Refrigerator Market Outline 2020: Industry Share, Size, Growth Analysis and Future Estimations 2026
The Global Refrigerator Market is anticipated to gain traction from the rising number of bars and ice cream parlors worldwide. Besides, the increasing consumption of processed and frozen food items would affect the market positively. This information is published by Fortune Business Insights™ in a recent report, titled, “Refrigerator Market Size, Share & Industry Analysis, By Product Type (Top Freezer Refrigerator, Bottom Freezer Refrigerator, Side by Side Refrigerator, and French Door Refrigerator), By Distribution Channel (Online and Offline), and Regional Forecast, 2019-2026.”
The report further states that the refrigerator market size was USD 64.17 billion in 2018 and is projected to reach USD 103.95 billion by 2026, exhibiting a CAGR of 6.3% during the forecast period.
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This Report Answers the Following Questions:
· What are the refrigerator market trends?
· How many growth drivers and hindrances would the market come across?
· Which strategies would the key companies adopt to intensify competition?
· What are the significant challenges and opportunities?
· Which region is likely to dominate the market in terms of revenue?
Drivers & Restraints-
Rising Government Initiatives to Provide Environmental Sustainability will Aid Growth
The governments of various countries across the world are implementing new policies to lower the energy consumption of home appliances. These policies are meant to support the adoption and manufacturing of energy-efficient appliances, as well as provide environmental sustainability. Additionally, they are taking various initiatives to upsurge and promote the capability and manufacturing of electronic products. ‘Make in India’ is one such campaign that is likely to propel the supply of home appliances in India. Apart from that, many incentive schemes, such as vouchers, discounts, and coupons are being persistently made available by these campaigns. These are also attracting consumers towards buying refrigerators. However, lack of repairing services for these products may hamper the refrigerator market growth in the coming years.
Major Highlights of Report:-
•Extensive analysis on each segment sectors and factors.
•A country-wise analysis of the segments and sub-segments of the market.
•The report consists of a vast amount of data industry research, product demand, sales, size, share and revenue assessment.
•Comprehensive analysis on Growth factors, opportunities, restrains opportunity and drivers.
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•Complete assessment of the Porters Five Forces model and SWOT analysis of the industry.
•Drivers and opportunities are evaluated to highlight the top factors responsible for market growth.
Segment-
Top Freezer Refrigerator Segment to Lead Backed by its Possession of Many Benefits
In terms of product type, the market is segregated into French door refrigerator, side by side refrigerator, bottom freezer refrigerator, and top freezer refrigerator. Out of these, the top freezer refrigerator segment is set to dominate the market backed by its possession of several features. They are made by combining a refrigerator and a freezer in a single unit. This aids in avoiding the requirement of a separate chest freezer or separate space for food storage. Also, this type of freezers offers more storage space, as compared to the other types of units. The segment acquired 37.31% refrigerator market share in 2018 and would lead throughout the forecast period.
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Competitive Landscape-
Key Players Focus on Mergers & Acquisitions to Strengthen Position
The market house several big, small, and medium companies that are striving persistently to gain the maximum share. They are doing so either by expanding their bases or by following the strategy of mergers and acquisitions. Below are a few of the industry developments:
· March 2019: Gorenje is planning to widen its base of fridge and freezer production in Serbia. This new extension would help in taking the total production capacity to 750,000 units by the end of 2020. The total cost of expansion is 4 million euro.
· November 2018: Daikin Industries Ltd. announced the acquisition of the AHT group. The latter is a prominent commercial refrigerator company headquartered in Europe. This acquisition would aid the former in broadening its business in Europe and capitalizing on the environmental regulations.
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