Hotels and quick-service restaurants generally use freezers with high cooling features to prevent food spoilage and to have an effective food storage system. Sales of high-end refrigeration products will increase as demand for hotel and hospitality items develops. The growing number of ice cream shops and bars will drive the refrigeration market forward. Refrigerators are required to provide particular chilling range options in freezers, which are commonly used to store cold drinks and ice creams in ice cream parlors and bars.
Refrigerator Market Scope and Research Methodology
The report comprehensively analyses the Refrigerator market’s trends, forecasts, and monetary values. The report provides an in-depth analysis of the segments and sub-segments in and regional Refrigerator markets.The report contains a bottom-up approach to understanding estimations of the market size. Key market participants and new entrants’ services, revenue, financial status, portfolio, growth strategies, and regional presence are all included in the Refrigerator Market report. The report forecasts the market size and growth rate along with existing and future trends in the Refrigerator market.
The Refrigerator market report provides demand projections, market trends, and micro and macro factors in depth. It also identifies the factors that are driving and restricting the Refrigerator market’s growth. The qualitative and quantitative methods are included in the report. Research using SWOT, PESTLE, and Porter’s Five Force tools are used for the analysis of the Refrigerator market. The analysis identified key upcoming developments that are expected to influence Refrigerator market demand over the forecast period.
Refrigerator Market Report Overview:
The main objective of the SMR’s Refrigerator Market report is to help clients make business decisions, which help them decide which areas they need to improve, which are already performing well and help the new entrant in their landing and penetrating the competition. The report also enlightens about the challenges prevailing in the Refrigerator Market.
Refrigerator Market Size was valued at USD 106.23 billion in 2020. Global Refrigerator Market size is estimated to grow at a CAGR of 5.51 % over the forecast period.
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Refrigerator Market Regional Analysis:
Geographically, Refrigerator market report is segmented into several key regions are as follows,
- Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
- Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
- North America (the United States, Mexico, and Canada.)
- South America (Brazil etc.)
- The Middle East and Africa (GCC Countries and Egypt.)
Refrigerator Market Segmentation:
In 2020, the Top Freezer segment dominated the refrigerator industry with a 40% market share. Because of its unique feature of combining freezer and shelf size in a single device. This eliminates the need to buy a separate chest freezer or dedicate a room to food storage.
These containers provide more practical storage capacity than other types of containers. Customers can easily and quickly access the essential food items in these refrigerators thanks to its open side shelf sections, which also provide additional shelf space for consumer use, and the side by side segment is predicted to increase at a CAGR of 6.1% throughout the projection period.
Bottom freezers are popular with senior citizens since they do not have mobility issues that make it difficult for them to stoop down to get food. The French door category has grown significantly as a result of their deeper drawer freezers, which are often utilized to store frozen food products.
By Distribution Channel, In 2020, the offline segment held 65% of the refrigerator market. This includes retail outlets, shopping malls, and speciality businesses. Customers can have a greater sense of the product by touching, seeing, and understanding it. Customers have a wide range of alternatives for picking refrigerators that match their unique demands under this distribution method. They prefer to buy refrigerators in person because they can bargain and obtain discounts. Hotels and restaurants prefer to utilize branded smart freezers for their kitchen chilling and food storage systems, therefore they typically purchase them from specialized merchants.
The online channel is predicted to increase at a CAGR of 5.99% during the forecast period, owing to advancements in the e-commerce industry and rising internet penetration, which would encourage individuals to purchase online.
Refrigerator Market Key Players:
Haier (Qingdao, China)
L.G. (Seoul, South Korea)
Samsung (Suwon-si, South Korea)
Whirlpool (Benton Harbor, Michigan, United States)
Voltas (Mumbai, India)
Electrolux (Stockholm, Sweden)
Panasonic (Kadoma, Osaka, Japan)
Sharp (Sakai, Osaka, Japan)
Hitachi (Chiyoda City, Tokyo, Japan)
Toshiba (Minato City, Tokyo, Japan)
Godrej (Mumbai, India)
Intex (New Delhi, India)
Key questions answered in the Refrigerator Market are:
- What was the Refrigerator market size in 2021?
- What is the growth rate of the Refrigerator Market?
- Which are the factors expected to drive the Refrigerator market growth?
- What are the different segments of the Refrigerator Market?
- What are the factors restraining the growth of the Refrigerator Market?
- What segments are covered in the Refrigerator Market?
- Who are the key players in the Refrigerator market?
- What are the upcoming industry applications and trends for the Refrigerator Market?
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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