Industry Background:
A household refrigerator is a household appliance that consists of a thermally insulated compartment and a heat pump (mechanical, electronic or chemical) which transfers heat from the inside of the fridge to its external environment. The main function is that inside of the fridge it is cooled to a temperature below the ambient temperature of the room. Refrigeration is an essential food storage technique. Further, Emerging Commercialization and changing the lifestyle of consumers in line with the adoption of modern technologies is driving the Global Household Refrigerator market.This growth is primarily driven by Increasing Demand for Consumer Goods, Rising Demand for Refrigerated Food Products & Nuclear Families, Rapid Economic Growth and Urbanization and Increasing Disposable Income of Consumers.
Globally, a noticeable market trend is evident Emerging Technologies Such as Wireless Communication and Internet of Things (IoT)
. Major Vendors, such as Robert Bosch GmbH (Germany), The Whirlpool Corporation (United States), AB Electrolux (Sweden), Samsung Electronics (South Korea), Panasonic Corporation (Japan), Dover Corporation (United States), Siemens AG (Germany), Godrej Industries (India), GE Appliances (United States), Koninklijke Philips N.V. (Netherlands), LG Electronics (South Korea) and Videocon International Ltd. (India) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In 2018, Panasonic achieved global production of USD 100 million refrigerators after launching its first model in 1953. and The latest NR-F655WPX, released in March 2019, incorporates a commercial-level flash-freezing feature, achieving an even greater level of progress.
Regulatory Insights:
In November 2017, The United States Environmental Protection Agency (EPA) released a rule that will allow climate-friendly refrigerants in household refrigerators and freezers. Replacing the super greenhouse gas commonly used as a refrigerant (HFC-134a) in this sector could avoid emissions of up to 3.7 million metric tons of direct CO2 equivalent annually.
Market Drivers
- Increasing Demand for Consumer Goods
- Rising Demand for Refrigerated Food Products & Nuclear Families
- Rapid Economic Growth and Urbanization
- Increasing Disposable Income of Consumers
Market Trend
- Emerging Technologies Such as Wireless Communication and Internet of Things (IoT)
- Refrigerators with Wi-Fi Enabled Touch Screen and Embedded Applications
Restraints
- Low Penetration Rate in Rural Areas and Inadequate Infrastructure
Opportunities
Growth in Export and Import Activities in Food & Beverage Sector
Challenges
High Electricity Consumption and Stringent Government Regulations on the Emission of Gas by Refrigerators Such as CFCs (Chlorofluorocarbons)
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Household Refrigerator Study Sheds Light on
The Household Refrigerator Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Household Refrigerator industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Household Refrigerator industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.