April 2020
BWC20022

67
india refrigerator market bwc20022
India
Refrigerator Market size- Industry Trends & Forecast Report 2026
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
2020-2026. 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.
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.
India
Refrigerator Market: Overview
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.
Growth Drivers
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.
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.
Restraint
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.
India Refrigerator Market:
Type
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.
Competitive
Landscape
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.
Recent
Development
Ø 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.
Ø 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.
Scope of the Report
Attribute |
Details |
Years
Considered |
Historical data – 2016-2019 Base Year – 2019 Forecast –
2020 – 2026 |
Facts Covered |
Revenue in USD Billion |
Market Coverage |
Northern India, Southern India, Western India and Eastern India |
Product/Service Segmentation |
By Product Type, By Distribution Channel, By Region |
Key Players |
Samsung, Whirlpool Corporation, Panasonic,
LG Electronics, Godrej, Electrolux, Haier, Onida Electronics, Videocon
Consumer Electronics & Home, Kelvinator, Sharp Corporation, Hitachi,
Voltas, and other prominent players. |
By Product Type
Ø Direct Cool Refrigerator
Ø Frost-free Refrigerators
By Distribution Channel
Ø Specialty Retail Stores
Ø Departmental Stores
Ø Supermarkets
Ø Discount Store
Ø Online
By Region:
Ø Northern India
Ø Southern India
Ø Western India
Ø Eastern India
The objective of the Study:
Ø To analyze and forecast the India Refrigerator
Market size of the market in terms of value.
Ø To examine the careful market segmentation and
forecast the market size, in terms of value, based on the region by segmenting.
Ø The India Refrigerator Market segmented into five
regions, namely, Northern India, Southern India, Eastern India, and Western
India.
Ø To outline, categorized, and forecast the India
Refrigerator Market based on the Product Type, Distribution Channel.
Ø To examine competitive developments like
technological advancement, services, and regulative framework within the India
Refrigerator Market.
Ø To highlight the impact analysis of the factors
affecting the market dynamics such as drivers, restraints, opportunities, and
challenges.
Ø To strategically profile the key players and
comprehensively analyze their market shares along with detailing the
competitive landscape for market leaders.
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