The market size of household refrigerators and freezers worldwide was USD 89.9 billion in 2022 and is projected to experience a rapid Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period. The market growth is primarily driven by various factors such as increasing urbanization, changing lifestyles and eating habits, and rising disposable income. Household refrigerators and freezers are primarily designed for storing small quantities of Food & Beverage (F&B) products at low temperatures, and hence, their usage is increasing due to consumer preferences for convenience meals and the need to preserve food for longer periods of time.
Consumers are progressively inclined towards energy-efficient refrigerators and freezers to reduce their electricity bills. Consequently, manufacturers are continuously developing highly advanced and sustainable refrigeration systems that run on renewable energy. Furthermore, there is a growing demand for eco-friendly refrigeration systems due to the negative impact of the refrigerants used in conventional refrigerators on the environment, contributing to global warming.
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Top Profiled Companies in the Global Bottom Freezer Household Refrigerators and Freezers Market Report:
- Whirlpool Corporation
- Haier Group
- Electrolux AB
- LG Electronics
- Samsung
- Godrej Appliances
- Hitachi Ltd.
- Robert Bosch GmbH
- GE Appliances, a Haier company
- Toshiba Corporation
Driving Factors of Bottom Freezer Household Refrigerators and Freezers Market:
- Growing urbanization and changing lifestyles: Rapid urbanization and an increase in disposable incomes have led to changing lifestyles, including a higher demand for convenience and modern appliances. As people move to urban areas and adopt busier lifestyles, they require efficient and reliable refrigeration solutions to store and preserve their food and perishable items.
- Technological advancements and product innovations: Advancements in technology have resulted in the development of energy-efficient and feature-rich refrigerators and freezers. Manufacturers continuously innovate their products, introducing new features such as smart connectivity, enhanced storage capacity, temperature control, and eco-friendly refrigerants. These technological advancements attract consumers and drive the market growth. Increasing awareness of energy efficiency and sustainability: Rising environmental concerns and the need for energy conservation have led to increased awareness among consumers regarding energy-efficient appliances. Governments and regulatory bodies worldwide are promoting energy efficiency standards, and consumers are actively seeking eco-friendly and energy-saving appliances. This has led to a growing demand for energy-efficient refrigerators and freezers, which positively impacts the market.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Further market segmentation
Product Type Outlook:
- Top Freezer
- Bottom Freezer
- French Door
- Side by Side
- Others
End-Use Outlook:
- Residential
- Commercial
Key Takeaways of the Global Bottom Freezer Household Refrigerators and Freezers Market Report:
- A comprehensive overview of the global Household Refrigerators and Freezers industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Bottom Freezer Household Refrigerators and Freezers Market.
- Elaborate study of the leading regional markets in the global Bottom Freezer Household Refrigerators and Freezers Market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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