Press release
Asia Pacific Commercial Refrigerators Market to reach US$38.83 bn by 2024
The presence of a large number of domestic and international manufacturers has rendered the landscape in the Asia Pacific commercial refrigerators market highly competitive. As per Transparency Market Research (TMR), Midea Group and Haier Electronics Group Co. Ltd. led the Asia Pacific commercial refrigerators market in 2015. These companies have been increasingly focusing on product innovation and improving customer experience in order to gain a competitive advantage in the market.
For instance, Liebherr entered into a partnership agreement with Redmond based Microsoft Corporation in April 2016 for the development of smart refrigerators based on the premise of the Internet of Things (IoT). More such developments are expected to be reported from the market.
A substantial number of enterprises in the market are looking to expand their product portfolio in order to achieve sustainable growth. Apart from investing in product innovations, the key players are also focusing on competitive pricing to keep pace with the prevailing competition. However, according to TMR, improvements in retail channels hold the key for long-term growth for players operating in the Asia Pacific commercial refrigerators market.
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Booming Food and Retail Industry in Asia Pacific Holds Promise for Commercial Refrigerators Sales
The booming food and retail industry in Asia Pacific is fuelling demand for refrigerators with innovative design. Unlike the refrigerators used in domestic applications, the ones used for commercial purposes have a high storage capacity and an expansive operating temperature suitable for a plethora of product types.
The growth witnessed in the Asia Pacific retail industry is also attributed to the increasing consumption of packaged food and beverages. “Due to the hectic lifestyle of consumers and their increasing willingness to pay for convenience food, the demand for packaged food and beverages is expected to surge exponentially in the near future,” said a TMR analyst. This is a primary factor driving the market for commercial refrigerators in Asia Pacific. “Furthermore, the increasing number of supermarkets, cafes, and restaurants will substantially bolster sales of commercial refrigerators in Asia Pacific,” he added.
Besides this, the importance of energy efficiency in commercial and consumer appliances has considerably increased in the last few years. The rising awareness about green appliances has paved the way for the advent of eco-friendly commercial refrigerators.
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High Prices Discourage Deployment of Commercial Refrigerators across Small Retail Outlets
Contrary to this, the high cost procurement and maintenance costs of commercial refrigerators are hindering the growth of the market to an extent. Due to their high price, small retailers tend to look for more affordable alternatives. This limits the sales of commercial refrigerators to smaller establishments such as cafes and local retailers. In addition, the availability of alternate packaging solutions such as temperature-control packaging is hindering the sales of commercial refrigerators in Asia Pacific.
Advent of Smart and Solar Commercial Refrigerators Presents a Fresh Opportunity
Dramatic changes have been witnessed in commercial appliances over the last few years. The high energy consumption of these appliances has led to the introduction of smart and solar powered commercial refrigerators. With leading name brands venturing into the development and manufacturing of solar-based commercial refrigerators, the market witnesses lucrative prospects to gain from in the near future.
This review is based on information published by TMR in a report, titled “Commercial Refrigerators Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024,”
The commercial refrigerators market is segmented as follows.
Glass Door Refrigerators, by Capacity
0.5 Cu. Ft. to 3.0 Cu. Ft.
3.1 Cu. Ft. to 6.0 Cu. Ft.
6.1 Cu. Ft. to 9.0 Cu. Ft.
Others
Beverage Refrigerators, by Type
Beverage Refrigerators
Wine Refrigerators
Refrigerated Display Cases, by Type
Plug-in
Remote
Freezers, by Type
Chest Freezers
Vertical Freezers
Ice-cream Freezers
Fridge Freezers, by Type
Single-door
Multi-door
Commercial Refrigerators, by Retail Channel
Hypermarkets
Supermarkets
Convenience Stores
Restaurants
Others (Pharmaceutical Shops and Retail Stores)
Commercial Refrigerators Market, by Country
China
Japan
India
Australia and New Zealand
South Korea
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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