India Refrigerator Market to Grow with a CAGR of 11.62% During the Forecast Period
Improving living standards
with rising disposable income will fuel the Indian refrigerator market through
2028F.
According to TechSci
Research report, “India Refrigerator Market – Industry Size, Share,
Trends, Competition, Opportunity, and Forecast, 2018-2028F” The Indian refrigerator market is
forecast to grow at an impressive CAGR of around 11.62% in the forecast period
due to rapidly surging demand from the consumer durables industry. In India, the market's growth
is stimulated by the rising urbanization, the rising disposable income of
consumers, and the technological advancements contributing to increased
convenience at low prices. The demand for refrigerators in the projected period
is likely to register sustainable growth due to the increasing working
population and preference for modernity in living standards.
Over the years, refrigerators have been
widely used across households and commercial places to provide a convenient and
safe means of food preservation. They are available based on their features,
size, and applications. With rising awareness among customers, they seek
"value options" that balance the characteristics of price, quality,
convenience, consistency, and innovation. The demand for refrigerators is
expected to increase in the forecast years. Furthermore, refrigerator companies
are now in India focusing on innovative products to attract end-users.
Nowadays, refrigerators are coming up with eco-friendly refrigerators that do not release
harmful compounds. The sector's rise has been fueled by new technology such as
door configuration, convertible, edge-to-edge shelves, smart inverter
technology, auto smart connect, Wi-Fi connectivity, etc.
The India refrigerator
market is segmented into single-door, top freezer, bottom freezer,
side-by-side, and french door in terms of type. The single-door product type
has dominated the market, with a market share of more than 50% in 2022. It will
maintain its dominance during the forecast period, but the market share will
decline as consumers shift towards refrigerators with additional features and higher
storage space. However, refrigerators such as top-freezers, side-by-side, etc.,
are the fastest growing because consumer preferences have shifted toward
modernity instead of the traditional one.
During the COVID-19
pandemic, the sales of refrigerators went down. Additionally, businesses
approached zero levels in April and May up to this point, and most
organizations either partially restricted production to exports only or closed
their plants totally due to the exchange limitations and job creation across
the country. On the other hand, e-commerce has seen significant growth as
companies can generate revenue from refrigerators through online channels.
Since January, Flipkart has seen a 2.5x demand for energy-effective and
convertible refrigerator variations, offering higher capacity alongside
multi-functional features like curd producers. As refrigerators are restricted
in India compared to different regions, convertible choices are witnessing greater
adoption, transforming the freezer section into a standard fridge. Regarding
geography, the trends mentioned earlier are concentrated in metros, but smaller
and tier-2 and tier-3 cities also contribute to this growth.
Browse over 21 market
data Figures spread through 70 Pages and an in-depth TOC on " India
Refrigerator Market"
https://www.techsciresearch.com/report/india-refrigerator-market/10606.html
The India Refrigerator
market is segmented based on the type, technology, distribution channel, end
user and region. In terms of technology, the India refrigerator market is
segmented into smart vs non-smart. The distribution channel segment is divided
into multi-branded stores, supermarkets/hypermarkets, exclusive stores, online,
and others (direct sales, wholesales etc.). Among which, the multi-branded
stores have dominated the India refrigerator market, but online channels have
gained popularity after the COVID-19 pandemic.
Key market players in the
India refrigerator market include:
·
LG Electronics India Private Limited
·
Samsung India Electronics Private
Limited
·
Godrej & Boyce Manufacturing
Company Limited
·
Whirlpool Of India Limited
·
Haier Appliances (India) Private
Limited
·
Hitachi India Private Limited
·
Panasonic India Private Limited
·
Blue Star Limited
·
Bosch Limited
·
Siemens Limited
LG
Electronics India Pvt. Ltd. is one of the top leading companies and is an owned
subsidiary of the South Korean-based company LG Electronics, established in
January 1997 in India. It is the most trusted brand for Indian customers in
consumer electronics, home appliances, etc. It engages clients to intensify
their actual limits and value life by empowering them to be more liberated
through its innovative and convenient technology.
Samsung
deals in consumer electronics, IT, and mobile communications that follow a
simple theory. i.e., to give its ability and innovation to making better
products and services that contribute to a superior worldwide society. Samsung
sets a high value on its kin and innovations to accomplish this.
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“Demand for refrigerators in India is
growing steadily due to improving living standards. Rising disposable income,
urbanization in India, and technological advancements increase convenience at
low prices. Additionally, market leaders are constantly advancing the
technology of their products to meet the growing demand expected to drive the
Indian refrigerator market over the next few years. Additionally, Indian
customers prefer to buy only after touching or trying on a product for home
appliances. These customers find their products immediately in the stores.
Also, they can access after-sale customer service by only contacting the seller
if they ever need it, which will positively impact the Indian refrigerator
market during the forecast period.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“India
Refrigerator Market, By Type (Single Door, Top Freezer, Side-by-Side,
Bottom Freezer, French Door), By Technology (Smart vs Non
Smart), By Distribution Channel [(Multi Branded Stores,
Supermarkets/hypermarkets, Exclusive Stores, Online, Others(Direct Sales,
Wholesales)], By End User (Residential Vs. Commercial), By Region (North, West,
South and East), By Top 3 Leading States, Competition, Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth potential of refrigerators in India and provides statistics and information on
market structure, size, share and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decision. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities
present in India refrigerators market.
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