Freezer on top emerged as the largest segment in 2017 and is estimated to generate revenue of approximately USD 58.50 billion by 2025
A new study has projected the global household refrigerators and freezers market size to grow to USD 125.68 billion by 2025, progressing at a CAGR of 6.8% during the forecast period.
The household refrigerators and freezers market was valued at USD 72.43 billion in 2017 with French door refrigerators emerging as the fastest growing segment, the ResearchAndMarkets’ study revealed.
Freezer on top emerged as the largest segment in 2017 and is estimated to generate revenue of approximately USD 58.50 billion by 2025.
In terms of growth by region, the North America market held the largest share in the household refrigerators and freezers market in 2017.
Key players of the market include Haier, LG Electronis, Electrolux, Samsung, Whirlpool, and Rober Bosch.
Key trends driving market growth
According to the ResearchAndMarkets’ report, some of the key trends stimulating market growth include growing investments in innovation of refrigerators units, rising income levels and decline in product prices with high specifications availability.
Increasing inclination towards sophisticated brands is also likely to bolster the growth of the market over the coming years, stated the study.
The report also highlighted that easily available consumer loans and other purchase schemes are likely to give a moral boost to price-sensitive consumers. In addition, attractive schemes presented by financial institutions and commercial banks are encouraging price-sensitive consumers to purchase energy efficient household refrigerators and freezers.
In rural and semi-urban areas, increasing electrification and wide usage of online sales are expected to propel the household refrigerators and freezers market.
Furthermore, increasing nuclear families count and environmental changes are anticipated to boost the growth of the overall market.