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India Refrigerator Market Outlook, 2027-28

India Refrigerator Market Outlook, 2027-28

Bonafide Research 20-10-2022 92 Pages Figures : 17 Tables : 19
Region : Asia-Pacific Category : Consumer Goods & Services Appliances & Equipment

1. BSH Home Appliances Manufacturing Private Limited

2. Godrej & Boyce Manufacturing Company Limited

3. Haier Appliances (India) Private Limited

4. Havells India Limited

5. Hitachi Air Conditioning India Limited

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The market research report titled 'India Refrigerator Market Outlook, 2027-28' Published by Bonafide Research identifies and discusses recent developments in the refrigerator market of India. This report not only serves with the facts, figures, and foreseen future but also has a detailed study about the Covid-19 impact on the industry. The consumer durable industry is thriving with the increasing demands of the vast and diverse user base of the country. The sector has one of the important parts of the Indian economy and providing employment to millions of people and also improving the quality of life of people in the country. A refrigerator, popularly known as the fridge, is an electrical appliance that includes a thermally shielded compartment and a heat pump that transfers heat from the inside of the fridge to its external environment. This provides coolness inside the refrigerator by decreasing the temperature below the room temperature. A refrigerator preserves a temperature a few degrees above the water freezing point. The primary reason for having a fridge is to keep food cold. The cold temperature extends the shelf life of food and protects it from bacteria. According to 'India Refrigerator Market Outlook, 2027-28', refrigerator sales grew with more than 8% of CAGR for 2016-2021 and is expected to witness prominent market growth during the forecast period. India refrigerators market is classify into two product types' i.e. direct cool refrigerator and frost free refrigerator. Frost free refrigerator does not require manual defrosting and on the contrary in direct cool refrigerator manual defrosting is necessitate. Direct cool refrigerators dominate in the Indian market whereas frost free refrigerators are fast fetching popular among urban households. LG, Samsung, Whirlpool, Godrej, Haier, Panasonic and Havells are the major players operating in the Indian refrigerator industry. LG and Samsung are the major two players in the refrigerator market. Strong brand equity, a wide product range from basic single door direct cool refrigerator to large volume Bottom mount freezer, French door to side-by-side door refrigerators is what separates the leading brands from the other market players. The White good market in India is enormous, and due to the low penetration ratio of white goods like refrigerator and AC as compared to global market it remains unexploited. By demographics region in country rural India is anticipated to witness higher demand for refrigerators and consumer durable goods. The demand growth will accelerate with rising income, rising spending habits and the Government’s ambitious plans to invest significantly in rural electrification. Evolution in sales channel i.e. by e-commerce and expansion of modern retail and traditional retailers across regions is anticipated to goad the volume growth. Refrigerators, especially Frost Free, are expected to strong growth in foretell period as many consumers are shifting towards it and compare to low penetration ratio in tier-2, tier-3 and rural direct cool also anticipated to grow. Direct cool segment is governed by LG whereas frost free category is governed by Samsung in India refrigerator market. Region wise, the refrigerator market is divided into south, north, west and east. North region is anticipated to hold the highest share in the India Refrigerator Market. “India Refrigerator Market Outlook, 2027-28” examines the following aspects of refrigerator in India: Initially, refrigerator was considered as an opulence item but increased temperature and rise in disposable income has now made it an obligatory item in for home. Other elements fuelling double digit growth of refrigerators in India are rise in number of nuclear families, easy attainability of credit, evolving lifestyle, introduction of new models, technology expansion and increasing consumer awareness. Also, the growth of the Indian Refrigerator Market can be attributed to the increasing household income of the Indian middle-class families. Improving living standards, rapid urbanization, and rising number of nuclear families and bachelor homing further increases the sales of the refrigerators in India, thus drive the growth of the Indian Refrigerator Market in the next five years. Some of the major factors driving the market growth include consistent research and technological advancement in the products available. Advancements like less consumption of energy, saving electricity consumption, higher functioning efficiency, better cooling effect, and AI-enabled functions further support the growth of the Indian Refrigerator Market in the next five years. In addition to that, improvements like the internet of things, self-adjustable temperature based on outside temperature and climate, better innovations, and product evolution also aid the growth of the Indian Refrigerator Market by 2027-28. Although the distribution channels were disrupted during pandemic and long waiting times restrained the market growth, the demands for the advanced and highly efficient refrigerators increased, thus substantiating the growth of the Indian Refrigerator Market in the forecast years. State governments offer a capital subsidy, stamp duty exemption, interest subsidy, tax reimbursement, and electrical duty exemption on white goods. This factor is driving the demand for refrigerators. The make in India movement is pushing the supply of refrigerators in the market. Additionally, with the drive of Make in India, many outside manufacturers are putting resources into India to set up their assembling plants, which would deliver valuable items to the Indian market. Indian consumers are looking for past cooling. Developing connected homes is energizing the interest in advanced features in new-age refrigerators. The new inverter innovation controls the energy and power utilization according to the customer's necessities so that the power bill can be at its breaking point and individuals will not be afraid of paying high bills. This is because there are numerous different improvements in refrigerators, such as advanced features, cost, energy efficiency, etc., which lead to the increased demand for refrigerators in the Indian market. For instance, • Panasonic Corporation: Recently, Panasonic has launched a new range of artificial intelligence (AI) enabled refrigerators in India. 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 adapt to the varied needs of a family. Since its launch, the campaign has already garnered millions of views across platforms. • 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. Recent Developments • In August 2021, Chief Minister of Karnataka inaugurated the mobile vaccination drive 'Vaccination on Wheels.’ The program was organized by Narayana Health in collaboration with Volvo Group. The mobile vaccination program will be conducted across Karnataka state for the next 6 months and will be using customized buses with vaccination stations, and a special vaccine refrigerator that can store up to 2,000 vaccine doses. • In March 2021, Haier India launched a new range of magic convertible big bottom mounted refrigerators to expand its product portfolio. The new refrigerator comes with triple inverter, dual fan technology, and extra space. Covid-19 Impacts: The beginning of 2020 saw the breakout of a novel coronavirus, which changed the market's fundamental dynamics. Sales declined during the first months of 2020 due to temporary halts in manufacturing and a slowdown in logistics caused by the nationwide lockdowns imposed by the country to prevent the spread of the virus. However, relaxations in lockdown regulations implemented by the Indian governments throughout the country in the last few months of 2020 increased the production of refrigerators. Additionally, the resumption of shipping operations and the e-commerce websites allowed for a steady increase in sales of such appliances. During the COVID-19 pandemic, the demand for goods that improve comfort at home, like refrigerators, electric cooking, washing machines, and ACs, increased due to the continuation of work from home culture. Yet, there was an effect felt on sales of appliances from March to May. However, buyers of durable goods again enrolled in double-digit production growth in Q3FY21. Then again, in the pandemic, when clients are limiting continuous business sector visits and need to store more food on the go, the interest in fridges has expanded. How it will help solving your strategic decision making process?? The report gives an in-depth understanding of the refrigerator market in India: • 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 Product Type, By Target Demographics, 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 Company, By Capacity • 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 Company, By Capacity • Product Price & Variant Analysis • 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 channel partners of refrigerator in India. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.

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