India Refrigerator Market Growth, Size, Share, Industry Report and Forecast - 2020-2026

The India refrigerator market is anticipated to grow at a CAGR of 8.4% during the forecast period. Continuous GDP growth, rising disposable income, & urbanization, increasing temperatures of the country (especially in summers) are rising the demand for refrigerators in India. Moreover, with the increase in supermarket penetration in the country, the demand for commercial refrigerators are also expected to grow considerably in the near future. Moreover, the market is attributed to the strong presence of various global market players that are engaged in various product portfolio expansion activities as per the consumer requirements across the country. For instance, in February 2020, Haier Group launched a new range of single-door inverter refrigerators that is available in HRD-242-E, HRD-2623-E variants in the Indian market.

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Due to COVID-19 and the nationwide lockdown, consumer expenditure on the luxury item is expected to decrease in 2020. Hence, in order to increase consumer spending, the government of India is offering advance LTC (Leave Travel Concession) to the central government employees. It was estimated to be around $2.6 billion. The only condition for the LTC is the consumer has to spend the money on the product which attracts 12% GST (Good and Service tax). These tax slab products include white goods such as refrigerators, washing machines, mobiles, and two-wheelers/ four-wheelers. Such cohesive government schemes are expected to support the refrigerator market in India during the COVID-19 pandemic.

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India Refrigerator Market Segmentation

By Product Type
• Single Door
• Double Door (Top Freezer & Bottom Freezer)
• Side by Side Door
• French Door
• Other Type (Mini Fridge)

By Application
• Residential
• Commercial (Restaurants, Ice Cream parlors, Supermarket, Research, Laboratory, and Pharmaceutical Storage)

By Distribution Channel
• Online Channel
• Offline Channel

Company Profiles
• Electrolux AB
• Godrej & Boyce Manufacturing Co. Ltd.
• Haier Group Corp.
• Hitachi, Ltd.
• LG Electronics Inc.
• Liebherr-International Deutschland GmbH
• Mitsubishi Electric Corp.
• Panasonic Corp.
• Robert Bosch GmbH
• Samsung Electronics Co., Ltd.

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This release was published on openPR.