Domestic Refrigeration Appliances Market Projected to Have a Stable Growth for the Next Few Years

The global domestic refrigeration appliances market has gone through significant product innovation in the past few years. The growth in environmentally-conscious consumer, in addition to technical up-gradation and innovations for more energy-efficient refrigeration appliances are driving the growth of the global domestic refrigeration appliances market.

The demand of domestic refrigeration appliances in most of the developing countries is growing in double digit. The gross domestic product (GDP) of India is expected to grow at 7.5% during the next 3 to 4 years. Despite the slightly decelerated economic growth in China, the country is still expected to maintain a GDP growth of 7% during the next five to six years.

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The significant growth in middleclass population within the developing countries is expected during the forecast period, owing to the astronomical economic growth of these countries. Single door refrigerators still dominate the global domestic refrigeration appliance market in developing countries.

The extended replacement cycle of the domestic refrigeration appliances, in addition to high level of market saturation in developed countries are expected to be two of the major factors that will impact the growth of the market negatively during the forecast period. The new purchases in the developed countries are largely anticipated from the replacement of existing units.

The improvement in energy efficiencies, along with environment friendly and clean technological developments in white good products are driving the growth of the domestic refrigeration appliances market in the developed countries of North America and Europe.

The energy cost in Western European countries has increased over the years, and as a result, the replacement of old and conventional home appliance with energy efficient and environment friendly appliance has gained momentum.

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Some of the competitors in the global domestic refrigeration appliances market are BSH Hausgeräte GmbH, AB Electrolux, Whirlpool Corporation, LG Electronics Inc., and Groupe SEB.

Global Domestic Refrigeration Appliances Market Segmentation

By Product

By Geography