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 (F&B) 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 Bottom 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
Restraining Growth of Bottom Freezer Household Refrigerators and Freezers Market
- Saturation in mature markets: Developed markets such as North America and Europe are already saturated with a high penetration rate of household refrigerators and freezers. This saturation limits the scope for further growth in these regions.
- High initial cost: The initial cost of purchasing a household refrigerator or freezer can be relatively high, especially for advanced models with features like smart technology or energy efficiency. This high upfront cost can act as a barrier for price-sensitive consumers, hindering market growth.
- Limited infrastructure and electricity access: In certain regions, particularly in rural areas of developing countries, there may be limited access to electricity or inadequate infrastructure to support the usage of household refrigerators and freezers. This lack of infrastructure can hinder market growth in these areas.
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 Bottom 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.
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