The refrigerators market covered in this report is segmented by type into single-door, double-door, french-door and others. The refrigerators market in this report is segmented by distribution channel into specialty retailers, department stores, mass retailers/hypermarkets/supermarkets, discount stores and online. The refrigerators market covered in this report is segmented by application into household, commercial and industrial. The refrigerators market in this report is segmented by freezer location into freezer-on-top, freezer-on-bottom and freezer-less.
The global household refrigerators market was worth $35.1 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 5.14% and reach $42.9 billion by 2023.
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Intense pricing pressure on manufacturers is restraining the growth of the refrigerators market. The market has numerous players competing in terms of price, specifications, and other characteristics. Durable goods such as TV, freezers are more price elastic than necessities. People are more likely to purchase when there is reduction in the price of the goods and less likely to purchase when there is a price hike.
Refrigerators manufacturers are implementing technologies such as IoT and embedded sensors in their products to improve overall functionality. Manufacturers are introducing advanced human machine interface designs in refrigerators and also manufacturing refrigerators that can automatically recognize the type and weight of the food stored in the refrigerators, adjust and monitor the temperature as per requirement.
Regional Analysis For Household Refrigerators Market:
For the comprehensive understanding of market dynamics, the global Household Refrigerators Market is analysed across key geographies namely: United States, China, Europe, Japan, South-east Asia, India and others. Each of these regions is analysed on the basis of market findings across major countries in these regions for a macro-level understanding of the market.
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Where is the largest and fastest growing market for the refrigerators? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Refrigerators market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the markets historic and forecast market growth by geography. It places the market within the context of the wider refrigerators market, and compares it with other markets.
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