The domestic Refrigerator Market has been driven by the rise in the standard of living of the people. People prefer to buy new refrigerators which have updated features in order to enhance the attractiveness of their homes. Also, the upcoming updates in technology in refrigerators drive the market.
There is a need to enlarge the market as with the rise in the standard of living, people tend to demand more. Also, with the rise in the construction of residential areas and the formation of nuclear families, there is more demand for refrigerators in each household due to which there is a need to enlarge the market.
The domestic Refrigerator Market has a few amazing benefits as it slows down the growth of bacteria in the food and prevents the food from causing illness to the one who eats it. It helps to keep things cold and also helps people to store vegetables and food so that they can avoid going to the market on a daily basis.
A domestic refrigerator is a device used in homes to keep food and beverages. This benefits the populace by cooling down smaller spaces. This is available in a range of sizes, allowing for simple adaptation to the kitchen space.
The domestic refrigerator market is estimated to reach USD 162.1 billion in 2031, up from its current size of USD 82.1 billion, and is likely to grow at a compound annual growth rate (CAGR) of 4.9% during the next several years of the forecast period.
There are some limitations for the Domestic Refrigerator market such as there can be changes in the texture of the food along with the taste of the food. If the fruits and vegetables are stored n the refrigerator for a long time or at the back, they lose their freshness and destroy. The process of refrigerating materials reduces a few vitamins from that food like vitamin B and vitamin C.
The study report gives an analysis with full details of various leading Domestic Refrigerator Market vendors, which involve AB, Electrolux, Samsung, Robert Bosch GmbH, LG Electronics, Dover Corporation, Whirlpool Corporation, Panasonic, and Haier Group. This research study is full of data and information in order to give sustenance to firms to misuse and strategize on any upcoming opportunities which are linked to the growth of the market.
Domestic Refrigerator Market by Door Type (Double Door Segment)
Based on Door Type, it has been analyzed that the segment of double-door refrigerators holds a major part of the market and it is expected to rise in the upcoming years of the forecast period. This segment has increasing demand due to the availability of multiple features like door bins, adjustable freshness, numerous shelves, and features to control the temperature. These double-door refrigerators have more storage along with the technology which allows automatic frost-free cooling.
Domestic Refrigerator Market by Structure (Freestanding Segment)
Based on Structure, it has been analyzed that the segment of freestanding holds a major part of the market. This is due to their property getting easily shifted to another area along with easy maintenance. Additionally, it has been determined that the built-in structure will increase in the years to come within the predicted period. Due to the increase in demand for modular kitchens, this market will expand. Also, these structures require less space.
Domestic Refrigerator Market based on Region
Evaluation has been done and it is stated that Asia- pacific region holds the major part of the market and it is expected to grow in the upcoming years of the forecast period. This region is a hu to various manufacturing companies of refrigerators which brings more revenue in the region due to exports and domestic sales. Also, the initiatives taken by the government for the development of rural areas and electrification have increased the demand for the market.
Covid-19 Impact & Market Status
It has been noted that COVID-19 had a significant impact on all markets, and it even had an impact on consumer behaviour globally. The domestic refrigerator market also saw the effects of COVID-19. Industries were shut down as a result of lockdowns throughout the globe. People were willing to save more and spend less on goods that were not as necessary for survival like changing the infrastructure of their house. Due to less availability of raw materials, there was an overall rise in the cost of production due to which there was a rise in prices of the refrigerators which brought a huge decline in the market.
Latest Innovations in the Domestic Refrigerator Market: A Snapshot
• In September 2022, there was the launch of the MoodUP refrigerator by LG Electronics which had door panels with color-changing LED lights. These were also designed in a way to play music.
• In June 2022, there was an announcement by Samsung about its 2022 lineup of the Curd Maestro the company and Digi Touch Cool range of refrigerators which had arrived with an ‘India- centric design.
Domestic Refrigerators Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 162.1 billion|
|Growth Rate||CAGR of 4.9% during 2021-2030|
|Segment Covered||Type, Application, DC Type, Structure, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||AB, Electrolux, Samsung, Robert Bosch GmbH, LG Electronics, Dover Corporation, Whirlpool Corporation, Panasonic, and Haier Group.|
Key Segments of the Domestic Refrigerator Market
Type Overview, 2021-2031 (USD Billion)
• FF type
• FF 250L
• FF 290L
• FF 300L
Application Overview, 2021-2031 (USD Billion)
• Online Sales
• Special Store
DC Type Overview, 2021-2031 (USD Billion)
• DC 180L
• DC 190L
• DC 200L
Door Type Overview, 2021-2031 (USD Billion)
Structure Overview, 2021-2031 (USD Billion)
• Built- In
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America