India Refrigerator Market, By Type (Single Door, Top Freezer, Side-by-Side, Bottom Freezer, French Door), By Technology (Non-Smart vs Smart), By Distribution Channel (Multi Branded Stores, Supermarkets/hypermarkets, Exclusive Stores, Online, and Others (Direct Sales, Wholesales, etc.), By End Use (Residential and Commercial), By Region (North, West, South and East), Competition, Forecast & Opportunities, 2018-2028F

Improving living standards and technological advancements contribute to increased convenience at a low price, influencing the India refrigerator market, which is expected to grow at a CAGR of 11.62% during the forecast period, reaching around USD5880.87 million by 2028. Furthermore, rising urbanization, product innovation, and income are expected to boost the India refrigerator market during the forecast period.

A refrigerator is a machine utilized for keeping things cold. It comprises a thermally protected compartment and a heat pump that transfers heat from inside to outside to cool it inside below the room temperature. It is utilized to cool food and different items. The single-door refrigerator type has dominated the market, with a majority of the market share of 55.15% in 2021. Because of simplicity, it does not need a lot of money and space to fit in home.

About 75-80% of refrigerators' parts are made in India, and critical parts like compressors and refrigerants are imported. Rising compensation levels, developing lifestyles, and entering non-metro metropolitan regions drive the refrigerators market. Simultaneously, organizations are banding together with different innovations, programming, and part suppliers to help improve smart refrigerators. Moreover, the compressor-less refrigerator is one of the remarkable mechanical advancements which will become a huge development factor in the market.

During the COVID-19 pandemic, the demand for goods that improve comfort at home, like refrigerators, electric cooking, washing machines, and ACs, increased due to the continuation of work from home culture. Yet, there was an effect felt on sales of appliances from March to May. However, buyers of durable goods again enrolled in double-digit production growth in Q3FY21. Then again, in the pandemic, when clients are limiting continuous business sector visits and need to store more food on the go, the interest in fridges has expanded.

Improving living standards with rising disposable income Driving the Market Growth

Previously, lack of money was one of the reasons individuals did not have refrigerators or other consumer durables products at home, rather the rising disposable income with the passive income of people whose living standards are improving in India. The requirement for comfort instigates consumers to upgrade their current appliances to more advanced versions, driving the market demand for refrigerators. Therefore, individuals are zeroing in on the advancement and further developing their expectations for everyday comforts that will offer them accommodation, reduce manual efforts, and save time.

Technological investments contributing to increased convenience at low prices Driving the Market Growth

Advancements in technology and higher market competition are why the value declines in the purchaser durables segment. Additionally, with the drive of Make in India, many outside manufacturers are putting resources into India to set up their assembling plants, which would deliver valuable items to the Indian market. Indian consumers are looking for past cooling. Developing connected homes is energizing the interest in advanced features in new-age refrigerators. The new inverter innovation controls the energy and power utilization according to the customer's necessities so that the power bill can be at its breaking point and individuals will not be afraid of paying high bills. This is because there are numerous different improvements in refrigerators, such as advanced features, cost, energy efficiency, etc., which lead to the increased demand for refrigerators in the Indian market.

Increasing Electrification of Rural Areas Fueling the Market Growth

In rural markets, consumer durables like refrigerators will be in increasing demand in the coming years, as the government of India is planning to invest significantly in rural electrification. Therefore, expanded access to electricity will fuel the development of refrigerators in the Indian market extraordinarily in rural regions with the few plans launched by the government of India in which there is electricity connection and minimal expense for power supply.

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Market Segmentation

The India refrigerator market is segmented based on type, technology, distribution channel, end user, region, and competitional landscape. Based on type, the market is further segmented into single door, top freezer, side-by-side, bottom freezer, French door. The technology is further segmented into smart and non-smart. The distribution channel is segmented into multi-branded stores, supermarkets/ hypermarkets, exclusive stores, online and others (direct sales, wholesales etc.). It also studies the end use segment which is further segmented into residential and commercial. The market analysis also studies the regional segmentation divided into north, west, south, and east.

Company Profiles

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, etc. are some of the leading market players of the India refrigerator market. New market players are also actively entering the market in the recent years and further strengthening the growth of the future market growth.

Report Scope:

In this report, India refrigerator market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• India Refrigerator Market, By Type:
• Single Door
• Top Freezer
• Side-by-Side
• Bottom Freezer
• French Door
• India Refrigerator Market, By Technology:
• Non-Smart
• Smart
• India Refrigerator Market, By Distribution Channel:
• Multi-Branded Stores
• Supermarkets/Hypermarkets
• Exclusive Stores
• Online
• Others
• India Refrigerator Market, By End User:
• Residential
• Commercial
• India Refrigerator Market, By Region:
• North
• West
• South
• East 

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India refrigerator market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information