A recent market intelligence report that is published by Data Insights Partner on the global Refrigerator Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Refrigerator Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Refrigerator Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Refrigerator Market is offered. In accordance with the report, the global Refrigerator Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
Refrigerator is an electronic gadget that is used to preserve food. It comprises of a heat insulating section and a heat siphon that enables the transportation of warmth and high temperature from the interior of refrigerator to the exterior environment. This transfer helps in keeping the temperature of refrigerator within three to five degree Celsius. The low temperature of refrigerators prevents the multiplication of bacteria and keeps track of the moisture content in foods to avoid food spoilage.
The seasonal supply of certain food products and its demand and usage throughout the year is widening. The necessity of food preservation is reaching new heights and this is primarily driving the refrigerator market.
The growth of the food and beverage industry and the dependence on this sector of numerous consumers on a daily basis calls for the preservation of food on a day-to-day basis and charging this market.
The surging construction of residential buildings brings with itself the need to furnish the flats by the ones accommodating. This is indirectly fueling the growth of the refrigerator market.
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Rapid urbanization and the soaring percentage of nucleated families where both the parents are working reduces the time spent on kitchens especially during the weekdays. As a shortcut, one-time food preparation, indulgence in ready made foods necessitates storage facilities and empowers this market.
The rising disposable income in the hands of the people and their tendency to afford better and smart living is determining the refrigerator market.
The constantly evolving technological advancement and its application on refrigerators to launch smart refrigerators is fueling the growth of this market.
Also, the various promotional activities and the selling techniques like discounts, EMIs and offers are powering this market. The availability of these products on various e-commerce platforms and specialty stores and it’s rising export and import among countries are influencing the refrigerator market to a large extent.
Apart from the premium price of refrigerators, the cost of maintaining and repairing refrigerators are extravagant and beyond the reach of lower income groups. Also, the repairing services are available from the company which is immoderate. The lack of substitution of expensive repairing services of the company is a bottleneck to this market.
The lack of awareness and reluctant dependence on refrigerators on behalf of the consumers situated in many villages of developing and underdeveloped countries is hampering the refrigerator market. The lack of infrastructural facilities in these areas prevents the setting up of kitchen appliances stores is a factor.
The use of refrigerators generates a lot of environmental issues. High-end refrigerators consume electricity to a large extent, leads to carbon emission and pollution. The widening environmental concern with is directly and indirectly caused by the operation of refrigerator is hindering the growth of this market.
The technical innovation and its application in the evolution of smart refrigerators that comprises of voice recognition, efficient energy consumption, custom interface and digital connectivity which goes hand-in-hand with smart homes is a great opportunity for this market.
The revolution of aesthetic pleasures and the need for refrigerators that are not only functional in every respect but also comprises of color-rich patterns and retro designs is a good scope for the refrigerator market.
The growth of bachelor and nucleated families and the seasonal availability of certain food products is a good set of circumstances for this market.
The Asia-Pacific Market is likely to be the fastest growing refrigerator market because of two reasons. Firstly, some of the business giants like Samsung, Panasonic Corporation, Heier Inc, Godrej are situated in this region. Secondly this region is expected to face economic development and concentration of youth population that results in an ever-rising disposable income. Also, the infrastructural development that led to the transportation of electricity to some of rural areas is a factor for the development of refrigerator market in this area. But the leading position of refrigerator market will be held by North America because of urban population and educated population. The growth of food and beverage industry in this region can be attributable to the growth of refrigerator market.
This market intelligence report on the global Refrigerator Market encompasses market segments based on product type, distributional Channel, end user, and country.
By Product Type the global Refrigerator Market has been divided into:
q Side-By-Side Refrigerator
q Bottom Freezer Refrigerator
q Top Freezer Refrigerator
q French Door Refrigerator
By Distributional Channel the global Refrigerator Market has been divided into:
q Offline Mode
q Online Mode
By End User the global Refrigerator Market has been divided into:
By country/region, the global Refrigerator Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q Panasonic Corporation
q Mitsubishi Electric
q Samsung Electronics
q LG Electronics
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Refrigerator Market related investment & spending and developments by major players of the market are tracked in this global report.
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Few Recent Developments
The Whirlpool Corporation has invested in the manufacturing facility situated in Pune, India on February 2018. The purpose of the investment was to maximize the capacity to produce refrigerators that would serve the Indian customers.
SpaceMax, a set of side-by-side refrigerators was launched by Samsung Electronics in India on April 2019. SpaceMax as the name suggests provides larger capacity to ensure more food storage without expanding the physical dimension. This product was in harmony with an interior kitchen and total cooling facilities.
On February 2020, Haier introduced smart home appliances including refrigerator that was based on IoT.
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Ø This study offers comprehensive yet detailed analysis of the Refrigerator Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Refrigerator Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of Type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Refrigerator caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Refrigerator Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
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v Identification of key factors driving investment opportunities in the Refrigerator Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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