Improving living standards with rising disposable income will fuel the Indian refrigerator market through 2028F.
According to TechSci Research report, “India Refrigerator Market – Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The Indian refrigerator market is forecast to grow at an impressive CAGR of around 11.62% in the forecast period due to rapidly surging demand from the consumer durables industry. In India, the market’s growth is stimulated by the rising urbanization, the rising disposable income of consumers, and the technological advancements contributing to increased convenience at low prices. The demand for refrigerators in the projected period is likely to register sustainable growth due to the increasing working population and preference for modernity in living standards.
Over the years, refrigerators have been widely used across households and commercial places to provide a convenient and safe means of food preservation. They are available based on their features, size, and applications. With rising awareness among customers, they seek “value options” that balance the characteristics of price, quality, convenience, consistency, and innovation. The demand for refrigerators is expected to increase in the forecast years. Furthermore, refrigerator companies are now in India focusing on innovative products to attract end-users. Nowadays, refrigerators are coming up with eco-friendly refrigerators that do not release harmful compounds. The sector’s rise has been fueled by new technology such as door configuration, convertible, edge-to-edge shelves, smart inverter technology, auto smart connect, Wi-Fi connectivity, etc.
The India refrigerator market is segmented into single-door, top freezer, bottom freezer, side-by-side, and french door in terms of type. The single-door product type has dominated the market, with a market share of more than 50% in 2022. It will maintain its dominance during the forecast period, but the market share will decline as consumers shift towards refrigerators with additional features and higher storage space. However, refrigerators such as top-freezers, side-by-side, etc., are the fastest growing because consumer preferences have shifted toward modernity instead of the traditional one.
During the COVID-19 pandemic, the sales of refrigerators went down. Additionally, businesses approached zero levels in April and May up to this point, and most organizations either partially restricted production to exports only or closed their plants totally due to the exchange limitations and job creation across the country. On the other hand, e-commerce has seen significant growth as companies can generate revenue from refrigerators through online channels. Since January, Flipkart has seen a 2.5x demand for energy-effective and convertible refrigerator variations, offering higher capacity alongside multi-functional features like curd producers. As refrigerators are restricted in India compared to different regions, convertible choices are witnessing greater adoption, transforming the freezer section into a standard fridge. Regarding geography, the trends mentioned earlier are concentrated in metros, but smaller and tier-2 and tier-3 cities also contribute to this growth.
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The India Refrigerator market is segmented based on the type, technology, distribution channel, end user and region. In terms of technology, the India refrigerator market is segmented into smart vs non-smart. The distribution channel segment is divided into multi-branded stores, supermarkets/hypermarkets, exclusive stores, online, and others (direct sales, wholesales etc.). Among which, the multi-branded stores have dominated the India refrigerator market, but online channels have gained popularity after the COVID-19 pandemic.
Key market players in the India refrigerator market include:
· LG Electronics India Private Limited
· Samsung India Electronics Private Limited
· Godrej & Boyce Manufacturing Company Limited
· Whirlpool Of India Limited
· Haier Appliances (India) Private Limited
· Hitachi India Private Limited
· Panasonic India Private Limited
· Blue Star Limited
· Bosch Limited
· Siemens Limited
LG Electronics India Pvt. Ltd. is one of the top leading companies and is an owned subsidiary of the South Korean-based company LG Electronics, established in January 1997 in India. It is the most trusted brand for Indian customers in consumer electronics, home appliances, etc. It engages clients to intensify their actual limits and value life by empowering them to be more liberated through its innovative and convenient technology.
Samsung deals in consumer electronics, IT, and mobile communications that follow a simple theory. i.e., to give its ability and innovation to making better products and services that contribute to a superior worldwide society. Samsung sets a high value on its kin and innovations to accomplish this.
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“Demand for refrigerators in India is growing steadily due to improving living standards. Rising disposable income, urbanization in India, and technological advancements increase convenience at low prices. Additionally, market leaders are constantly advancing the technology of their products to meet the growing demand expected to drive the Indian refrigerator market over the next few years. Additionally, Indian customers prefer to buy only after touching or trying on a product for home appliances. These customers find their products immediately in the stores. Also, they can access after-sale customer service by only contacting the seller if they ever need it, which will positively impact the Indian refrigerator market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Refrigerator Market, By Type (Single Door, Top Freezer, Side-by-Side, Bottom Freezer, French Door), By Technology (Smart vs Non Smart), By Distribution Channel [(Multi Branded Stores, Supermarkets/hypermarkets, Exclusive Stores, Online, Others(Direct Sales, Wholesales)], By End User (Residential Vs. Commercial), By Region (North, West, South and East), By Top 3 Leading States, Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of refrigerators in India and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India refrigerators market.
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