Household Refrigerators and Freezers Market to surpass $78.2bn by 2025
Household refrigerators and freezers market share to reach $78.22 billion by 2025, according to a new research report by Global Market Insights, Inc. Shifting trends towards the energy efficient as well as eco-friendly products will drive household refrigerators and freezers market over the coming eight years. The latest energy efficiency standard demands the new models of refrigerators and freezers to cut their energy consumption by 20% – 25%, which is pushing the manufacturers to spend heavily in R&D to develop the high-efficiency refrigerators meeting the energy standards. The active partaking of the manufacturers along with the high demand from the consumers for the advanced refrigerators will enhance the household refrigerators & freezers industry outlook over the coming timeframe.
The implementation of the new generation features such as smartphone connectivity and automated temperature adjustability in the refrigerators and freezers will surge the product demand. Gradually changing lifestyle in the rural areas along with increasing disposable income of the consumers will build a lucrative roadmap for household refrigerators and freezers industry trends over the period of 2016 to 2025. In addition, heavy investment by government in electrification across the rural areas will further boost the household refrigerators and freezers market trends significantly.