Asia-Pacific Refrigerator Market To Reach $ 25.87 Billion By 2028; New HiSense Refrigerators Launch to Boost Growth, According to Fortune Business Insights ™

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The main companies covered in the Asia-Pacific refrigerator market are Haier Group Corporation (Qingdao, China), LG Electronics Inc (Seoul, South Korea), The Samsung Group (Seoul, South Korea), The Whirlpool Corporation (Michigan , USA), Voltas Limited (Mumbai, India), Electrolux AB (Stockholm, Sweden), Panasonic Corporation (Osaka, Japan), Sharp Corporation (Osaka, Japan), Hitachi, Ltd (Tokyo, Japan), Toshiba Corporation. (Tokyo, Japan), Godrej Group (Mumbai, India), Intex Technologies (New Delhi India) and more profiled players

Pune, India, July 07, 2021 (GLOBE NEWSWIRE) – The Asia-Pacific Refrigerator Market The size is expected to reach USD 25.87 billion by 2028, with a CAGR of 5.9% during the forecast period. The increasing use of refrigerators to increase the shelf life of fruits and vegetables and limit the formation of bacteria will allow the market to expand rapidly, says Fortune Business Insights, in a report titled “Asia-Pacific Refrigerator Market, 2021-2028. The market size was USD 16.91 billion in 2020.

Decrease in production and sales of Refrigerators to cushion the market amid the coronavirus

The coronavirus outbreak has severely hampered the market due to declining sales of refrigerators. The lockdown put in place by governments and restrictions on travel and logistics may restrict the production and consumption of these cooling machines amid COVID-19. For example, in April 2020, data released by Gadgets 360 NDTV indicated that heavy appliance companies would have a negative impact of up to 60% decline in March and almost 100% in April. In addition, limiting the import and export of electronic devices will significantly reduce market growth during COVID-19

Top 12 Companies in Asia-Pacific Refrigerator Market Report:

  • Haier Group Corporation (Qingdao, China)

  • LG Electronics Inc (Seoul, South Korea)

  • The Samsung group (Seoul, South Korea)

  • The Whirlpool Corporation (Michigan, United States)

  • Voltas Limited (Mumbai, India)

  • Electrolux AB (Stockholm, Sweden)

  • Panasonic Corporation (Osaka, Japan)

  • Sharp Corporation (Osaka, Japan)

  • Hitachi, Ltd (Tokyo, Japan)

  • Toshiba Corporation. (Tokyo, Japan)

  • Godrej Group (Mumbai, India)

  • Intex Technologies (New Delhi India)

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Market segments:

Top freezer to hold the lion’s share

Based on product type, the market is divided into Top Freezer, Bottom Freezer, Side by Side, and French Door Refrigerators. Top freezer type is expected to hold the largest share over the forecast period due to its compactness and separate freezer space. The increasing availability of this type will further contribute to the growth of the segment in the years to come.

Based on the distribution channel, the market is categorized as online and offline. Offline is expected to gain the lion’s share over the forecast period due to its ability to avoid delivery delays. The convenience of repair and replacement will further boost this industry.

The report on the market contains:

  • Superior market analysis

  • Imperative information on the competitive landscape

  • Factors Limiting Market Growth

  • Market drivers and trends

  • Primary factors enabling business development

  • Country specific information

  • Impact of COVID-19

Key factor:

Increase in the number of residential units to propel the market

Growing construction of residential units in developing Asia-Pacific countries will drive demand for refrigerators, thereby boosting the market. For example, in 2018, data released by the Ministry of Land, Infrastructure and Transport, South Korea granted construction of 249,505 new homes in the first half of the year. In addition, the growing number of housing projects will fuel the demand for household appliances including refrigerators, washing machines, etc.

According to Business Standard data, home sales in 2019 saw a 6% increase to 46,920 units in Delhi-NCR. However, the high repair and maintenance costs of refrigerators may restrain their adoption and hamper the growth of the Asia-Pacific refrigerator market during the forecast period.

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Regional perspectives:

Rising Consumption of frozen foods to increase growth in India

India is expected to experience rapid growth rate during the forecast period. The increasing consumption of frozen food will promote healthy growth in India. For example, in December 2019, Economic Times data indicated that the frozen food market in India is expected to grow by 17% on an annual basis. In addition, the high consumption of non-alcoholic beverages will create opportunities for the market.

For example, in October 2019, The Times of India reported that the Coca-Cola India bottling branch achieved a net profit of $ 45.74 million, an increase of 373% from the previous year. China is expected to hold a significant share of the Asia-Pacific refrigerator market. It generated a turnover of 4.6 billion in 2020. Increased seafood imports and high meat consumption will influence growth in China.

Key development:

September 2020: Hi Sense has announced the launch of its new refrigerators for the Indian market, which will be available on e-commerce platforms such as Amazon, Flipkart and Reliance Digital. Products will start from Rs 6,999.

Contents:

  • introduction

  • summary

  • Market dynamics

    • Market factors

    • Market constraints

    • Market opportunities

    • Emerging trends

  • Key ideas

    • Overview of parent / related markets

    • SWOT Analysis of the Industry

    • Supply chain and regulatory analysis

    • Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers and Acquisitions

    • Impact of COVID-19 on Refrigerator Sales

  • Asia-Pacific Refrigerator Market Analysis, Outlook and Forecast, 2017-2028

  • Competitive matrix

    • Business strategies adopted by the main players

    • Asia-Pacific Refrigerator Market Revenue Share / Rank Analysis, by Key Manufacturer, 2020

  • Company Profiles

Table of contents continued…!

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