Report Description

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.

Attribute

Details

Market Size Value in 2022

USD3071.96 Million

Revenue Forecast in 2028

USD5880.87 Million

Growth Rate

11.62%

Base Year

2022

Historical Years

2018–2022

Estimated Year

2023E

Forecast Period

2024F –2028F

Quantitative Units

Revenue in USD Million, Volume in Thousand Units and CAGR for 2018-2022 and 2023E- 2028F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Type

·         Technology

·         Distribution Channel

·         End User

·         Region

·         Company

Regional Scope

North, West, South and East

Key Companies Profiled

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.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

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

Detailed analysis and profiling of additional market players (up to five).

Table of content

1.    Product Overview

2.    Research Methodology

3.    Executive Summary

4.    Impact of COVID-19 on Indian Refrigerator Market

5.    Voice of Customers

5.1.  Brand Awareness

5.2.  Factors Affecting Purchase Decision

5.3.  Challenges Faced Post Purchase

6.    India Refrigerator Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value & Volume

6.2.  Market Share & Forecast

6.2.1.     By Type (Single Door, Top freezer, Side-by-Side, Bottom Freezer, French door)

6.2.2.    By Technology (Smart Vs. Non-Smart)

6.2.3.    By Distribution Channel [Multi Branded stores, Supermarkets/Hypermarkets, Exclusive stores, Online, Others (Direct sales, Wholesales etc.)]

6.2.4.    By End Use (Commercial, Residential)

6.2.5.    By Region (North, West, South, East)

6.2.6.    By Top 3 Leading States (In Each Region)

6.2.7.    By Company (2022)

6.3.  Market Map (By Type, By Technology, By Distribution Channel, By End Use, By Region)

7.    India Single Door Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value & Volume

7.2.  Market Share & Forecast

7.2.1.    By Technology

7.2.2.    By Distribution Channel

7.2.3.    By End Use

8.    India Top freezer Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value & Volume

8.2.  Market Share & Forecast

8.2.1.    By Technology

8.2.2.    By Distribution Channel

8.2.3.    By End Use

9.    India Side-by-side Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value & Volume

9.2.  Market Share & Forecast

9.2.1.    By Technology

9.2.2.    By Distribution Channel

9.2.3.    By End Use

10. India Bottom Freezer Market Outlook

10.1.               Market Size & Forecast

10.1.1. By Value & Volume

10.2.               Market Share & Forecast

10.2.1. By Technology

10.2.2. By Distribution Channel

10.2.3. By End Use

11. India French door Market Outlook

11.1. Market Size & Forecast

11.1.1. By Value & Volume

11.2. Market Share & Forecast

11.2.1. By Technology

11.2.2. By Distribution Channel

11.2.3. By End Use

12. Pricing Analysis

13. Product Benchmarking (Top 100-150 Products)

14. Market Dynamics

14.1.               Drivers

14.2.               Challenges

15. Market Trends & Developments

16. Policy & Regulatory Landscape

17. India Economic Profile

18. Competitive Landscape

18.1.             LG Electronics India Private Limited

18.2.             Samsung India Electronics Private Limited

18.3.             Godrej & Boyce Manufacturing Company Limited

18.4.             Whirlpool Of India Limited

18.5.             Haier Appliances (India) Private Limited

18.6.             Hitachi India Private Limited

18.7.             Panasonic India Private Limited

18.8.             Blue Star Limited

18.9.             Bosch Limited

18.10.          Siemens Limited

19. Strategic Recommendations

Figures and Tables

Figure 1: India Refrigerator Market Size, By Value (USD Million), By Volume (Thousand Units), 2018- 2028F.

Figure 2: India Refrigerator Market Share, By Product Type, By Value, 2018- 2028F.

Figure 3: India Refrigerator Market Share, By Technology, By Value, 2018- 2028F.

Figure 4: India Refrigerator Market Share, By Distribution Channel, By Value, 2018- 2028F.

Figure 5: India Refrigerator Market Share, By End Use, By Value, 2018- 2028F.

Figure 6: India Refrigerator Market Share, By Region, By Value, 2018- 2028F.

Figure 7: India Refrigerator Market Share, By Top 3 leading states, By North Region, By Value, 2018- 2028F.

Figure 8: India Refrigerator Market Share, By Top 3 leading states, By West Region, By Value, 2018- 2028F.

