The market size of household refrigerators and freezers worldwide was USD 89.9 billion in 2022 and is projected to experience a rapid Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period. The market growth is primarily driven by various factors such as increasing urbanization, changing lifestyles and eating habits, and rising disposable income. Household refrigerators and freezers are primarily designed for storing small quantities of Food Beverage (FB) products at low temperatures, and hence, their usage is increasing due to consumer preferences for convenience meals and the need to preserve food for longer periods of time.
Consumers are progressively inclined towards energy-efficient refrigerators and freezers to reduce their electricity bills. Consequently, manufacturers are continuously developing highly advanced and sustainable refrigeration systems that run on renewable energy. Furthermore, there is a growing demand for eco-friendly refrigeration systems due to the negative impact of the refrigerants used in conventional refrigerators on the environment, contributing to global warming.
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Top Profiled Companies in the Global Top Freezer 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
Major Driving Factors of Top Freezer Household Refrigerators and Freezers Market
- Increasing disposable income: As disposable income rises, consumers have more purchasing power to invest in appliances such as refrigerators and freezers. This leads to increased demand for household refrigeration products.
- Changing lifestyle and food habits: Changes in lifestyle and food habits, including a growing preference for convenience foods, ready-to-eat meals, and the need to preserve perishable items for longer durations, drive the demand for household refrigerators and freezers.
- Technological advancements: Advancements in technology have led to the development of energy-efficient and eco-friendly refrigeration systems. Consumers are increasingly interested in energy-saving appliances, which contribute to lower electricity bills and reduced environmental impact.
- Growing urbanization: Urbanization trends, especially in developing countries, lead to increased demand for household refrigeration appliances. As more people move to urban areas, the need for efficient food storage and preservation options becomes essential.
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 Top Freezer 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 Top Freezer Household Refrigerators and Freezers Market.
- Elaborate study of the leading regional markets in the global Top Freezer 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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