India Refrigerator market attained US$ 3.2 Bn in 2019

Published | 10 April 2020

India Refrigerator Market worth  USD 3.2 Billion in 2019, anticipated to grow with a significant CAGR of 9.3% during the forecast period 2020-2026. Increasing household income, improving living standards, rapid urbanization, rising number of nuclear families, largely untapped market and environmental changes are key growth drivers for the refrigerator industry.

The major players are reducing their prices and launching new models with advanced features and new designs. With the increasing per capita income levels, declining prices and consumer finance the refrigerator market is expected to grow in future years.

The hot and humid weather conditions have led consumers gradually concerned about food spoilage and hygiene levels (for cooked food, perishable food items, beverages, and others) and have generated the demand for efficient refrigerators. The refrigerator is not a new category in India but still, its market is growing with high growth rates owing to the low penetration and huge consumer base. Initially, the refrigerator was regarded as a luxury item but increased temperature and a rise in disposable income have now made it a mandatory item in any home. Available features, warranty, quality, space, price, cleaning ease functionality, energy star rating, and styling are currently major influential factors while purchasing a refrigerator.

Increasing disposable income and easy availability to credit stimulate the market with significant growth during the forecast period

Increasing consumer disposable income, high living standards, and the need for comfort instigate consumers to upgrade their current appliances to advanced and smarter versions, which is further expected to drive the market demand. Consumers extensively purchase home appliances as they offer convenience, decrease manual efforts, and save time. New product innovation, product innovation, product differentiation, and integration of many value-added features is further expected to propel the market demand over the next few years. As there are several developments in the refrigerator such as advanced features, cost & energy efficiency, etc. this thrives the Indian customers to move on the upgraded appliances which in turn leads to the increased demand for refrigerator in the Indian market.

The Specialty Retail Store segment is anticipated to dominate the Indian Refrigerator market

Shopping from specialty retail stores include the opportunity for customers to establish personal connections with the store, that can build loyalty. The majority of Indian customers may prefer to buy only after touching or trying on a product, which may reduce the number of product returns for the appliances. Since the consumers find the products in their hands instantly in retail stores, they can check the quality immediately and give their feedback at the time of buying. They can access the after-sale service part better and quicker as they can contact the seller whenever they feel a need for that. Indian customers tend to purchase from specialty retail stores when it comes to purchase home appliances such as refrigerators. This leads to the growth of the specialty retail stores for selling refrigerator in the Indian market.

India Refrigerator: Competitive Landscape

India Refrigerators market is fragmented owing to the presence of several large-sized companies, mid-sized & small-sized companies, and many start-ups that provide Refrigerators industry. However, the companies that hold the major share of Refrigerators market are Samsung, Whirlpool Corporation, Panasonic, LG Electronics, Godrej, Electrolux, Haier, Onida Electronics, Videocon Consumer Electronics & Home, Kelvinator, Sharp Corporation, Hitachi, Voltas, and other prominent players.