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Asia Pacific Refrigerator Market Report Analysis 2023 by Top Players, Volume, Opportunities, Type and Application Forecast 2028
Asia Pacific Refrigerator Market
Top 12 Companies in Asia Pacific Refrigerator Market Report:
• Haier Group Corporation (Qingdao, China)
• LG Electronics Inc (Seoul, South Korea)
• The Samsung Group (Seoul, South Korea)
• The Whirlpool Corporation (Michigan, United States)
• Voltas Limited (Mumbai, India)
• Electrolux AB (Stockholm, Sweden)
• Panasonic Corporation (Osaka, Japan)
• Sharp Corporation (Osaka, Japan)
• Hitachi, Ltd (Tokyo, Japan)
• Toshiba Corporation. (Tokyo, Japan)
• Godrej Group( Mumbai, India)
• Intex Technologies(New Delhi India)
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The report on the market contains:
Superior analysis of the market
Imperative insights into the competitive landscape
Factors restricting the market growth
Market drivers and trends
Prime factors enabling business development
Country specific information
COVID-19 impact
Key Driving Factor:
Increasing Number of Residential Units to Propel Market
The increasing construction of residential units in developing countries of Asia Pacific will incite the demand for refrigerators, thus boosting the market. For instance, in 2018, the data released by the Ministry of Land, Infrastructure, and Transport, South Korea has granted new homes construction of 249,505 in H1. Furthermore, the growing number of housing projects will fuel demand for household appliances, including refrigerators, washing machines, etc.
As per the Business Standard data, housing sales in 2019 witnessed a rise of 6 percent to 46,920 units in Delhi-NCR. However, refrigerators' high repairing and maintenance cost can restrict their adoption and hamper the Asia Pacific refrigerator market growth during the forecast period.
Market Segments:
Top Freezer to Hold the Lion's Share
Based on product type, the market is divided into the top freezer, bottom freezer, side by side, andfrench door refrigerators. Top freezer typeis expected to hold the largest share during the forecast period due to its compactness and separate space for freezing. The growing availability of this typewill further aid the segment's growth in the forthcoming years.
Based on the distribution channel, the market is classified into online and offline. The offline is expected to account for the lion's share during the forecast period due to its ability to avoid delivery waiting time. The convenience of repair and replacement will further boost this industry.
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Regional Insights:
Rising Consumption of Frozen Food to Augment Growth in India
India is expected to experience a rapid growth rate during the forecast period. The growing consumption of frozen foods will incite healthy growth in India. For instance, in December 2019, the Economic Times' data stated that the frozen food market in India is expected to grow at 17 percent on an annual basis. Moreover, the high consumption of soft drinks will spur opportunities for the market.
For instance, in October 2019, the Times of India declared that the bottling arm Coca-Cola India is witnessed a net profit of USD 45.74 million, which is a 373 % rise from the previous year. China is expected to hold a significant Asia Pacific refrigerator market share. It generated a revenue of 4.6 billion in 2020. The increased import of seafood and high consumption of meat will influence growth in China.
Key Development:
September 2020: Hi Sense announced the launch of its new refrigerators for the Indian market, which will be available on e-commerce platforms including Amazon, Flipkart, and Reliance Digital. The products will start from Rs 6,999.
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