Household Refrigerators and Freezers Market size worth $78.2bn by 2025

Global Market Insights Inc.

OCEAN VIEW, Delaware, December 7, 2016 /PRNewswire/ --

Household Refrigerators & Freezers Market size is expected to reach USD 78.22 billion by 2025, according to a new research report by Global Market Insights, Inc.

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Household refrigerators and freezers market size is characterized by diverse competitors present globally offering new technologies lowering energy consumption every year. Growing energy efficiency initiatives by the Department of Energy have translated into huge savings for consumers.

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Refrigerators performing beyond minimum energy standards qualify for the ENERGY STAR label. Introducing energy efficiency labels to grow consumer awareness on the differences in costs, energy consumption and benefits would motivate consumers to care about the energy usage in home appliances. With improving efficiency to meet standards, manufacturers have increased the refrigerator size by 20% and provide user-friendly technological advancements such as through-the-door-ice, water tap on the door, and more buying options for consumers.

Growing double-income families in urban areas characterized by rising purchasing power and disposable income have spurred high-product demand. Increasing automation and globalization has made manufacturing economical enabling companies to reduce the costs of appliances for consumers.

Downsizing margins, rising R&D costs for introducing new technologies and seasonal demand along with cost variations would restrain household refrigerators and freezers market size over the forecast timeline. The energy efficiency standards would act as an entry barrier in this industry as matching efficiency standards would require heavy investment in R&D and updating automation in manufacturing.

Shifting focus towards significant untapped population base in rural economies will pose as an opportunity for manufacturers. The usefulness & necessity of the refrigerator depends on various factors such as food storing, packaging and preserving across communities.

Rising higher capacity frost-free fridge demand has witnessed steep growth in the past few years. Competitors have shifted their focus towards the high-end spectrum by introducing premium products. The high capacity side-by-side (SbS) fridges would gain popularity amongst upper-middle class owing to rising double-income families preferring more storage space in refrigerators. Furthermore, maintenance free compressors, increased life cycle and easy financing options will augment household refrigerators and freezers market share over the forecast timeframe.