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Household Refrigerator And Home Freezer Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | LG Electronics, Haier, Samsung, Panasonic Corporation, Godrej
Household Refrigerator And Home Freezer Market Size
The Business Research Company offers in-depth market insights through Household Refrigerator And Home Freezer Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The household refrigerator and home freezer market size has grown strongly in recent years. It will grow from $59.18 billion in 2023 to $62.89 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to electrification of households, changing consumer lifestyles, energy efficiency and environmental concerns, kitchen remodeling and upgrades, adoption of modular kitchens, increase in the number of nuclear families worldwide.
The household refrigerator and home freezer market size is expected to see strong growth in the next few years. It will grow to $78.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to smart and connected appliances, sustainability and energy efficiency, health and wellness trends, urbanization and smaller living spaces, food delivery and online shopping. Major trends in the forecast period include french door refrigerators, energy-efficient cooling, customization and flexible storage, fingerprint-resistant finishes, integration of water and ice dispensers.
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Market Segmentation:
The main types of household refrigerators and home freezers are refrigerators, freezers, ice boxes, and refrigerator/freezer combinations. A refrigerator is an electronic household appliance that keeps food and drinks cold by pushing a liquid refrigerant through a sealed system, which causes it to vaporize, and draw heat out of the fridge. The vaporized refrigerant is then passed through coils outside the fridge (at the back or bottom). This warms up the vapor and changes it back into a liquid. The various door types of household refrigerators include single doors, double doors, side-by-side doors, and French doors. The different freezer locations are freezer on top, freezer on bottom, and freezer less, which are used for frozen vegetables and fruit, frozen meat, and other applications. The main types of household refrigerators and home freezers marketed by distribution channel are specialty stores, supermarkets/hypermarkets, online, and others.
Major Driver - Rising Consumption Of Processed Foods And Shifting Dietary Habits Fuel Growth In The Household Refrigerator And Freezer Market
The increasing consumption of processed food products such as frozen meat, vegetables, and dairy products as well as change in the dietary habits of consumers is driving the household refrigerator and freezer market growth. Due to busy lifestyles, consumers are increasingly relying on processed food and prepared meals that require refrigerators for storage. According to Rentokil, the processed food industries are valued at $2 trillion globally. The huge market for processed food products is expected to drive the growth of the household refrigerators and home freezers market.
Competitive Landscape:
Major companies operating in the household refrigerator and home freezer market include LG Electronics, Haier, Samsung, Panasonic Corporation, Godrej, Electrolux, Whirlpool, Robert Bosch, Liebherr-International AG, Dover Corporation, Midea Group, Hitachi Ltd., Sharp Corporation, Toshiba Corporation, Siemens AG, General Electric, Frigidaire, Maytag, Kenmore, Amana, KitchenAid, Jenn-Air, Viking Range, Sub-Zero, Thermador, True Residential, Fisher & Paykel, Dacor, Gaggenau, Smeg, Blomberg, Hisense, Arcelik, Vestel, Gorenje
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Top Trend - Manufacturers Enhance Household Refrigerators And Home Freezers With IOT And Embedded Sensor Technologies For Improved Functionality
Household refrigerators and home freezer manufacturers are implementing technologies such as IoT and embedded sensors in their products to improve overall functionality. Manufacturers are introducing advanced human-machine interface designs in refrigerators and also manufacturing refrigerators that can automatically recognize the type and weight of the food stored in the refrigerators and adjust and monitor the temperature as per requirement.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Household Refrigerator And Home Freezer Market Characteristics
3. Household Refrigerator And Home Freezer Market Trends And Strategies
4. Household Refrigerator And Home Freezer Market - Macro Economic Scenario
5. Household Refrigerator And Home Freezer Market Size And Growth
…..
27. Household Refrigerator And Home Freezer Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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