Household Refrigerator Market : Present Scenario and the Growth Prospects with Forecast 2024

Household refrigerator is a household appliance primarily used for food storage with protecting it from getting contaminated. It consists of thermally insulated compartment(s) and a heat pump that transfers heat from the inside of the appliance to its external environment maintaining the refrigerator temperature below the ambient room temperature. This reduces the reproduction rate of bacteria and reduces the rate of food spoilage.

Recent technological advancements in household refrigerator technology has led to changing ecosystem of household appliances. For instance, filtered hot water on demand and integration of smart phone to check what’s inside the fridge, by selecting icons from a panel with the assistance of voice-recognition technology.

The upgraded models of household refrigerators are meticulously designed with integrated technologies for enhancing utility of appliance and storage of food in specially controlled conditions. Emerging technologies such as wireless communication and Internet of Things (IoT) along with their high adoption rate has led to integration of these technologies in household appliances. Similar trend is expected to transform the household refrigerator market.

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Household refrigerator market has been experiencing sustainable growth in recent years due to increasing demand for consumer goods, rapid economic growth, increasing demand for refrigerated food products, easy consumer finance, growth in urbanization and import and export activities in food and beverage sector.

The other additional factor contributing to the growth of household refrigerator market is emerging commercialization and changing lifestyles of human in line with adoption of smart technologies. However, low rural penetration and inadequate infrastructure is hindering the household refrigerator market growth. The trends towards smaller families and seasonality in demand is expected to provide opportunities for growth of household refrigerator market during the forecast period.

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The global Household refrigerator market is segmented on the basis of cooling technology, deployment type, storage capacity, type of model, and geography. Based on cooling technology, the global household refrigerator market is segmented as compressor refrigerators, absorption refrigerators, solar refrigerators, acoustic refrigerators, magnetic refrigerators, and thermal mass refrigerators.

In terms of deployment type, the global household refrigerator market is segmented into free-standing refrigerators and ‘built into a kitchen’ refrigerators. On the basis of storage capacity, the global household refrigerator market is segmented into small storage capacity refrigerators (300L).

Some of the key players operating in household refrigerator market with most significant developments are Godrej Appliances Ltd, Frigidaire, GE Appliances, Whirlpool Corporation, Electrolux AB, Videocon International Ltd., BPL Refrigeration, LG Electronics Inc., Samsung Electronics Limited, Haier Group and Sears Holdings Management Corporation.

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