue CAGR of 4.8% during the forecast period. Increasing urbanization, changing lifestyles and eating habits, and rising disposable income are major factors driving market revenue growth. Household refrigerators and freezers are designed for storing small volumes of Food Beverage (FB) products at low temperatures. Hence, use of home refrigerators and freezers is increasing due to consumer preferences for convenience meals and necessity to preserve food for extended periods of time.
Consumers are increasingly opting for energy-efficient refrigerators and freezers to save their electricity costs. As a result, producers are constantly creating highly sophisticated and renewable energy-powered refrigeration systems. While, demand for eco-friendly refrigeration systems is rising because refrigerants used in conventional refrigerators harm environment and contribute to global warming.
Top Profiled Companies in the Global Household Refrigerators and Freezers Market Report:
- Whirlpool Corporation
- Haier Group
- Electrolux AB
- LG Electronics
- Samsung
- Godrej Appliances
- Hitachi Ltd.
- Robert Bosch GmbH
- GE Appliances, a Haier company
- Toshiba Corporation
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The global consumer goods market revenue growth is primarily attributed to factors such as the rapid increase in global population, an increasing demand for food and other essential consumer goods such as healthcare nutrition, personal care hygiene, and electronic products, and the changing lifestyles and preferences of consumers, the growing demand for packaged and processed products in food and beverage, and the growing working population. Manufacturing and packaging techniques have advanced technologically, as well as the adoption of cutting-edge technologies such as artificial intelligence, the Internet of Things (IoT), big data analytics, robotics, and automation in the consumer goods industry. Other key factors driving global consumer goods market revenues include increasing awareness of the negative environmental effects of plastic packaging, as well as a growing demand for environmentally friendly and sustainable packaging solutions. Consumer income levels are expected to rise in developing economies such as India thanks to government regulations and guidelines regarding product quality and safety.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Product Type Outlook:
- Top Freezer
- Bottom Freezer
- French Door
- Side by Side
- Others
End-Use Outlook:
- Residential
- Commercial
Key Takeaways of the Global Household Refrigerators and Freezers Market Report:
- A comprehensive overview of the global Household Refrigerators and Freezers industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Household Refrigerators and Freezers market.
- Elaborate study of the leading regional markets in the global Household Refrigerators and Freezers market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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