United State- Report Ocean (150+ country’s markets analyzed, function on 1,00000+ published and forthcoming reports every year.] presents a research report and top winning strategies for the India Refrigerators Market. Best subject matter experts, researchers, and market research professionals organized this report in order to ensure that the information in it is compiled from the most authentic sources and that the forecast is of the highest accuracy. To forecast market growth, specialists employ a variety of methodologies and analytical approaches, including S.W.O.T. (analysis methods), P.E.S.T.E.L. analysis, and regression analysis. The India Refrigerators study also looks at the various regulations and policies that the firm has implemented. This report discusses the industry in terms of research technology and precise prospective utilization, innovation, and future advancements in the India Refrigerators Market.
India Refrigerator Market Forecast and Trends
The India refrigerator market has reached USD 3.2 Billion in 2019 and projected to grow with a significant CAGR of 9.3% during the forecast period 2021-2027.
India consumers are now looking beyond cooling. Along with high capacity for a multiplicity of food and beverage storage, the growth of connected homes is driving the demand for more and smarter features in new-age refrigerators.
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In the coming future, refrigerator technology is anticipated to evolve immensely. The penetration of refrigerators is steadily increasing in the country. There is a huge scope for brands to revolutionize this space by presenting product innovations focused on semi-urban and rural India. Most of the demand is still in urban areas. This growth can be largely accredited to increasing household incomes, better-quality technologies, rapid urbanization, and environmental changes. In large untapped markets like India, these factors have changed the product and purchase patterns in the last 2-3 decades. The domestic refrigerator industry is observing a major change, right from product and design innovations to providing value for money and energy-efficient solutions to consumers with a range of choices.
A refrigerator includes a thermally shielded compartment and a heat pump that transfers heat from inside of the fridge to its external environment. This provides coolness inside the refrigerator by making the temperature below the room temperature. The low temperature reduces the reproduction rate of bacteria, which reduces the rate of spoilage. A refrigerator preserves a temperature a few degrees above the water freezing point. The basic reason for having a refrigerator is to keep food cold. Cold temperature help food stays fresh longer.
Electrification supporting the expansion of demand
Increased access to electricity is assisting the development of the refrigeration appliances category in the India market. Prime Minister, Narendra Modi, declared that the government had reached its target of offering every village in the country with electricity in 2018. The Saubhagya Scheme has been launched by the Prime Minister which provided free-electricity connection and low-cost power supply to the household. This led to the electrification in rural India which in turn increased the demand for electrical appliances. In India, refrigerators have the highest aspiring value among all consumer durables, with the exception of televisions. This leads to the high growth rate of the refrigerator market and providing several opportunities for the market players.
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The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the India refrigerator market also experienced a slowdown. Statista estimates that the India refrigerator market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the India refrigerator market generated revenues of US$ 5.4 trillion at a record high.
The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the India refrigerator market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
The growing emphasis on energy-efficiency
The growing focus on energy efficiency is influencing the development of refrigeration appliances. Refrigerators come under the mandatory Standards and Labelling Programme introduced by the Bureau of Energy Efficiency (BEE) under the Ministry of Power. Given rising incomes and falling appliance prices, demand for residential, commercial appliances in India has been increasing rapidly over the last few years. India’s growing consumer appliance market is progressively adding to the demand for energy. Energy efficiency and protection practices for home appliances and industrial equipment can assist in reducing energy consumption, emissions, and energy cost burden. India has introduced important policy measures to encourage energy efficiency in appliances.
Inconsistent temperature and raucous compressors
The inconsistent temperature and disturbing noise and loudness from the compressor are expected to hinder the market growth. The subpar noise and inconsistent temperature leads to the hurdle in the growth of refrigerator market.
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On the basis of type, the market is segmented into Direct Cool Refrigerator, Frost-free Refrigerators. The DC (direct cool) segment is expected to grow at a better pace than the FF (frost-free) segment. The consumers’ preference in semi-urban and rural areas is moving towards DC models as they employ lesser space and available at lower price points.
India Refrigerator Market: Distribution Channel
Based on its distribution channel, the market is segmented into Specialty Retail Stores, Departmental Stores, Supermarkets, Discount Store, and Online. Specialty retail stores provide a wide variety of brands and product portfolios of multiple brands across all outlets and are the most preferred distribution channel by the customers in the India market. This segment was the key revenue contributor to the market, and this trend is expected to continue in the coming years as well.
India Refrigerators market is fragmented owing to the presence of several large-sized companies, mid-sized & small-sized companies, and many start-ups that provide Refrigerators industry. However, the companies that hold the major share of Refrigerators market are Samsung, Whirlpool Corporation, Panasonic, LG Electronics, Godrej, Electrolux, Haier, Onida Electronics, Videocon Consumer Electronics & Home, Kelvinator, Sharp Corporation, Hitachi, Voltas, and other prominent players.
�? In February 2018, Whirlpool Corporation invested in its Pune, India manufacturing facility which produces refrigerators. The investment was done to increase the refrigeration manufacturing capacity and to deliver the best products to India customers.
�? In April 2019, Samsung launched SpaceMax series side-by-side refrigerator in India that lets to store more food without increasing external dimension that came with a harmonious kitchen interior and all-round cooling system.
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The objective of the Study:
�? To analyze and forecast the India Refrigerator Market size of the market in terms of value.
�? To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.
�? The India Refrigerator Market segmented into five regions, namely, Northern India, Southern India, Eastern India, and Western India.
�? To outline, categorized, and forecast the India Refrigerator Market based on the Product Type, Distribution Channel.
�? To examine competitive developments like technological advancement, services, and regulative framework within the India Refrigerator Market.
�? To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
�? To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
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