Domestic Refrigerator Sales Market Size, Share, Growth, and Industry Analysis by Type (FF 250L, FF 290L, FF 300L & Others and for DC Type, DC 180L, DC 190L, DC 200L), By Application (Online Sales, Supermarket, Special Store & Others), Regional Insights, and Forecast To 2031

Updated On: 20 November 2023

Domestic Refrigerator Sales Market Report Overview

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global domestic refrigerator sales market size expanded rapidly in 2021 and the market is projected to grow substantially by 2031, exhibiting a prodigious CAGR during the forecast period.

To avoid deterioration and preserve freshness, household refrigerators are used to keep food and beverages at low temperatures. Using a refrigeration cycle that includes a compressor, condenser, evaporator, and refrigerant fluid, it removes heat from the refrigerator's interior and releases it outside. Most household refrigerators come in a variety of sizes, shapes, and features, including adjustable shelves, door bins, ice makers, and temperature control. They also have a separate freezer chamber for storing frozen goods.

A compressor that circulates refrigerant through the system, a condenser that removes heat from the refrigerant, an evaporator that absorbs heat from the refrigerator's interior, and a thermostat that regulates the temperature of the refrigerator are the four main parts of a domestic refrigerator sales. They are a necessary appliance in the majority of homes and come in a variety of sizes and designs to suit diverse needs and preferences. The quantity of refrigerators sold for domestic usage is referred to as domestic refrigerator sales. This comprises many models of refrigerators, including compact, side-by-side, French door, top-mount, and bottom-mount models.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

For consumer goods companies, the COVID-19 outbreak resulted in issues like unstable markets, a decline in client confidence, and challenges with import and export business. The global supply chain includes the sourcing of raw materials, packaging, and distribution. Moving commodities, chemicals, and other items has become challenging due to lockdowns. It had a financial impact on the markets for consumers in addition to having an immediate impact on markets, supply chains, supply and demand, and all of these other things. Producers of consumers are focusing on protecting their workforce, operations, and supply networks in order to handle this urgent situation. The pandemic impacted the industry dynamics, forcing organizations to revamp their entire operation structures to maintain stability amid the disruptions. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall consumer industry. This has partially impacted the domestic refrigerator sales market.

LATEST TRENDS

"Energy-Efficient Models to Boost the Market Growth"

The primary trend driving the market is the surge in popularity of energy-efficient versions.  Customers are looking for solutions to lessen their carbon impact as they become more ecologically concerned. Domestic refrigerator sales that are energy-efficient are built to use less electricity, reducing greenhouse gas emissions and assisting in the fight against climate change. Long-term, buying energy-efficient models can reduce consumers' electricity costs. Even while these models may cost more up front, the consumer may end up saving a lot of money because of the energy savings over the course of the refrigerator's lifetime. Consumers are preferring to buy energy-efficient appliances to lessen their carbon footprint as they become more conscious of the effect that their purchase decisions can have on the environment. Overall, the market is being helped by the popularity of energy-efficient models growing in the home refrigerator sales sector. The industry is anticipated to grow during the forecast period thanks to this trend. Thus, it is anticipated that the surge in popularity of energy-efficient versions will increase overall market sales. These new developments and varieties in product are mostly to blame for the market's overall growth.

Domestic Refrigerator Sales Market Segmentation

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• By Types 

Based on type, the market is classified into FF 250L, FF 290L, FF 300L & others and for DC Type, DC 180L, DC 190L, DC 200L.

• By Application

Based on the market is categorized into online sales, supermarket, special store & others.

DRIVING FACTORS

"Increased Urbanization that Gives the Market Extra Boost"

One of the major driving forces behind the home refrigerator sales business is increased urbanization. The need for refrigerators is growing as more people relocate to urban areas and need more accessible places to store their food and beverages. Urban dwellers typically lead fast-paced lives with demanding jobs and packed schedules. People are searching for appliances that might save them time and make their lives simpler as a consequence. With their convenient and dependable food and beverage storage, refrigerators are a necessity for city living. The need for smaller refrigerators that may fit in smaller living areas is being fueled by urbanization in addition to its convenience factors. With the increase in apartment living and smaller homes in urban areas, there is a need for domestic refrigerator sales that are compact and space-efficient. The aforementioned elements will raise demand for the target market during the forecast period. The market demand is anticipated to be driven by all of these factors. As a result, the growth, and the increasing urbanization will boost the market. It will contribute to the expansion of the consumer goods industry and it will improve the overall domestic refrigerator sales market growth.

"Technological Advancement to Encourage Market Expansion"

The sector is also being helped by technological development. A number of technological developments have recently been made available on the market, enhancing the effectiveness, practicality, and overall user experience of these appliances. With touchscreens, voice control, and the ability to monitor and adjust the temperature and humidity levels remotely using a smartphone app, smart domestic refrigerator sales are internet-connected appliances. Frost-free freezers don't require manual defrosting since they employ a mix of heaters and fans to keep frost from accumulating within the appliance. The ability to store various foods and drinks at various temperatures is provided by refrigerators that have many doors and compartments. The aforementioned factors are anticipated to affect sales of the industry. This will increase demand for the product and help the industry as a whole to expand. The product line expansion is helping the market to grow.

RESTRAINING FACTORS

"High Cost to Impede Market Expansion"

The high cost of the appliances is one of the main restraints on the residential refrigerator market. The price of refrigerators, especially ones with cutting-edge features and technologies, can prevent certain people from purchasing them. This obstacle prevents the market from growing. They reduce overall industry sales and limit market expansion. Therefore, during the forecast period, these factors are anticipated to restrain market growth. But as time goes on, this issue will be resolved in some way. If this problem is fixed, the market will start to grow right away.

Domestic Refrigerator Sales Market Regional Insights

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"North America Dominating the Market Across the Globe"

The market for domestic refrigerator sales in North America has benefited from the region's expanding industrial development and a number of driving factors that have boosted the potential sectors because this region is the product's primary user. The rising product demand in online sales, supermarket & special store is boosting the domestic refrigerator sales market share. Trends toward rapid urbanization will support the market as a whole even more.

KEY INDUSTRY PLAYERS

Leading Manufacturers to Boost Product Demand

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Whirlpool (U.S.)
• Bosch (Germany)
• Samsung (South Korea)
• Panasonic (Japan)
• Liebherr Appliances (India)

REPORT COVERAGE

The market segmentation by type and application is covered in great detail in the study. A wide range of participants, including current and potential market leaders, are examined in the study. A number of significant factors are expected to lead to a sizeable market expansion. In order to gain market insights, the research also looks at factors that could raise the share of domestic refrigerator sales market. Forecasts for market growth over the anticipated time period are made in the report. Explaining why one region dominates the global market is the goal of regional research. A number of properly considered factors limit the industry's ability to expand. A strategic analysis of the market is also included in the research. It contains comprehensive market data.