AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Insights into the Global Household Refrigerators and Home Freezers Market Report (2019 to 2030) - Expected to Reach $62.1 Billion by 2023 - ResearchAndMarkets.com

February 27, 2020 GMT

DUBLIN--(BUSINESS WIRE)--Feb 27, 2020--

The “Household Refrigerators And Home Freezers Global Market Report 2020” report has been added to ResearchAndMarkets.com’s offering.

The global household refrigerator and home freezer market was worth $51.5 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 4.8% and reach $62.1 billion by 2023.

Where is the largest and fastest growing market for the household refrigerator and home freezer? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Household Refrigerator And Home Freezer market global report from the author answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider household refrigerator and home freezer market, and compares it with other markets.

The household refrigerator and home freezer market in Asia Pacific is forecasted to register the highest CAGR during 2019-2023.

The increasing consumption of processed food products such as frozen meat, vegetables, dairy products as well as change in the dietary habits of consumers is driving the household refrigerator and freezer market growth. Due to busy lifestyles, consumers are increasingly relying on processed food, prepared meals that require refrigerators for storage. According to Rentokil, the processed food industries are valued at $2 trillion globally. The huge market for processed food products is expected to drive the household refrigerators and home freezers market.

Intense pricing pressure on manufacturers is restraining the growth of the household refrigerator and freezer market. The market has numerous players competing in terms of price, specifications, and other characteristics. Durable goods such as TV, freezers are more price elastic than necessities. People are more likely to purchase when there is reduction in the price of the goods and less likely to purchase when there is a price hike.

Household refrigerators and home freezer manufacturers are implementing technologies such as IoT and embedded sensors in their products to improve overall functionality. Manufacturers are introducing advanced human machine interface designs in refrigerators and also manufacturing refrigerators that can automatically recognize the type and weight of the food stored in the refrigerators, adjust and monitor the temperature as per requirement.

In August 2018, Hisense Middle East, a subsidiary of Hisense Co Ltd, acquired Gorenje Gulf FZE, a manufacturer of home appliances for $339 million. This acquisition allows Gorenje to produce kitchen appliances, refrigerators, washing machines, televisions and air conditioners of Hisense’s brands for the European market.

Key Topics Covered:

1. Executive Summary

2. Household Refrigerator And Home Freezer Market Characteristics

3. Household Refrigerator And Home Freezer Market Size And Growth

3.1. Global Household Refrigerator And Home Freezer Historic Market, 2015 - 2019, $ Billion

3.1.1. Drivers Of The Market

3.1.2. Restraints On The Market

3.2. Global Household Refrigerator And Home Freezer Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion

3.2.1. Drivers Of The Market

3.2.2. Restraints On the Market

4. Household Refrigerator And Home Freezer Market Segmentation

4.1. Global Household Refrigerator And Home Freezer Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

  • Refrigerators
  • Freezers
  • Ice Boxes
  • Refrigerator/Freezer Combinations

4.2. Global Household Refrigerator And Home Freezer Market, Segmentation By Refrigerator Door Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

  • Single Door
  • Double Door
  • Side by Side Door
  • French Door

4.3. Global Household Refrigerator And Home Freezer Market, Segmentation By Freezer Location, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

  • Freezer on top
  • Freezer on bottom
  • Freezer less

4.4. Global Household Refrigerator And Home Freezer Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

  • Frozen Vegetable and Fruit
  • Frozen Meat
  • Other Applications

4.5. Global Household Refrigerator And Home Freezer Market, Segmentation By Distribution Channel, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

  • Specialty Stores
  • Supermarkets/Hypermarkets
  • Online
  • Others

5. Household Refrigerator And Home Freezer Market Regional And Country Analysis

5.1. Global Household Refrigerator And Home Freezer Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

5.2. Global Household Refrigerator And Home Freezer Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

Companies Mentioned

  • LG Electronics
  • Haier
  • Samsung
  • Panasonic Corporation
  • Godrej
  • Electrolux
  • Whirlpool
  • Robert Bosch
  • Liebherr-International AG
  • Dover Corporation

For more information about this report visit https://www.researchandmarkets.com/r/fdbgny

View source version on businesswire.com:https://www.businesswire.com/news/home/20200227005499/en/

CONTACT: ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

KEYWORD:

INDUSTRY KEYWORD: RETAIL HOME GOODS

SOURCE: Research and Markets

Copyright Business Wire 2020.

PUB: 02/27/2020 07:48 AM/DISC: 02/27/2020 07:48 AM

http://www.businesswire.com/news/home/20200227005499/en