Government Steps Drive Malaysia Refrigeration Appliances Market

Triton Market Research presents the Malaysia Refrigeration Appliances Market report segmented by Category (Freezers, Fridges, Fridge Freezers) and Distribution Channel (E-Commerce, Home and Garden Specialist Retailers, Hypermarkets, Electronics and Appliance Specialist, Department Stores, Other Distribution Channels). The market report further discusses the Market Summary, Market Outlook, Definition, Size & Forecasts, Drivers, Restraints, Impact of COVID-19, Market Share Analysis, Brand Share Analysis, Pestle Analysis, Key Buying Criteria, Value Chain Analysis, Competitive Landscape, Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).

As per Triton's research report, the Malaysia refrigeration appliances market is anticipated to advance at a CAGR of 1.89% and 1.61% in revenue and volume, respectively, during the forecast period 2022-2028.

Refrigeration appliances are cooling systems that help preserve food products for longer and prevent spoilage. They are offered to end-users via various channels, including hypermarkets and department stores.

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Despite financial hardships since COVID-19, several consumers have opted for high-end freezers. This growth has resulted in the government launching various programs to support the adoption of energy-efficient refrigeration appliances. For instance, the Sustainable Energy Development Authority launched the SAVE 3.0 program that offers a maximum RM 400 e-rebate to households purchasing 4 or 5-star energy-efficient label appliances. Such developments are likely to fuel the studied market's growth.

However, the dearth of skilled workforce is anticipated to hamper the overall development of the refrigeration appliances market across Malaysia.

In recent years, several prominent companies have launched new products, significantly adding to the studied market's growth. For instance, Hisense Malaysia launched four refrigerators with energy-saving features. Another company, Carrier Malaysia, introduced a variable refrigerant flow system for commercial spaces. Such developments are contributing to the expansion of the refrigeration appliances market in the country.

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The notable companies in the Malaysia refrigeration appliances market include Samsung Electronics Co Ltd, Toshiba Corporation, LG Electronics, Haier Group Corporation, and Panasonic Corporation.

The rise in innovation and brand awareness among people has increased the demand for new products.

As a result, key players are launching a wide range of products to cater to customer requirements. For instance, Panasonic introduced 45 new products in nine categories, including refrigerators, to improve efficiency and connectivity. These factors thus indicate the competition among players to rise over the forecast period.

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This release was published on openPR.