Global Household Refrigerators and Freezers Market are expected to reach USD 125.68 billion by 2025. Household refrigerators and freezers are electric appliances that comprise a thermally insulated compartment and a heat pump. They are exclusively used for keeping small volumes of several foods and drinks concurrently at low temperatures. These items have different storage lives and require varied storage temperatures. The household refrigerators and freezers are mainly used for food storage. The household refrigerators & freezers market are estimated to grow at a significant CAGR of 6.8% over the forecast period as the scope and its applications are rising enormously across the globe.
The factors that are playing a major role in the growth of the household refrigerators and freezers market are rising technological enhancement in product development, increasing energy efficiency initiatives, and growing purchasing power. However, a substantial untapped population base may restrain overall market growth in the years to come. The household refrigerators and freezers market are segmented based on product type, distribution channel, and region.
French door bottom freezer refrigerators, top-mounted freezer refrigerators, side-by-side refrigerators, bottom-mounted refrigerators, and the other product types could be explored in household refrigerators and freezers in the forecast period. French door bottom freezer refrigerators sector accounted for the substantial market share of household refrigerators and freezers and is estimated to lead the overall market in the years to come. The reason could be rising demand from customers. Also, the side-by-side refrigerators sector is estimated to grow at the highest CAGR in the years to come.
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The market could be categorized based on distribution channels like offline sales and online sales that could be explored in the forecast period. The offline sales sector accounted for a significant market share and is estimated to continue its dominance in the years to come. Also, the online sector is estimated to grow at the fastest pace in the years to come.
Globally, North America accounted for the substantial market share of household refrigerators and freezers and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be rising demand for multiple refrigerator and freezer units from the food and beverage industries and growing nuclear families. The United States and Canada are the major consumers of household refrigerators and freezers in this region.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second-largest region with a significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The reason could be the presence of key manufacturers in this region and growing urbanization.
The key players in the household refrigerators and freezers industry are Whirlpool, Samsung Electronics, Haier Group, and LG Corporation. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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