The Asia Pacific refrigerator market size is expected to reach USD 25.87 billion by 2028, exhibiting a CAGR of 5.9% during the forecast period. The growing utilization of refrigerators to increase the shelf life of fruits and vegetables and restrict bacteria formation will enable speedy expansion of the market, states Fortune Business Insights, in a report, titled “Asia Pacific Refrigerator Market, 2021-2028.” The market size stood at USD 16.91 billion in 2020.
Declined Production and Sales of Refrigerators to Dampen Market Amid Coronavirus
The coronavirus outbreak severely hampered the market due to the declined sales of refrigerators. The lockdown implemented by governments and restrictions on travel and logistics can restrict the production and consumption of these cooling machines amid COVID-19. For instance, in April 2020, the data released by Gadgets 360 NDTV stated that heavy appliances businesses are assessed to have a negative impact of up to 60 percent decline in March and almost 100 percent in April. Besides, the limitation on the import and export of electronic appliances will drastically dwindle the growth of the market during the COVID-19
Top 12 Companies in Asia Pacific Refrigerator Market Report:
- Haier Group Corporation (Qingdao, China)
- LG Electronics Inc (Seoul, South Korea)
- The Samsung Group (Seoul, South Korea)
- The Whirlpool Corporation (Michigan, United States)
- Voltas Limited (Mumbai, India)
- Electrolux AB (Stockholm, Sweden)
- Panasonic Corporation (Osaka, Japan)
- Sharp Corporation (Osaka, Japan)
- Hitachi, Ltd (Tokyo, Japan)
- Toshiba Corporation. (Tokyo, Japan)
- Godrej Group( Mumbai, India)
- Intex Technologies(New Delhi India)
The report on the market contains:
- Superior analysis of the market
- Imperative insights into the competitive landscape
- Factors restricting the market growth
- Market drivers and trends
- Prime factors enabling business development
- Country specific information
- COVID-19 impact
Key Driving Factor:
Increasing Number of Residential Units to Propel Market
The increasing construction of residential units in developing countries of Asia Pacific will incite the demand for refrigerators, thus boosting the market. For instance, in 2018, the data released by the Ministry of Land, Infrastructure, and Transport, South Korea has granted new homes construction of 249,505 in H1. Furthermore, the growing number of housing projects will fuel demand for household appliances, including refrigerators, washing machines, etc.
As per the Business Standard data, housing sales in 2019 witnessed a rise of 6 percent to 46,920 units in Delhi-NCR. However, refrigerators' high repairing and maintenance cost can restrict their adoption and hamper the Asia Pacific refrigerator market growth during the forecast period.
Market Segments:
Top Freezer to Hold the Lion’s Share
Based on product type, the market is divided into the top freezer, bottom freezer, side-by-side, and french door refrigerators. The top freezer typeis expected to hold the largest share during the forecast period due to its compactness and separate space for freezing. The growing availability of this type will further aid the segment’s growth in the forthcoming years.
Based on the distribution channel, the market is classified into online and offline. The offline is expected to account for the lion’s share during the forecast period due to its ability to avoid delivery waiting time. The convenience of repair and replacement will further boost this industry.
Regional Insights:
Rising Consumption of Frozen Food to Augment Growth in India
India is expected to experience a rapid growth rate during the forecast period. The growing consumption of frozen foods will incite healthy growth in India. For instance, in December 2019, the Economic Times' data stated that the frozen food market in India is expected to grow by 17 percent on an annual basis. Moreover, the high consumption of soft drinks will spur opportunities for the market.
For instance, in October 2019, the Times of India declared that the bottling arm of Coca-Cola India witnessed a net profit of USD 45.74 million, which is a 373 % rise from the previous year. China is expected to hold a significant Asia-Pacific refrigerator market share. It generated a revenue of 4.6 billion in 2020. The increased import of seafood and high consumption of meat will influence growth in China.
Key Development:
September 2020: Hi Sense announced the launch of its new refrigerators for the Indian market, which will be available on e-commerce platforms including Amazon, Flipkart, and Reliance Digital. The products will start from Rs 6,999.
Browse Detailed Overview of This Research:
https://www.fortunebusinessinsights.com/asia-pacific-refrigerator-market-105453
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