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The India refrigerator market is expected to grow at an impressive CAGR of 10.2% from 2023 to 2031, reaching a total market value of USD 9,988.45 Million by 2031 from 4,602.6 million in 2022.
India refrigerator is growing at a steady CAGR, which is supported by the fact that the domestic demand for refrigerators has been consistently rising over the years. The Indian refrigerator market is highly competitive, with a large number of domestic and international players operating in the space. Leading brands such as LG, Samsung, Whirlpool, and Godrej have established themselves as the key players in the industry, thanks in part to their extensive product offerings and high-quality standards. These companies have also invested heavily in advertising and promotional campaigns in order to maintain their market share. In addition to the established players, there are many smaller brands that are making inroads into the Indian refrigerator market. These include companies such as Haier, Voltas, Kenstar, and more. These brands are capitalizing on the increasing demand for refrigerators in India and offering consumers a variety of options to choose from.
Overall, the Indian refrigerator market is growing steadily and is expected to continue to do so in the coming years, as more and more consumers opt for modern, energy-efficient models. Despite the competitive landscape, leading brands have managed to maintain their market share due to their strong reputation and reliable products. Furthermore, new players in the market are creating a wide range of options for consumers, thus providing them with ample choice when deciding which refrigerator to buy.
Rapid Urbanization to Drive Market Growth
The increasing urbanization of India, due to the high disposable incomes in the country, has been identified as the major key factor driving growth in the refrigerator market. By 2040, it is estimated that the population of Indian cities will grow from 282 million people to 590 million. This rapid growth of cities and towns is being fueled by migration, as more and more people search for economic opportunities and improved lifestyles. The growing urban population will create a demand for improved infrastructure and better products, including refrigerators. With the increasing popularity of connected devices, consumers are also more likely to transform their consumption behavior over the next few years.
Demand for Energy-Efficient Models, Improved Living Standards, Advancing Technological Features, and Increasing Spending on Consumer Durables Driving India Refrigerator Market Growth
Increasing demand for energy-efficient models, improved living standards, advancing technological features, and increasing spending on consumer durables. The rising health consciousness among people has also led to an increased demand for refrigerators with advanced features such as frost-free and inverter technology. Other factors such as growing urbanization, increasing purchasing power, modernization of retail formats, and changing consumer preferences are also driving the growth of the market.
However, the high cost of ownership, the presence of a large unorganized sector, and the lack of awareness about advanced technology products are some of the major restraints of the market. Moreover, the availability of counterfeit products and poor after sales service are also limiting the growth of this market.
Growing Popularity of IoT is Emerging a Trend as Demand for Smart Refrigerators is Cropping up
In terms of trends, the market is witnessing an increasing preference towards smart refrigerators due to the growing popularity of Internet of Things (IoT). Additionally, there is an increasing demand for multi-door refrigerators, owing to its greater storage space and better cooling efficiency. In order to gain a competitive edge, manufacturers are focusing on introducing new designs and developing advanced features such as water dispensers, automatic ice makers, and temperature control system. Furthermore, in order to enhance the customer experience, companies are providing after sales services such as extended warranties, repair and maintenance services, and home delivery services.
The India refrigerator market is segmented on the basis of product type, technology, distribution channel, end user, region and competitive landscape. The segmentation allows for a deeper analysis of the refrigerator market in India to understand the dynamics of the market more thoroughly.
By Product Type
Based on product type, the India refrigerator market is segmented into top freezer, bottom freezer, side by side, and French door refrigerators. Of these, the top freezer segment was the largest with a 51% share in 2022, followed by the bottom freezer segment. This is due to the ability to combine freezer and shelf storage in one unit. Additionally, the side-by-side and French-door segment are expected to witness significant growth as they offer more convenience of storage while also providing better visibility.
By Retail Format
In terms of Retail Format, the online channel is expected to witness higher growth than traditional channels such as supermarkets and hypermarkets over the forecast period. This is due to the increasing penetration of e-commerce and the convenience it provides for customers.
As per our study, the offline market size of refrigerators in India reached over 4,251 million in 2022. This trend is expected to continue as more people are opting for offline channels to purchase electronic appliances.
Based on technology, the India refrigerator market is bifurcated into frost free and direct cool. Wherein, the direct cool segment is holding over 77.7% revenue share. Direct Cool refrigerators are the most popular choice in India due to their lower cost and ease of maintenance, while the Frost Free segment is expected to witness higher growth due to its energy-saving capabilities and improved cooling performance.
Regionally, the market is segmented into North, East, West, and South. South India is the largest market for refrigerators, accounting for almost 33% of the appliances market in India. According to industry reports and analysis, the Indian Refrigerator Market is projected to grow at a CAGR of 8.1% during the forecast period of 2023-2031.
South India is currently the largest market for refrigerators in India, and is expected to continue its growth trend in the coming years. The region's high disposable income, growing urbanization, presence of major cities, high literacy rate, and large consumer base are contributing factors to this growth. With increasing demand for consumer durables and improved infrastructure, South India presents a promising market opportunity for companies operating in the Indian refrigerator industry. To capitalize on this opportunity, companies may consider expanding their presence in the region and offering products that cater to the specific needs and preferences of South Indian consumers
It is important for companies to understand the local nuances of the South Indian market when catering to this segment. Companies should focus on understanding the needs of the consumers and their preferences, as well as the competitive landscape in order to effectively target the South Indian refrigerator market. Furthermore, companies should invest in marketing and promotional activities that are tailored to the local market, such as using regional language advertisements, offering exclusive deals and discounts, and providing customer service in the local language. This will help companies to better reach and engage with their target audience in South India.
List of Key Companies Profiled:
Segmentation Overview of the India Refrigerator Market
By Model Type
By Retail Format
|Market Size Value in 2022||US$ 4,602.6 Mn|
|Expected Revenue in 2031||US$ 9,988.45 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Model Type, Retail Format, Capacity, Technology, End-User, and Country|
|Key Companies||Blue Star Limited, Robert Bosch GmbH, Croma, Godrej Group, Tropicool India, Voltas, Inc., Electrolux AB, Samsung Electronics Co., Ltd., LG Electronics Inc., Whirlpool Corp., Liebherr-International Deutschland GmbH, Haier Group Corp., Panasonic Corp., Hitachi Ltd., Other Prominent Players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
In 2022, the volume recorded in the India refrigerator market was more than 13,804 thousand units.
The India Refrigerator market in 2022 was valued US$ 4,602.6 Mn.
Report provides market size forecast for period 2023-2031, with market estimated to grow at compounded annual growth rate of 10.1% by value and 7.6% by volume.
The report provides market size estimates for the period of 2018-2031. Wherein, 2018-2022 is the historic period. 2022 is the base year, and 2023-2031 is the forecast period.
The 200-499 Liter capacity dominated the market with around 63% share in 2022.
South India is projected to have maximum hold in 2022, with an estimated share of around 33% in India Refrigerator market by 2031.