India Refrigerator Market Outlook, 2021

The Indian refrigerator market increased with a CAGR of more than 15% over last five years and it is expected to grow more in upcoming years. Rising household income, improving living standards, rapid urbanization, increasing number of nuclear families, large untapped market and environmental changes were the major growth drivers for the refrigerator industry to grow. Major players are cutting their prices and launching new models with advanced features and new designs. With the rising per capita income levels, declining prices and consumer finance the refrigerator market is expected to grow more in the forecasted years. Features, energy star rating, warranty, quality, space, price, easy cleaning functionality and styling are currently major influential factors while purchasing a refrigerator. According to “India Refrigerator Market Outlook, 2021”, the market is broadly divided into two product types known as direct cool and frost free. Both the type of refrigerators would continue to be strong for future years; however in the long run frost free models will occupy a larger market share as compared to direct cool refrigerators. The frost free refrigerator market in the country is gaining massive popularity and momentum over traditional direct cool models. There is a trend for double door refrigerator which starts from 200 liters capacity to maximum 500 liters. The most common sizes are 180-220 liters in direct cool refrigerator whereas in frost free refrigerators it is 225-300 liters. Direct cool models with lower capacities have the highest market share and they are mostly preferred by middle-class Indian consumers. In frost free segment, models with larger storage capacities are recording huge growth while lesser capacity models have modest share. The demand for refrigerator in India is mainly from urban areas which accounts for majority of the sales volume. Southern region leads in the refrigerator sales volume whereas east has the lowest share of market. The competition between different manufactures in the Indian refrigerator industry has changed over time with many players entering and leaving the market. LG and Samsung - multinational companies from Korea, together have managed to capture more than 50% market share in the refrigeration industry of India. While LG has two refrigerator manufacturing units in India, Samsung has none and relies on imports to maintain its market share in India. Domestic manufacturers like Godrej and Videocon are also working on increasing their market shares. The penetration rate of refrigerator in India is still at very low when compared to other emerging market or developed countries. “India Refrigerator Market Outlook, 2021” discusses the following aspects of refrigerators in India: The report gives an in-depth understanding of refrigerator market in India: - Global Refrigerator Market Outlook - India Refrigerator Market Outlook - India Refrigerator Market Size By Value & Forecast - India Refrigerator Market Size By Volume & Forecast - India Refrigerator Market Segmental Analysis: By Company, By Types By Value, By Type By Volume, By Region, By Sales Channel - India Direct Cool Refrigerator Market Size By Value & Forecast - India Direct Cool Refrigerator Market Size By Volume & Forecast - India Direct Cool Refrigerator Market Segmental Analysis: By Capacity - Value & Volume, By Region By Volume - India Frost Free Refrigerator Market Size By Value & Forecast - India Frost Free Refrigerator Market Size By Volume & Forecast - India Frost Free Refrigerator Market Segmental Analysis: By Capacity - Value & Volume, By Region By Volume - Pricing Analysis of Direct Cool and Frost Free Refrigerator - The key vendors in this market space - Competitive Landscape & Strategic Recommendations This report can be useful to Industry consultants, manufacturers and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. Report Methodology The information contained in this report is based upon both primary and secondary research. Primary research included interviews with various refrigerator suppliers and channel partners in India. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.