Innovations Propel Household Refrigerators and Freezers Market

San Francisco, California, September 28, 2017 – The global household refrigerators and freezers market is prognosticated to witness an upsurge in the coming years, owing to the initiatives being taken by the governments of various countries to come up with energy efficient products for the consumers all over the world. As per the studies, TMR Research expects the market growth to be propelled by the rise in disposable income of the people, which has enabled them to spend more on the luxury items and other things. According to a report authored by the market research company, titled “Household Refrigerators and Freezers Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025” the above factors play a vital role in augmenting the market demand for household refrigerators and freezers worldwide.

In the recent past there has been a noticeable rise in the trend for the consumption of packaged foods and drinks among the population. This has favored the demand for household refrigerators and freezers in the global market. Moreover, the freezers and refrigerators manufactured in previous time used to consume a lot of energy, which led to more bills for the power consumption. So, this drawback had to be overcome that brought in the high demand for better and energy efficient household refrigerators and freezers in the market. With the advancement in technology this problem has been eliminated to a great extent. The scientists and manufacturers are still working on improving innovations to give more efficient and accurate results. The need to have a bigger and better refrigerators, with automated features such as temperature adjustment, food ordering, and integration with smartphones are also the encouraging factors for the rise in amrket demand for such refrigerators. The growth rate of global household refrigerators and freezers is anticipated to demonstrate a significant growth with a strong CAGR within the forecast period from 2017 to 2025. Additionally, governments all over the world are taking initiatives to spread awareness about the electronic appliances that consumes less energy. For example, ENERGY STAR label is also working on alerting masses about the advanced technology to save energy.

Based on the types, French free bottom-freezer segment dominates the market over the rest of them. It accounts for the major shares in the market, along with side-by-side refrigerators segment that also is anticipated to experience a heavy growth rate in the predicted time frame. As per the geographical regions the global market for household refrigerators and freezers is segmented into Asia Pacific, Latin America, Middle East and Africa, North America, Europe, and Latin America. From the business point of view, and scope of growth, Europe makes the most profitable market region. Moreover, after the upgrade in the innovation for energy efficiency in the month of September 2015, is also anticipated to boost the market demand in North America region. The Asia Pacific is also expected to experience the rise in demand in coming years due to various factors such as emergence of developing economies, rise in population, change in lifestyle, and growth in disposable income.

Haier, Whirlpool, Electrolux, Samsung, and LG are some of the major player dominating the global market for household refrigerators and freezers. These players hold the major amount of shares in the global market. The eminent players in the market are working on manufacturing various cost effective and user-friendly features such as through-the-door-ice, water-tap on the door, and other technical advancements. The access of freezer and refrigerators with the smartphones is also stirring up the market growth. With better cooling technology the firms are developing more energy efficient solutions to a pre-existing products. Other prominent players are Panasonic, Frigidaire, Robert Bosch GmbH, and General Electric Corporation.

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