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.
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The key driving factors responsible for the growth of Household
Refrigerators and Freezers market :
The factors that are playing a
major role in the growth of household refrigerators and freezers market are
rising technological enhancement in product development, increasing energy
efficiency initiatives, and growing purchasing power. However, substantial
untapped population base may restrain overall market growth in the years to
come. 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, side-by-side refrigerators sector is estimated to grow at the highest
CAGR in the years to come.
The market could be categorized
based on distribution channels like offline sales and online sales that could
be explored in the forecast period. Offline sales sector accounted for the
significant market share and is estimated to continue its dominance in the
years to come. Also, 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 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 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.
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