Figure 9: India Refrigerator Market Share, By Top 3 leading states, By South Region, By Value, 2018- 2028F.

Figure 10: India Refrigerator Market Share, By Top 3 leading states, By East Region, By Value, 2018- 2028F.

Figure 11: India Refrigerator Market Share, By Company, By Value, 2022.

Figure 12: India Refrigerator Market Map, By Product Type Market Size, By Value & Growth Rate (%), 2022.

Figure 13: India Refrigerator Market Map, By Technology Market Size, By Value & Growth Rate (%), 2022.

Figure 14: India Refrigerator Market Map, By Distribution Channel Market Size, By Value & Growth Rate (%),2022.

Figure 15: India Refrigerator Market Map, By End Use Market Size, By Value & Growth Rate (%),2022.

Figure 16: India Refrigerator Market Map, By Region Market Size, By Value & Growth Rate (%), 2022.

Figure 17: India Single door refrigerator Market Size, By Value (USD Million), By Volume (Thousand Units), 2018-2028F.

Figure 18: India Single door refrigerator Market Size, By Technology, By Value, 2018-2028F.

Figure 19: India Single door refrigerator Market Size, By Distribution Channel, By Value, 2018-2028F.

Figure 20: India Single door refrigerator Market Size, By End Use, By Value, 2018-2028F.

Figure 21: India Top freezer refrigerator Market Size, By Value (USD Million), By Volume (Thousand Units), 2018-2028F.

Figure 22: India Top freezer refrigerator Market Size, By Technology, By Value, 2018-2028F.

Figure 23: India Top freezer refrigerator Market Size, By Distribution Channel, By Value, 2018-2028F.

Figure 24: India Top freezer refrigerator Market Size, By End Use, By Value, 2018-2028F.

Figure 25: India Side-by-Side refrigerator Market Size, By Value (USD Million), By Volume (Thousand Units), 2018-2028F.

Figure 26: India Side-by-Side refrigerator Market Size, By Technology, By Value, 2018-2028F.

Figure 27: India Side-by-Side refrigerator Market Size, By Distribution Channel, By Value, 2018-2028F.

Figure 28: India Side-by-Side refrigerator Market Size, By End Use, By Value, 2018-2028F.

Figure 29: India Bottom freezer refrigerator Market Size, By Value (USD Million), By Volume (Thousand Units), 2018-2028F.

Figure 30: India Bottom freezer refrigerator Market Size, By Technology, By Value, 2018-2028F.

Figure 31: India Bottom freezer refrigerator Market Size, By Distribution Channel, By Value, 2018-2028F.

Figure 32: India Bottom freezer refrigerator Market Size, By End Use, By Value, 2018-2028F.

Figure 33: India French door refrigerator Market Size, By Value (USD Million), By Volume (Thousand Units), 2018-2028F.

Figure 34: India French door refrigerator Market Size, By Technology, By Value, 2018-2028F.

Figure 35: India French door refrigerator Market Size, By Distribution Channel, By Value, 2018-2028F.

Figure 36: India French door refrigerator Market Size, By End Use, By Value, 2018-2028F.

Frequently asked questions

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In terms of type, the single door has dominated the market with a market share of more than 50% in 2022 on account of its affordability to buy, and it does not occupy ample space and save money, as they use less electricity and consume less power compared to the other type of refrigerator.

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North region is dominating the market in terms of value, with a market share of roughly 34% in 2022, and will continue to do so throughout the projected period on account of the high demand for refrigerator in north India.

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The top 10 players in the India refrigerator market are 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.

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Some of the market trends in the Indian refrigerator market include the stay-cool technology in which the food will remain frozen for a few hours without power and also keep the freezer cold even in the absence of electricity, and curd maestro in which consumers can set up to 1 liter of curd at a time by switching on that feature of the refrigerator, smart auto-connect in which refrigerator will automatically connect to your home inverter, digital inverter compressor for energy saving and noise reduction, Wi-Fi connectivity for remote temperature control, share your mobile screen on the front of the door and artificial technology.

profile

Parvati Sharma

Account Manager BD
Press Release

India Refrigerator Market to Grow with a CAGR of 11.62% During the Forecast Period

Jun, 2022

Improving living standards with rising disposable income will fuel the Indian refrigerator market through 2028F.