The India refrigerator market projected to grow with a significant CAGR of 9.3% during the forecast period. 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 have generated the demand for efficient refrigerators. Consumers extensively purchase home appliances as they offer convenience, decrease manual efforts, and save time. 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.
Key Market Trends
Growing Urbanization is Driving the Market for Refrigerators
The demand for refrigerators in India is mainly from urban areas which account for the majority of the sales volume. People who live in urban areas have very different consumption patterns than residents in rural areas. The penetration of refrigerators is steadily growing in the country. This growth can be largely attributed to rising household incomes, improved technologies, rapid urbanization, and environmental changes. Rapid growth in urbanization and change in lifestyle is estimated to attract consumers to buy a smart refrigerator. The rising urban population across the country, characterized by high-income individuals that are expected to fuel the demand for refrigerators over the forecast period.
Specialty Stores Hold the Largest Market Share
The specialty stores segment is the key revenue contributor to the market, and this trend is expected to continue in the coming years as well. 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 stores when it comes to purchasing home appliances such as refrigerators. This leads to the growth of specialty stores for selling refrigerators in the Indian market.
The report covers major international players operating in the India refrigerator market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
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Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.