India Refrigerator Market: Trends, Size, Share, Opportunities, Forecast, Outlook, 2022

GST SAYS - GET READY TO PAY MORE FOR REFRIGERATORS AND MAKE YOUR POCKET FEEL COLD

The hot and humid weather conditions have made consumers increasingly concerned about food spoilage and hygiene levels (for cooked food, perishable food items, beverages, and others) and have generated the demand for efficient refrigerators. Moreover penetration level in India is very low only about 27% which causes a greater demand for refrigerators in rural as well urban areas. In the modern age, many electronic appliances have become part of the basic needs. Every household has a fridge, washing machine, vacuum cleaner, chimney etc for the fulfilment of such basic needs. Prices of televisions, refrigerators and air-conditioners has gone up by some 4-5% from July with the goods and services tax (GST) council levying 28% GST on consumer electronics and durables as compared to the previous tax rate which was around 23%. The companies said they will pass on the additional tax burden to consumers which may lead to a temporary impact on demand.

According to recently published report of Bonafide Research “India Refrigerator Market Outlook, 2022”, overall refrigerator sales volume are expected to grow with a CAGR of more than 5% over next four years. Direct cool segment dominates the refrigerator market with 70% share and the rest 30% is of frost free segment. This scenario in the Indian market is set to change in the coming years. Now, consumers are moving toward technologically advanced products due to affordability offered by retailers by way of easy financing options. Features that were considered luxury have now become necessity and started influencing the purchase of Indian consumers. Hence, frost free refrigerators are getting momentum in the market. LG is a major player in direct cool refrigerator segment whereas Samsung is known for its frost free and premium segment refrigerators. In terms of region, Southern and Northern India together contributes for more than 55% to the total refrigerator market.

Report Link: https://www.bonafideresearch.com/product/170910091/India-Refrigerator-Market-Outlook,-2022

"The Goods and Services Tax has revolutionized the Indian taxation system. The GST Act was passed in the Lok Sabha on 29th March, 2017, and came into effect from 1st July, 2017. Under the GST slab, all home appliances and consumer durables will attract a 28% tax. For durables like television, air conditioner, refrigerator and washing machine, the cumulative tax (excise and value-added tax) before the implementation of GST was around 23-28% depending on the state." said Dhwipal Shah, Director with Bonafide Research

Price of refrigerators may rise this year because of higher input costs and a new tax structure. Prices of components like compressors for ACs and refrigerators have already risen up by approximately 4%, which in turn will cause higher price for the end products. However, companies are still relieved as they are looking upon festive seasons which are coming soon. Indians are very auspicious about the 'Subh Muhrat' therefore they purchase large appliances on such festive occasions. According to the industry players, refrigerator demand will not get much affected by the 'GST Hurricane' on such festive occasions. But rural markets may feel the heat of this price increase. On the other hand, some states like Maharashtra will have a positive impact after GST implementation. Manufacturers in Maharashtra would be the only one’s getting relief under GST as they were previously charged octroi at the rate of 5% after the other taxes which were almost 25-26% on household electronic appliances. This made their tax structure much higher than other states but now prices could marginally decline there.

“India Refrigerator Market Outlook, 2022'” examines the following aspects of refrigerator in India:

How it will help solving your strategic decision making process??

The report gives an in-depth understanding of the refrigerator market in India:

- Global Refrigerator Market Outlook

- India Refrigerator Market Outlook

- India Refrigerator Market Size By Value & Forecast

- India Refrigerator Market Size By Volume & Forecast

- India Refrigerator Market Segmental Analysis: By Company, By Product Type, By Target Demographics, By Region, By Sales Channel

- India Direct Cool Refrigerator Market Size By Value & Forecast

- India Direct Cool Refrigerator Market Size By Volume & Forecast

- India Direct Cool Refrigerator Market Segmental Analysis: By Company, By Capacity

- India Frost Free Refrigerator Market Size By Value & Forecast

- India Frost Free Refrigerator Market Size By Volume & Forecast

- India Frost Free Refrigerator Market Segmental Analysis: By Company, By Capacity

- Product Price & Variant Analysis

- The key vendors in this market space

- Competitive Landscape & Strategic Recommendations

Download Page: https://www.bonafideresearch.com/download_page.php?product_code=170910091

Major Indian companies operating in the refrigerator market of India are Samsung India Electronics Private Limited, LG Electronics India Limited, Godrej & Boyce Manufacturing Company Limited, Hitachi Air Conditioning India Limited, Whirlpool of India Limited, Videocon Industries Limited, Panasonic India Private Limited, Haier Appliances (India) Private Limited, BSH Home Appliances Private Limited and Sharp Business Systems (India) Private Limited.

This report can be useful to Industry consultants, manufacturers and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

Bonafide Research is one of the fastest growing market research and consulting company. Our report store have collection of 30,000 premium research reports for variety of industrial verticals. We are expert in syndicated research reports & custom research solutions across the domains. We have been closely working with fortune 500 clients by helping them in tracking the constantly changing market scenario. Bonafide has continuously made efforts to evolve and enhance the report quality with each passing day. Our client base consists of BCG, Ernst & Young, PwC, Inflexion, Nestle, Crompton Greaves, SRF, CPF, Aramax, Stainhoff, Welspun, Blaupunkt, Brookfield, Lindt, Storck, GCPL, ITC, Microtek, Anchor, Hero Eco, LG Chem, Sojitz Corp., Sumitomo, FMC Corp., Lutron and many more.

Steven Thomas
Bonafide Research & Marketing Pvt. Ltd.
Address: T-13/A, IndiaBulls Mega Mall, Jetalpur Road, Vadodara
Phone: +91 265 6551309 / +91 7878231309
Email: sales@bonafideresearch.com
Linkedin: https://www.linkedin.com/company/bonafide-research/
Twitter: https://twitter.com/Bonafide_R
Facebook: https://www.facebook.com/bonafideresearch

This release was published on openPR.