Energy-Efficient Freezers Propel Global Market to $5.2 Billion by 2028, Reports MarkWide Research
According to a new report published by MarkWide Research, titled, “Freezers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2028”, the global freezers market is poised for substantial growth, driven by increasing consumer demand for energy-efficient appliances and the rising need for extended food preservation.
The report indicates that the freezers market, which was valued at $3.8 billion in 2021, is expected to reach a staggering valuation of $5.2 billion by the end of 2028, exhibiting a healthy Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period.
The escalating demand for frozen food, the expansion of the food retail sector, and the growing urbanization are key factors fostering the market’s growth. Furthermore, the increasing awareness about food wastage reduction and the advantages of storing bulk quantities of food for longer durations have amplified the adoption of freezers across residential as well as commercial spaces.
One of the significant trends in the freezers market is the emphasis on energy efficiency. Manufacturers are concentrating on developing freezers with advanced insulation and temperature control features to reduce energy consumption and operating costs. This trend aligns well with global initiatives aimed at sustainability and reduced carbon footprints.
Another influential factor is the integration of technology in freezers. Smart freezers equipped with IoT capabilities and remote monitoring systems are gaining traction, enabling users to monitor and control the appliance’s temperature and contents through their smartphones. This innovation enhances convenience and ensures optimum food preservation conditions.
In terms of product types, upright freezers and chest freezers are anticipated to experience substantial demand during the forecast period. Upright freezers offer convenience in terms of storage and accessibility, while chest freezers are known for their larger capacity and energy efficiency.
Regionally, North America currently dominates the freezers market, accounting for a significant share owing to the region’s high consumer spending on home appliances, coupled with the growing trend of frozen food consumption. The Asia Pacific region is projected to witness rapid growth due to increasing urbanization, changing lifestyles, and a surge in disposable income.
The competitive landscape of the global freezers market is characterized by intense rivalry among prominent players striving to enhance their product offerings and expand their market presence. Key players are focusing on research and development activities to introduce innovative and technologically advanced freezers. Collaborations, mergers, and acquisitions are also strategies adopted by these companies to strengthen their market position.
Some of the major players in the global freezers market include:
- Whirlpool Corporation: The company offers a wide range of freezers known for their energy efficiency and advanced features.
- Haier Group Corporation: Haier is recognized for its innovative smart freezers that offer remote control and monitoring capabilities.
- Electrolux AB: Electrolux is a leading player with a strong global presence and a diverse product portfolio catering to various consumer needs.
In conclusion, the global freezers market is poised for substantial growth, driven by factors such as increased demand for frozen food, urbanization, and technological advancements in appliance manufacturing. Energy efficiency and smart features are shaping the industry’s landscape, aligning well with global sustainability goals. The market’s robust growth is forecasted to continue, with significant contributions from North America and the Asia Pacific region.
For more insights and detailed market analysis, refer to the full report “Freezers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2028” published by MarkWide Research.