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India Refrigerator Market to Grow to USD 69 Bn By 2027, Driven By Increasing Urbanization in India, The Market Is Expected To Register A CAGR Of More Than 8%

According to the research study conducted by ASTUTE Analytica, the India Refrigerator Market is estimated to add an opportunity of more than US$ 2.6 Billion over the forecast period 2021-2027.

The India Refrigerator Market is estimated to grow at a CAGR of 8% during the forecast period 2021-2027. The market growth in India is driven by various factors such as rising urbanization in India supported by boosting electrification in rural areas of India. The refrigerator industry is witnessing a proliferating growth in India due to changing consumer behavior regarding usage of electronic products. While the market is witnessing an emerging trend of customer inclination towards energy efficient refrigerators. Integration of IoT and artificial intelligence is easing the use, operation, and power consumption. 

Refrigerator manufacturers are majorly confronting issues related to meeting the standard of eco-friendliness and energy efficiency. In India, domestic refrigerators are being sold in variety of sizes and configurations. The most used refrigerators are the Top Freezer model with around 50% of the market share. The model type pie share is distributed amongst mini freezer, bottom freezer, side by side, French door and merchandizers. Studying about capacity of refrigerators in India shows that 200-499 Liters category dominate the capacity segment, while followed by 500-700 liters, less than 200 liters and more than 700 liters, respectively. 

Inclination Towards the Energy Efficient & Eco-Friendly Refrigerators

A major concern with the usage of refrigerators is their negative impact on the environment. The harmful effects of CFCs in refrigerants have always been a concern. Thus, to overcome this and keeping in mind the growing concerns of the safety of the environment, there has been a shift towards the use of energy efficient refrigerators. A rising number of people are opting for eco-friendly solutions. 

Natural refrigerants are becoming the new preference amongst consumers. Synthetic refrigerants such as hydrofluorocarbon (HFC) deplete the ozone and cause severe environmental damage. Hence, the companies switched to natural refrigerants such as ammonia, CO2, propane, isobutane, and others. These gases are natural, sustainable, energy-efficient as well as not flammable, thus, adoption of CO2-based refrigerators is likely to increase in the near future. Along with the environmental friendliness of the refrigerants, the key players are also eyeing to make energy-efficient refrigerators. The companies are pushing for their refrigeration to be eco-friendly as well as to be efficient. Efficiency offers less energy waste and money-saving. 

In India, the energy rating is also an aspect considered while purchasing a refrigerator. Refrigerators are rated from 1 – 5 stars according to their thermal energy performance. Refrigerators with the highest rating have achieved the highest level of thermal energy performance. As refrigerator use increases, so does energy consumption, therefore this is generating a huge demand for energy-efficient and eco-friendly refrigerators. 

Integration of AI & IoT In Refrigerators

The advent of AI & IoT has brought a new wave of innovation to create a smart refrigerator. With the improvement in technology, all devices are connected to the internet. One of those technologies is the integration of IoT and AI in the refrigerator. The smart fridge is connected to the network which makes it interactive and allow easy to communicate with the users. A mobile application has been developed to monitor various things in the refrigerator. 

  • Panasonic has launched a new range of artificial intelligence (AI) enabled refrigerators in India. The newly launched refrigerator series comes at a starting price of US$ 316 for the appliance with a capacity of 270L and it goes all the way to US$ 1,242 for the 601L capacity variant.

Panasonic India has launched its digital campaign ‘Intelligent HAI’ for its all-new range of AI enabled refrigerators. The campaign showcases a day in the life of a typical Indian household while spotlighting the technologically advanced and intuitive Panasonic refrigerators that adapts to the varied needs of a family. Since its launch, the campaign has already garnered millions of views across platforms.

Southern part of India recorded high number of refrigerator users, as compared to other parts of the Nation

South India is projected to have highest share of more than 30% in the India refrigerator market. Tamil Nadu is the major contributor in the growth of the regional market. Telangana is further expected to project the fastest CAGR of 8.6% in the South India refrigerator market during the forecast period. High climatic temperature is one of the major factors that leads to the regional market growth.

What Companies are Doing in the Market?

Liebherr-International Deutschland GmbH: In 2018, the company’s two appliances from the Monolith series were awarded the iF Design Award. Both models feature Smart Device technology, which enables customers to connect their refrigerators to their smartphones. This gives them access to various services and allows them to change their appliances’ settings from remote locations.

HiSense: In 2020, HiSense launched a new range of refrigerators in India, which includes refrigerators in four categories- French Door, Single Door, Top Freezer and Side-by-Side range between 44 Liters to 690 Liters. The company is offering its product line via various online channels such as Amazon, Flipkart, and Reliance Digital. 

Whirlpool: Whirlpool launched a range of bottom-mounted range of refrigerators for the capacity ranging between 325 Liters – 355 Liters in Steel Onyx Finish and Omega Steel. The product range is based on smart features with advanced adaptive intelligence technology such as IntelliSense Pro and uniform cooling feature powered by 3D airflow technology. 

The companies present in the India refrigerator market are analyzed against some key parameters such as investment/ funding to boost charging infrastructure, technologies adopted and partnership with vendors.

Competitive Landscape 

LG led the way of offering technologically advanced refrigerators followed by other four major players in the market. Companies are innovating with their existing product offerings and allowing the innovation with new product line. For instance, Haier offer HRD-1954BS-R Refrigerator that has 4-star BEE rating, 195L capacity and One hour Icing Technology among other key features. Similarly, Whirlpool offers 230 IMFresh Roy 4S Model with 215 L Capacity, 4-Star Rating, Direct Cool and Single Door facility among other key features. 

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

  • Online
    • E-Commerce
    • Brand
  • Offline
    • Specialty Stores
    • Brand Stores

By Capacity

  • <200 L
  • 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

For more details on report scope, click here to submit the sample request: https://www.astuteanalytica.com/request-sample/india-refrigerator-market