Fort Collins, Colorado, Nov. 07, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Household Refrigerators Market size was valued at USD 94.8 Billion in 2022 and is anticipated to be USD 204.2 Billion by 2032 at a CAGR of 8.1%.
Refrigerators are an essential component of all households globally. According to the International Energy Agency, approximately 70% of households, which amounts to around 1.3 billion households, have refrigerators, which is expected to increase to 1.5 billion by 2030.
The growing technological advancement in refrigerator systems is a major factor contributing to market growth. Various technologies, such as highly energy-efficient and smart refrigerators, are in demand due to their myriad features. By using nanoparticles such as TiO2 and Al2O3 mixed with refrigerant, it decreases energy consumption and can be used to improve the efficiency of refrigerators. Besides, smart refrigerators, which monitor the system for issues, lets the user view contents inside the refrigerators without opening the door and offer additional energy savings. Furthermore, these refrigerators also monitor the content inside and notify the user when there is a need to restock. Such factors have led to the growing demand from households for refrigerators.
Additionally, the rising purchasing power of consumers, especially in developing economies, is also propelling market growth. When disposable income increases, household spending increases, such as essential electronics. Consumer spending is one of the most important determinants of demand. According to the Census and Economic Information Center, in 2022, consumer spending contributed approximately 68.16% to the top GDP of the United States. Furthermore, in emerging economies such as China and India, the emergence of the earning middle class has contributed majorly to rising disposable incomes. The rising exports from these countries have resulted in a large population migration from farm-related jobs to the manufacturing sector, which has witnessed a significant rise in wages and skill levels.
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Segmentation Overview:
The global household refrigerators market has been segmented into door type, freezer location, and region. Double door refrigerators provide various benefits over their counterparts, contributing to segment growth. Double door refrigerators provide more room for food storage as they have multiple drawers and tiers, which can be used for various food placements. Asia Pacific held the largest market share and accounted for a revenue share of 37.3% in the household refrigerators market in 2022. The region is expected to continue its dominance during the forecast period. This can be attributed to the growing consumption of frozen products, especially ice cream, in this region.
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Household Refrigerators Market Report Highlights:
- The global household refrigerators market growth is anticipated at a CAGR of 8.1% by 2032.
- Increasing adoption of technology backed by the Internet of Things (IoT) enabling advanced features such as smart climate controls, displays, and remote operation capabilities through smartphones are anticipated to improve product quality at affordable prices.
- Based on the door type, the market is further sub-segmented into single door, double door, side-by-side door, and French door. The double-door segment held the largest market revenue share of 42.9% in 2022.
- Based on the freezer location, the market is further categorized into freezer on top, freezer at bottom, and freezer less. The freezer-on-top system accounted for the largest market share and held a revenue share of 49.5% in the household refrigerator market in 2022.
- Some prominent players in the household refrigerators market report include Whirlpool Corporation, Samsung Electronics Co., Ltd., Robert Bosch GmbH, Panasonic Corporation, LIEBHERR, LG Electronics Inc., Haier Inc., Godrej Group, AB Electrolux, and Midea among others.
Industry Trends and Insights:
- In January 2023, Whirlpool Corporation entered into a definitive contribution agreement with Arçelik A.Ş. The agreement stipulates Whirlpool to contribute its European major domestic appliance business and Arcelik to contribute its major domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses to form a new organization with Whirlpool holding 25% stakes and Arcelik holding 75% stakes in the entity.
- In 2021, various ice cream brands that resemble famous Chinese landmarks, such as Shanghai Tower, Yuyuan Garden scenes, and Oriental Pearl TV Tower, were launched to attract consumers.
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Household Refrigerators Market Segmentation:
- By Door Type: Single door, double door, side-by-side door, french door
- By Freezer Location: Freezer on top, freezer at bottom, freezer less.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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