Dublin, Jan. 16, 2020 (GLOBE NEWSWIRE) -- The "Household Refrigerators Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
This report covers global 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 refrigerators market, and compares it with other markets.
The global household refrigerators market was worth $35.1 billion in 2019. It is expected to grow at a CAGR of 5.14% and reach $42.9 billion by 2023. In 2019, North America was the largest region in the global refrigerators market.
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 refrigerators 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 refrigerators market.
Intense pricing pressure on manufacturers is restraining the growth of the refrigerators 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.
Refrigerators 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.
Major players in the market are Electrolux, Haier, LG Electronics, Samsung Electronics, Whirlpool, Hitachi, Bosch, Hisense, Sharp, Siemens.
Key Topics Covered
1. Executive Summary
2. Household Refrigerators Market Characteristics
3. Household Refrigerators Market Size And Growth
3.1. Global Refrigerators Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Refrigerators Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Household Refrigerators Market Segmentation
4.1. Global Household Refrigerators Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.2. Global Household Refrigerators Market, Segmentation By Distribution Channel, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Specialty Retailers
- Department Stores
- Mass Retailers/Hypermarkets/Supermarkets
- Discount Stores
4.3. Global Household Refrigerators Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Commercial Use
- Industrial Use
4.4. Global Household Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Household Refrigerators Market Regional And Country Analysis
5.1. Global Household Refrigerators Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Household Refrigerators Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- LG Electronics
- Samsung Electronics
- Mitsubishi Electric
For more information about this report visit https://www.researchandmarkets.com/r/2lv5hr
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