Household Refrigerators And Freezers Market Size

Household Refrigerators And Freezers Market Size

Household Refrigerators and Freezers Market size valued at over USD 59 billion in 2015 and is projected to grow at 2.7% CAGR from 2016 to 2025.

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Growing energy efficiency initiatives and rising purchasing power of consumers would drive the global market growth over the forecast timeline. Capabilities of pairing smartphones with refrigerators and the advent of compressor less products contribute towards the key technological advancements witnessed in the industry.
 

Household refrigerators and freezers market may observe considerable growth owing to stringent energy regulations for improving energy efficiency. The refrigerators built in 2011 required only 25% of the energy to operate as compared to the models built in 1975. With improving efficiency to meet standards, manufacturers have increased the refrigerator size by 20% and provided user-friendly technological advancements such as through-the-door-ice, water tap on the door, and more buying options for consumers.
 

The Department of Energy has made the fourth energy upgrade in less than 40 years for the 100-year old industry. Refrigerators that perform beyond the minimum energy standards qualify for the ENERGY STAR label. Key manufacturers are investing in R&D to develop household refrigerators and freezers for continued efficiency improvements. These progressive energy-efficiency standards have translated into huge savings for consumers as manufacturers have responded with new innovations. The energy efficiency standards were last updated in September 2015 under which new models need to cut their energy consumption by 20% to 25%. These new standards are anticipated to save about 5 quads of energy over the next 30 years.