Market Trends of Household Refrigerators and Freezers Industry
This section covers the major market trends shaping the Household Refrigerators & Freezers Market according to our research experts:
Rapid Urbanization is Driving the Market
In 2021, 56.61% of the world's population will live in urban areas, a proportion expected to increase to 68% by 2050. Moreover, 2007 was when, for the first time, more people in the world lived in urban than rural areas.
Global refrigerator market growth has been attributed to rapid urbanization. The main factor driving urbanization's rapid growth is the demand for high-end electronics across several industries. The refrigerator model's efficiency and comfort have helped to expand the market. Rapid urbanization and lifestyle growth are estimated to attract consumers to buy refrigerators. The rising urban population across the world, characterized by high-income individuals, is expected to fuel the demand for refrigerators over the forecast period.
North America Accounts for the Largest Market Share
North America accounted for a substantial share of the household refrigerators and freezers market. The factors contributing to the overall market growth are the rising demand for multiple refrigerator and freezer units from the food and beverage industries and a growing number of nuclear families. The United States and Canada are the major consumers of household refrigerators and freezers in this region. Europe and Asia-Pacific are also estimated to witness positive growth in the future. However, Asia-Pacific is estimated to grow at the highest rate during the forecast period, owing to the presence of key manufacturers in this region and increasing urbanization. The region is home to some major manufacturers, such as Samsung, Haier, Godrej, LG Electronics, and Panasonic Corporation.
