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India Refrigerator Market Size Worth USD 6,900 Million by 2027 at a CAGR of 8.1% – Astute Analytica

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India Refrigerator Market Size Worth USD 6,900 Million by 2027 at a CAGR of 8.1% – Astute Analytica

May 24
12:54 2021
India Refrigerator Market Size Worth USD 6,900 Million by 2027 at a CAGR of 8.1% - Astute Analytica
India Refrigerator Market (By Model Type – Mini Freezers, Top Freezer, Bottom Freezer, Side by Side, French Door and Merchandizers; By Retail Format – Online, Offline; By Capacity – 700 L; By Technology – Smart, Conventional; By End User – Residential, Commercial (HoReCa); By Region – North India, South India, West India and East India) – Industry Dynamics, Covid 19 Outbreak Impact, Market Size, And Opportunity Forecast To 2027

As per the research study conducted by ASTUTE Analytica, with the impact of COVID-19, the India refrigerator market is expected to witness a slight decline of approx. 1.7%, post the outbreak of the first wave of COVID-19 pandemic in 2020. COVID-19 can affect the Indian economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. Refrigerators have witnessed a sales decline in March as the Government of India announced a 2–3-month lockdown, post the massive outbreak of the COVID-19 in the country. While refrigerators witnessed higher on-year sales in both January and February, the same met a downward trajectory. Though, substantial growth in the Indian refrigerator market can be expected in 2021 and subsequent years.

The India refrigerator market is witnessing a surge at a CAGR of more than 8.1% during the forecast period 2021-2027. The market growth is attributed to various growth factors such as rising urbanization in India, changing consumer behavior regarding usage of electronic products, and others. The market recorded a revenue generation of US$ 4,004.7 Mn in the year 2020 and is anticipated to reach US$ 6,900 Mn by the end of the year 2027.

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Companies are offering a variety of refrigerators that are technologically advanced and are energy efficient in terms of power consumption. The energy efficiency level is regulated by the government body; in May 2006, the Bureau of Energy Efficiency (BEE), a statutory body under the Ministry of Power launched the Standard and Labeling Program of electrical home appliances including Direct Cool and Frost-Free Refrigerators and mandated the fixation of label on refrigerators in 2010. Under this program, for the benefit of the general public, the appliance manufacturers could voluntarily affix BEE Star Label on their appliances showing the level of energy consumption by the appliance both in terms of absolute values as well as an equivalent number of stars varying from one to five, by specific stipulation.

The greater the number of stars on the label, the higher the appliance’s energy efficiency and lower its electricity consumption.

Growing urbanization due to high disposable income in the country act as a key influencing factor for the growth of the refrigerator market in India. Indian cities contribute to about 2/3 of the economic output, host a growing share of the population, and are the main recipients of FDI and the originators of innovation and technology and over the next two decades are projected to have an increase of population from 282 million to 590 million people. India’s towns and cities have expanded rapidly as an increasing number of populations migrate to towns and cities in search of economic opportunity. Growing urbanization will augment the demand for improved infrastructure in almost all applications ranging from residential to commercial applications. Moreover, in homes, connected devices are likely to transform the consumption behavior of consumers over the forecast period. The increasing urban population creates demand for refrigerator systems and therefore, it is estimated to augment the market growth in the region.

Based on end user, the refrigerator market is segmented into residential, commercial, and others.

The residential segment is estimated to have the maximum market share during the forecast period and is projected to grow at the highest CAGR value during the forecast period. The segment growth is attributed to factors such as rising disposable income, availability of smart and energy efficient refrigerator units are a few factors that lead to its adoption in almost every household in India.

The commercial segment is classified into restaurants and cafes, hotels, and hospitals & pharmacies. Among these commercial segments, majority of the revenue is realized from restaurants and cafes segment. However, hospitals and pharmacies are expected to emerge as the highest CAGR segments in the commercial category of the India refrigerator market during the forecast period.

The market comprises different types of technology that includes smart and conventional for a range of capacity from less than 200 liters to more than 700 liters. Indian markets are leveraging the benefit of increasing digitalization across the nation, with the boost in internet connectivity, online sales channels witness a surge in orders booked through these channels.

As per the consumer research by key players in the market shows that on an average consumer opened their refrigerators 79 times in a day, a major reason causing waste of energy and cold air, a significant percentage of people forgot to close the door. Hence, companies are innovating with product range for instance, in 2019, LG came up with InstaView Door-to-Door refrigerator that allow a proper visibility without opening the door.

Segment Overview of the India Refrigerator Market

The India refrigerator market is categorized based on model type, retail format, capacity, technology and end user. These segments are further categorized into various sub-segments to view the market from different dynamics.

Market structure designed to calculate revenue from the viewpoint of different category are as follows:

By Model Type (Mini Freezer, Top Freezer, Bottom Freezer, Side by Side, French Door, Merchandizers)

By Retail Format (OnlineE-Commerce, Brand); (OfflineSpecialty Stores, Brand Stores)

By Capacity (, 200 – 499 L, 500 – 700 L, > 700 L)

By Technology (Smart (Frost free), Conventional (Direct cool)

By End User (Residential; Commercials (HoReCa)Restaurants & café, Hotels, Hospitals & Pharmacies; Others (Education, Enterprises)

By Zones North India (Uttar Pradesh, Delhi, Haryana, Punjab, Rajasthan, Himachal, J&K); South India (Tamil Nadu, Kerala, Karnataka, Andhra Pradesh, Telangana); West India (Gujarat, Goa, Madhya Pradesh, Maharashtra, Chhattisgarh); East India (West Bengal, Bihar, Assam, Jharkhand, Odisha, Rest of East India)

Read Full Report: https://www.astuteanalytica.com/industry-report/india-refrigerator-market 

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