The refrigerator market size is poised to register substantial proceeds over the ensuing years, propelled by the surging demand for VCM sheets owing to their fingerprint resistive coating and superior finish. Numerous industry players are rolling out new models with VCM sheet refrigerators for catering to the rising product demand.
For instance, in March 2021, Samsung Electronics launched the 4-Door Flex refrigerator series. The most recent array comprises the Family Hub, Bespoke, and Stainless Steel that serve as the latest bid of Samsung for catering to consumers in the unprecedented new norms of the day.
Owing to similar advancements and as per the latest research by Global Market Insights, Inc., the refrigerator market share is expected to surpass USD 150 billion by 2027 end.
However, the market supply chain has been impacted due to the coronavirus pandemic on account of the shut down of electronics manufacturing industries, affecting the sales of refrigerators in 2020. The manufacturers faced difficulties in order fulfillment and product deliveries, leading to the decline of revenue in the first quarter of 2020.
Owing to disturbed supply chain, escalated logistics challenges, and increased lead times, industry participants are persistently monitoring product development strategies for the mitigation of risks and impelling refrigerator industry expansion through the estimated period.
Some of the prominent trends that are likely to push the demand for different types of refrigerators are as follows:
Increasing R&D in Europe
The European refrigerator market value is expected to register considerable growth over the projected period, driven by the presence of numerous refrigerator manufacturers comprising Liebherr Group, Electrolux AB, and BSH Hausgerate GmbH.
These organizations are playing a vital role in R&D investment initiatives for the development of new products incorporating an array of advanced technologies.
Soaring demand for electronic-controlled refrigerators
Electronic-controlled refrigerators are set to witness high demand across the globe impelled by their multiple benefits including wireless monitoring and precise temperature control. Driven by the surging demand, companies are focusing on the launch of innovative and electronically controlled refrigerators for strengthening their position in the market.
Considering an instance, in October 2020, Motorola rolled out new Motorola smart refrigerators with an initial price of nearly USD 700 and a capacity of up to 592L.
The rising popularity of smart refrigerators
The smart refrigerator demand is propelled by the escalating consumer preferences towards connected home appliances that have improved capabilities and features. Meanwhile, the rising smartphone and internet penetration is anticipated to support the adoption of smart refrigerators in households.
Reversible door refrigerators are expected to depict a high growth potential owing to their ability to provide convenient side opening for the minimization of user efforts. In addition, these refrigerators provide aesthetic appeal to kitchens.
Corporate strategies of major market players
Key participants in the refrigerator industry comprise Bosch Group, Electrolux AB, Samsung Electronics, LG Electronics, Inc., Siemens AG, Whirlpool Corporation, Haier Group Corporation, Panasonic Corporation, Midea Group, and Liebherr Group, among others.
These companies are introducing new products with improved features by making use of state-of-the-art Industry 4.0 technologies. To cite an instance, in January 2020, LG and Samsung introduced AI-powered refrigerators at CES 2020. The products are equipped to identify food.
In a nutshell, an escalation in the standard of living of consumers and an increase in consumerism are expected to boost the demand for fresh food, thus stimulating refrigerator market share through the analysis period.
Source: Global Market Insights, Inc.