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Refrigerator is one of the most utilized consumer appliances across the world. In India, it captures around one third of the overall consumer appliances market. Increasing awareness related to advent of automation and connected homes has led towards inclusion of latest technologies in home appliances, especially in refrigerators.Along with high capacity for the storage of a variety of food and beverages, consumers now prefer refrigerators with unique and smart features, such as four-way cooling and ice dispenser. Going forward, the technology used in refrigerators is expected to evolve immensely, paving the path for new-age modern refrigerators in the Indian market.
According to a recent report published by Astute Analytica, titled, “India Refrigerators Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027,” the India refrigerators market registering a growth at a CAGR of more than 9% from 2021 to 2027.
French-door Refrigerator Models Gaining Considerable Momentum
The prominent refrigerator models available in the Indian market are mini freezers, top freezer, bottom freezer, side by side, French door, and merchandizers. Till now, side by side refrigerators held the highest share in the country’s market, owing to their high demand in the residential sector. However, French door models are likely to penetrate at a high speed in the near future, especially in HoReCa and restaurants and cafés, due to more refrigeration capacity.
Specialty Stores Emerge as Preferred Retail Format
The sale of refrigerators is generally facilitated by various retail formats, including online, E-commerce, brand, offline, specialty stores, and brand stores. Specialty stores, with their wide-ranging offerings are rather popular among consumers. Meanwhile, online stores are also gaining significant impetus, due to discounts and offers available on online shopping platforms. Also, the increasing partnerships between manufacturers and online shopping platforms, in terms of exclusive product launches, are adding to the popularity of online retail format.
Smart Refrigerators to Showcase Intensified Demand in Future
Smart refrigerators are the latest trend in the India refrigerators market. Equipped with smart sensors that can sense the kinds of products stored inside the refrigerator and keep a track of the stock through RFID scanning or barcode, these refrigerators have gained significant traction over the last few years. Although the market for conventional refrigerators is still strong, the smart version has already broken into their space and is expected to capture their share over a couple of years.
500–700 L Capacity Range Refrigerators Find Lucrative Opportunities in Commercial Applications
In India, refrigerators are available in three capacity ranges: <200 L, 200–499 L, 500–700 L and >700 L. For household usage, the 200–499 L range is more popular while the 500–700 L segment is more demanded for commercial purpose. The residential, commercial (HoReCa), restaurants and cafés, hotels, hospitals and pharmacies, and several other, such as education and enterprises, sectors have emerged as the key end users of refrigerators in this country.
Leading Players Focus on Innovation to Remain Relevant
The leading players, including Samsung, Whirlpool , Panasonic, Godrej, LG, Electrolux, Haier, Onida, Videocon, Kelvinator, Sharp, Hitachi, and Voltas, constantly look to expand their user base. These companies rely mostly on innovation to stand out in the intense competition. Manufacturers are also focusing on continuous roll-out of products and technological advancements in existing portfolio to gain more visibility in this country’s market space. For instance, Samsung recently launched a new series of side-by-side refrigerators, named ‘SpaceMax’, in India. This new range comes with a harmonious kitchen interior and all-round cooling system and also allows more food storage without increasing the external dimension. With this, the company aims at tapping into the commercial space of restaurants and eateries and expanding its customer base.
The India refrigerators market is classified as follows:
By Model Type
By Retail Format
By End User
Companies Mentioned in the Report