The Asia Pacific, refrigerator market size was valued at USD 31.95 billion in 2023. The market is anticipated to grow to USD 49.49 billion by 2030, exhibiting a CAGR of 6.45% during the forecast period.
The product has made its presence in the market as consumers are fascinated by its capability to help surge the food’s shelf-life for the long term. The product’s capability, such as to sustain the food’s hygienic condition, help break bacteria development, and the presence of multiple compartments for various food items increases traction.
This information is provided by Fortune Business Insights™ in its research report titled “Asia Pacific Refrigerator Market, 2024-2030.”
Information Source: https://www.fortunebusinessinsights.com/asia-pacific-refrigerator-market-105453
Segmentation:
Top Freezer Segment to Dominate the Market Share during the Forecast Period
On the basis of type analysis, the top freezer is predicted to be the dominant segment as the product requires less space and is in compact form, also offering separate space for freezing. It is divided into four types such as top freezer refrigerator, French door refrigerator, side by side refrigerator, and bottom freezer refrigerator.
Better Specialty Shops in Offline Segment Hold Dominant Market Share
Based on application, the market is bifurcated into online and offline segments.
Offline is expected to be the leading segment because of the channel’s ability to help avoid delivery waiting time and to be convenient in case of replacement and repair.
List of Key Players Mentioned in the Asia Pacific Refrigerator Market Report:
- Haier Smart Home Co. Ltd. (China)
- LG Electronics Inc. (South Korea)
- The Samsung Group (South Korea)
- The Whirlpool Corporation (U.S.)
- Voltas Limited (India)
- Electrolux AB (Sweden)
- Panasonic Corporation (Japan)
- Sharp Corporation (Japan)
- Hitachi, Ltd (Japan)
- Toshiba Corporation. (Japan)
- Godrej Group(India)
- Intex Technologies (India)
Report Coverage:
The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants to strengthen their market presence.
Drivers and Restraints:
Rising Growth of Food Outlets and the Hotel Industry Support the Market Development
The rising growth of tourism in countries of this region is assisting to spike the utilization of the product, especially in food outlets such as fast food chains, coffee shops, cafes, and others. The growing launch of hotel businesses fostering the consumption of refrigerators has made a vital contribution. However, the high cost of maintaining and repairing refrigerators in case of several complications, such as part replacement or fixing required, is a hindering factor for the Asia Pacific refrigerator market growth.
Regional Insights:
Asia Pacific Region to Dominate Market Owing to Increasing Consumption of Food Items
India is projected to have a robust presence in the Asia Pacific market. The exceeding intake of frozen food items resulting in escalating product utilization is expected to fuel the demand. As per the survey conducted over Lucknow-based respondents by the Department of Agriculture Economics, Uttar Pradesh, India, in 2022, 72% of the population consumed frozen food products.
China stood at a leading position in the Asia Pacific Refrigerator market share in 2022. The subsequent necessity of storing seafood in fridges and the seafood importation to this country has played a crucial role in spiking the product consumption rate in the country.
South Korean market is predicted to display significant growth due to the increasing number of dual-income and increase in spending exceeding the consumption of refrigerators, especially the premium quality has a vital contribution.
Competitive Landscape:
In order to manufacture refrigerators, the key players in the market are gradually adopting AI technology. This will thus transform the experience of having a refrigerator as it declines human interaction in terms of manual temperature adjustment, power usage, and even assisting in monitoring the usage intensity. Whirlpool stated the launch of its new refrigerator range in India.
Key Industry Development:
March 2022: Haier Smart Home Co. Ltd. has invested in a large refrigerator project with a capacity of 2 million units per annum in Hong Kong.