Vietnam Refrigerator Market to Grow with a CAGR of 5.60% through 2029
Vietnam Refrigerator Market is being propelled by increasing
demand for smart and energy-efficient refrigerators and the growing demand for
refrigerators with advanced features.
According to TechSci Research report, “Vietnam Refrigerator
Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029”, the Vietnam Refrigerator Market stood at USD 1804.56 million in 2023 and is anticipated to grow with a CAGR of 5.60% in the forecast
period, 2025-2029. The Vietnam refrigerator market is a dynamic and rapidly
evolving sector within the country's consumer electronics industry. With a
growing middle-class population and increasing urbanization, the demand for
refrigeration appliances has been on the rise. This market has witnessed
significant growth in recent years due to various factors, such as rising
disposable incomes, changing lifestyle preferences, and an increased focus on
food preservation and storage. The market features a diverse range of products,
including single-door, double-door, and side-by-side refrigerators, catering to
different consumer needs. Energy efficiency, environmental concerns, and
technological advancements are driving innovation and competition in the
market.
Browse over XX market data Figures spread
through 83 Pages and an in-depth TOC on "Vietnam Refrigerator Market.”
Vietnam's strong economic growth and rising disposable
incomes have significantly contributed to the increasing demand for
refrigerators. As the middle-class population expands, consumers have greater
purchasing power and are looking to upgrade their household appliances,
including refrigeration units. With higher incomes, there is a growing
aspiration for better living standards, which often includes owning modern and
technologically advanced refrigerators.
Urbanization has been a defining trend in Vietnam,
with a large percentage of the population moving to cities in search of better
job opportunities and improved living conditions. In urban areas, living spaces
tend to be smaller and more compact, which has led to a surge in demand for
space-efficient refrigerators. Single-door and bottom-freezer models are
particularly popular in urban settings, as they fit into smaller kitchens and
apartments while providing sufficient storage space.
In line with urbanization, there is a greater focus on
food preservation and storage. More Vietnamese households are opting to cook at
home rather than dine out, making the need for reliable refrigeration even more
crucial. Refrigerators with advanced features, such as humidity-controlled
drawers, specialized compartments for different types of food, and
quick-cooling technology, have gained popularity. These features help maintain
the freshness and quality of food items, reducing food waste and saving consumers
money in the long run.
Energy efficiency and environmental concerns have also
become paramount in the Vietnam refrigerator market. The government has taken
steps to promote energy-efficient appliances by implementing regulations and
initiatives that encourage consumers to choose eco-friendly options.
Manufacturers have responded by developing refrigerators with inverter
technology, which adjusts compressor speed based on cooling needs, resulting in
lower energy consumption. Additionally, the use of environmentally friendly refrigerants
like R600a and R290 is on the rise to reduce the carbon footprint of
refrigeration systems.
One notable trend is the surge in demand for smart and
connected refrigerators. As Vietnam's population becomes increasingly
tech-savvy, consumers are looking for appliances that offer convenience and
customization. Smart refrigerators come equipped with features like Wi-Fi
connectivity, mobile app control, and integration with other smart home
devices. Users can remotely adjust settings, receive alerts, and even access
recipes, weather updates, or music through touchscreen displays or
voice-activated virtual assistants. This trend aligns with the global movement
toward the Internet of Things (IoT) and smart homes.
Another trend in the Vietnam refrigerator market is
the focus on customization and flexible storage solutions. Consumers,
especially in smaller living spaces, are looking for refrigerators with
adjustable shelves, movable dividers, and versatile compartments. These
features allow users to configure the interior of the refrigerator to
accommodate various types of food items, ensuring efficient organization and
storage. The popularity of specialized storage options, such as
humidity-controlled drawers and compartments for meat and vegetables, reflects
the growing emphasis on food preservation.
The northern region of Vietnam, including major cities
like Hanoi and Hai Phong, dominates the refrigerator market. This region is
characterized by higher population density, greater urbanization, and increased
income levels, which have driven the demand for modern and higher-end
refrigerators. The northern region also benefits from a well-established
distribution network, making it easier for consumers to access a wide range of
refrigerator options.
The growth of online sales is a noteworthy trend in
the Vietnam refrigerator market. With the expansion of internet access and
smartphone penetration in the country, consumers have embraced online shopping
as a convenient way to research, compare, and purchase refrigerators.
E-commerce platforms offer a wide selection of products, competitive pricing,
and the convenience of shopping from home. Manufacturers and retailers have
recognized the potential of online sales and have invested in robust e-commerce
strategies, including user-friendly websites, secure payment gateways, and
efficient delivery systems.
Vietnam Refrigerator market is segmented into type, end
user, technology, sales channel, and region.
Based on technology, the market is segmented into non-smart,
smart.
The smart refrigerator segment is
rapidly gaining prominence in the Vietnam Refrigerator Market. With the
increasing tech-savvy consumer base, there's a growing demand for refrigerators
equipped with advanced features. Smart refrigerators offer convenience and
customization through features like Wi-Fi connectivity, mobile app control, and
integration with other smart home devices. This technology allows users to
remotely adjust settings, receive alerts, and access additional information.
Voice-activated virtual assistants and touchscreen displays further enhance
user experience. As the trend towards smart homes and IoT continues to evolve,
manufacturers are increasingly focusing on developing innovative and connected
refrigeration appliances to cater to the modern, connected lifestyle of
consumers in Vietnam.
Major companies operating in Vietnam Refrigerator market
are:
- Samsung
Electronics Vietnam Co., Ltd.
- Panasonic Vietnam
Co.,Ltd
- Haier
ElectricalAppliances Vietnam Co., Ltd
- Sharp Electronics
(Vietnam) Company Limited
- Toshiba Vietnam
consumer Products Co., Ltd
- LG Electronics
Vietnam Hai Phong Co., Ltd,
- Arcelik Hitachi
Home Appliances Sales Vietnam Co ,Ltd
- Mitsubishi
Electric Corporation
- Vietbeko Co., Ltd
- Electrolux
Vietnam Co. Ltd
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“ The Vietnam
refrigerator market is experiencing robust growth driven by rising incomes,
urbanization, and an increased focus on food preservation. Energy efficiency
and eco-friendly options are popular among environmentally conscious consumers.
Smart and connected refrigerators are on the rise, offering convenience and
customization. Customization and flexible storage solutions are essential for
consumers, particularly those living in compact spaces. The northern region,
including Hanoi, dominates the market due to its higher population density and
purchasing power. However, other regions are also witnessing growth. The online
sales segment is flourishing, with e-commerce platforms offering convenience,
variety, and competitive prices, reflecting changing consumer preferences and
the digital landscape's evolution.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Vietnam Refrigerator Market By Type (Top
Freezer, Bottom Freezer, Side-by-Side, Single Door, French Door), By End User
(Residential, Commercial), By Technology (Non-Smart, Smart), By Sales Channel
(Supermarkets/Hypermarkets, Multi Branded Stores, Online, Others (Direct Sales,
etc.)) By Region, By Competition Forecast &
Opportunities, 2019-2029F, has evaluated the future growth potential of Vietnam
Refrigerator market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision-makers make sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Vietnam Refrigerator market.
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