Refrigerator Market revenue to cross USD 150 Bn by 2027: Global Market Insights Inc.

Selbyville, Delaware, Aug. 31, 2021 (GLOBE NEWSWIRE) —

According to latest report “Refrigerator Market by Door Type (Glass, Sheet), Door Handle Type (External, Built-in), Door Opening Type (Reversible Door, Single Side Opening ), Product (Frost, Non-Frost), Refrigerant ( HFC, HCFC), Technology ( Inverter, Non-Inverter), Volume (Below 50L, 51-100L, 101-150L, 151-200L, 201-250L, 251-300L, 301-400L, 401-500L, 501-600L, 601-750L, Above 750L), Display Type (7 Segment, LCD), Control Type (Electronic, Manual), Application (Household, Commercial), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of refrigerator will cross $150 billion by 2027.

The rising requirement for transportation of perishable food items, milk products, medicines, and cosmetics is contributing to the market demand for refrigerators in the commercial segment. Rise in consumerism coupled with increase in consumers’ standard of living is creating the demand for fresh food, contributing to the market growth.

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The coronavirus pandemic has created a backlog in the global supply chain due to shut down of electronics manufacturing industries, affecting the sale of refrigerators in 2020. The manufacturers faced difficulties in product deliveries and order fulfilment, leading to revenue decline in the first quarter of 2020. As a result of disturbed supply chain, increased lead times, and logistics challenges, companies are continuously monitoring product development strategies to mitigate risks.

Electronic-controlled refrigerator market are witnessing a high demand across the globe credited to several benefits such as precise temperature control and wireless monitoring. Owing to the growing demand, companies are launching innovative electronically controlled refrigerators to strengthen their market position.

Europe refrigerator market is anticipated to showcasing a significant growth rate during the forecast period led by the presence of several refrigerator manufacturers such as BSH Hausgeräte GmbH, Electrolux AB, and Liebherr Group. The players operating in the market are making investments in R&D to develop new products with various advanced technologies to gain boosted revenue share.

Some of the major companies operating in the refrigerator market are Electrolux AB, LG Electronics Inc., Whirlpool Corporation, Panasonic Corporation, Midea Group, Siemens AG, Liebherr Group, Bosch Group, Haier Group Corporation, and Samsung Electronics. By utilizing the state-of-the-art Industry 4.0 technologies, the participants are introducing new refrigerators with enhanced features.

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Some key findings in the refrigerator market report include:

  • VCM sheets are observing a high demand in the market impelled by their superior finish and fingerprint resistive coating. Market players are launching new models with VCM sheet refrigerators to cater the growing industry demand.
  • Industry leaders are shifting their focus toward environment-friendly refrigerants, such as R600a and R290, which have low Global Warming Potential (GWP)
  • The rising consumer preferences toward connected home appliances with enhanced features and capabilities are fostering the market value for smart refrigerators. The growing internet and smartphone penetration will support the adoption of smart refrigerators in the household segment.
  • Reversible door refrigerators are expected to display a high growth potential due to their ability to provide convenient side opening to minimize the user efforts. These refrigerators also offer aesthetic appeal to kitchens.

Table of Contents (ToC) of the report:

Chapter 3   Refrigerator Market Insights

3.1    Industry segmentation

3.2    Impact of COVID-19

3.2.1    Global outlook

3.2.2    Regional impact

3.2.3    Industry value chain

3.2.4    Competitive landscape    Marketing Strategy    Distribution network    Business growth

3.3    Industry ecosystem analysis

3.3.1    Component suppliers

3.3.2    Manufacturers

3.3.3    Distribution channel analysis

3.3.4    End-use landscape

3.3.5    Profit margin analysis

3.3.6    Vendor matrix

3.4    Technology landscape

3.4.1    Auto defrost technology

3.4.2    Cooling gel, cooling wall, and insulated capillary

3.4.3    Convertible refrigerators

3.4.4    Artificial Intelligence and Internet of Things

3.5    Investment landscape

3.6    Compressor COP Level

3.7    Freezer compartment (FC) volume to provision compartment (PC) volume ratio analysis

3.8    Refrigerator sheet color analysis

3.9    Refrigerator dimensional benchmarking

3.10    Regulatory Landscape

3.11    Industry impact forces

3.11.1    Growth drivers

3.11.2    Industry pitfalls

3.12    Growth potential analysis

3.13    Porter’s analysis

3.14    PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.