The US household refrigerator market is expected to register a growth, in the upcoming years. Refrigerators and freezers hold a prominent position in the home appliance segment. A household refrigerator is an appliance that is primarily used for food storage and for protecting the food from contamination.
The market size of the refrigerator manufacturing industry in the United States remained steady in 2019, as compared to another consumer goods sector. The rise in disposable income, growing investment in innovation of refrigerator units, coupled with a decline in product prices, are some of the key factors driving the growth of household refrigerator appliances. Some of the other factors influencing the market are replacement due to necessity, the credit market for consumers, and the general wellbeing of the economy.
The headwind for the growth of the market in the United States is high competition from imports of the product. The demand for smart refrigeration appliances, such as those connected with the internet, touch screen, sensors, etc., are gaining popularity in the market. Moreover, government regulation is also driving the transformation in the industry with more energy-efficient and less electricity consumption products being promoted, in order to meet environmental concerns.
Key Market Trends
Increase in Number of Smart Homes in United States is Driving the Market for Smart Refrigerators
The number of households adopting smart technology appliances is on the rise in the US market, thus, leading to the use of more smart refrigerators than the usual ones. The smart refrigerators have all the features of non-smart refrigerators with additional new features, which make them more convenient and unique. Smart features, such as a product with a touch screen that converts to a transparent panel by the knock, recipe recommendation features, and integration with the Alexa, are gaining popularity.
The smart tag technology allows the person to tag items with information, such as the expiratory date of food items, which then warns the user when the date approaches have been introduced in the market. The consumers in the market are also trying to adapt to the technology changes in the product, and they are also demanding new features with every innovation.
Growth in New Housing Starts to Spur the Demand of Refrigerators in the Country
New housing construction in the country is the major factor driving the demand for refrigerators. Housing starts represents the level of new household construction activity, as new houses are built the demand for new refrigerators and freezers rises. Housing starts increased in the United States in 2018, which has continued the trend in 2019 and may serve as a potential opportunity for the industry. Also, as more people move into new houses, the demand for appliances, such as freezers and refrigerators, also rises.
Competitive Landscape
The Household Refrigerator market in the United States is fragmented with several large domestic and global companies in the market. Many players in the industry have strong brand recognition, compete aggressively in the market, and sell a wide variety of refrigerator appliances. However, due to the high cost of manufacturing in the United States, many companies opt for outsourcing these products that are less expensive. Players are trying to come up with new refrigerator models, which have a minimum impact on the environment. Strategies, such as the launch of new product models by the different players, are adopted to remain competitive in the market.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
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