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Hotels and quick-service restaurants generally use freezers with high cooling features to prevent food spoilage and to have an effective food storage system. Sales of high-end refrigeration products will increase as demand for hotel and hospitality items develops. The growing number of ice cream shops and bars will drive the refrigeration market forward. Refrigerators are required to provide particular chilling range options in freezers, which are commonly used to store cold drinks and ice creams in ice cream parlours and bars. The growing popularity of frozen and processed foods all throughout the world.
Refrigerator Market Scope:
This market report discusses new recent developments, trade regulations, import-export analysis, production analysis, value chain optimisation, market share, the impact of domestic and localised market players, emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, and geographic expansion. Please contact Stellar Market Research for an Analyst Brief for more information on the Refrigerator market; our specialists will aid you in making an informed market choice to achieve market growth.
Refrigerator Market Overview:
The Refrigerator Market competitive landscape extracts information from a competitor. The facts include a corporate overview, financials, revenue generated, market potential, investment in research and development, new market initiatives, geographical presence, firm strengths and weaknesses, product introduction, product width and breadth, and application dominance. The preceding data points are only relevant to the firms' concentrate on the Refrigerator market.
Refrigerator Market Size was valued at USD 106.23 billion in 2020. Global Refrigerator Market size is estimated to grow at a CAGR of 5.51 % over the forecast period.
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Refrigerator Market Segmentation:
In 2020, the Top Freezer segment dominated the refrigerator industry with a 40% market share. Because of its unique feature of combining freezer and shelf size in a single device. This eliminates the need to buy a separate chest freezer or dedicate a room to food storage.
These containers provide more practical storage capacity than other types of containers. Customers can easily and quickly access the essential food items in these refrigerators thanks to its open side shelf sections, which also provide additional shelf space for consumer use, and the side by side segment is predicted to increase at a CAGR of 6.1% throughout the projection period.
By Channel of Distribution, In 2020, the offline segment held a 65% share of the refrigerator market. Retail establishments, shopping malls, and speciality stores are examples of this. Customers can better touch, view, and understand the goods. Customers have a wide range of alternatives for selecting refrigerators that match their unique needs under this distribution model. They prefer to buy refrigerators from real businesses because they can haggle and obtain deals. Hotels and restaurants typically purchase branded smart freezers for their kitchen chilling and food storage equipment from specialised stores.
The online channel is predicted to increase at a CAGR of 5.99% during the forecast period, owing to advancements in the e-commerce industry and rising internet penetration, which would encourage individuals to purchase online.
Key Players:
Haier (Qingdao, China)
L.G. (Seoul, South Korea)
Samsung (Suwon-si, South Korea)
Whirlpool (Benton Harbor, Michigan, United States)
Voltas (Mumbai, India)
Electrolux (Stockholm, Sweden)
Panasonic (Kadoma, Osaka, Japan)
Sharp (Sakai, Osaka, Japan)
Hitachi (Chiyoda City, Tokyo, Japan)
Toshiba (Minato City, Tokyo, Japan)
Godrej (Mumbai, India)
Intex (New Delhi, India)
Regional Analysis:
Individual market influencing aspects and changes in legislation in the market that effect existing and future market trends are also included in the regional component of the research. Data points such as downstream and upstream value chain analysis, technology trends, porter's five forces analysis, and case studies are only a few of the indicators used to forecast the market scenario for various countries.
COVID-19 Market Impact Analysis:
The research also addresses the impact of COVID-19 on the Refrigerator market.The fundamental purpose of this study is to help the user understand the market in terms of definition, segmentation, market potential, significant trends, and industry challenges across 10 key regions. The study provides a micro and macroeconomic analysis of the total impact of COVID-19 on the Refrigerator Market. The detailed report focuses on market share and size, which clearly demonstrates the influence that the pandemic has had and will have on the worldwide Health Insurance Market in the next few years.
Key Questions Answered in the Refrigerator Market Report are:
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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