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French Door Refrigerator Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

French Door Refrigerator Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • June 2021
  • 217 pages
  • ID: 6101238
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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A French door refrigerator is a combination of the side-by-side top with a bottom door that has narrow vertical and bottom spaces. The bottom space in the refrigerator consists of pullout drawers that are used as freezing compartments. The freezing space at the bottom is smaller than the conventional top-mount freezer and it is occupied by an ice maker. Currently, newer refrigerator models with four doors are also available. Such a model has two vertical spaces at the bottom of the refrigerator, which replace drawers. This helps increase the space available. Availability of French door refrigerators in varying dimensions, advanced freezing technology, and attractive designs have led to these refrigerators gaining popularity across the globe. In developed as well as developing economies, the presence of international as well as emerging players targeting their customers with cost-effective products integrated with the IoT (Internet of Things) technology is expected to fuel the demand for French door refrigerators in the next few years. Major players operating in the French door refrigerator market are focused on the development of innovative refrigerators by opting for newer freezing technologies that offer key advantages in terms of improvement in food quality and meeting consumers’ expectations. Emerging players in the market are focusing on collaborations with mega retailing channels and online platforms to increase the sale of their products. In addition, manufacturers of French door refrigerators are emphasizing the promotion of their refrigerators through celebrity endorsement. However, use of French door refrigerators powered by electric energy generated from fossil fuel is directly hampering the environment. Moreover, conventional refrigerators with advanced technologies can be a major substitute for French door refrigerators. These factors are projected to hinder the global French door refrigerator market.

COVID-19 has disrupted the global supply chain of the major brands of French door refrigerators. China is one of the largest consumers and producers of French door refrigerator products but also caters to a wide range of countries by exporting several input supplies that are essentially used to produce finished goods. Shut down of production in China has forced other French door refrigerator manufacturers based in the US and Europe to temporarily hold the production of the finished goods. This led to the increase in the supply and demand gap and the product market.

Key Market Trends
Asia-Pacific Region Is Anticipated To Grow At Highest Rate

Led by rapid urbanization and increasing disposable income, Asia-Pacific region is the fastest-growing market with a substantial growth rate over the forecast period. The regional market growth is accredited to the region’s developing economies and growing population. The overall demand and popularity of French door refrigerators could augment in developing countries such as China and India owing to the growing inclination of customers toward an expenditure on kitchen electrical appliances, growing per capita disposable income along with the increasing number of households. Asia-Pacific region is leading the industry owing to rapid urbanization, technology developments, innovations in products, and developments in electric and electronic industries. Advancements in technology, coupled with an increase in the number of product innovations, are among the key factors supporting the demand for French Door Refrigerator Market in this region. Furthermore, a robust increase in the number of commercial kitchens, food services, and retailers is expected to fuel the regional French door refrigerator market.

Demand for the Energy-Efficient French Door Refrigerators is Driving Market

Refrigerators have been an integral part of the majority of households for several decades. The focus on energy efficiency exerts a growing influence on the development of French door refrigeration appliances. The demand for energy-efficient and energy management devices (smart thermostat and smart lighting systems) has increased for efficient electricity consumption and reducing the electricity bills and can reduce carbon footprints. The major benefit of energy-efficient French door refrigerators lies in the improved energy efficiency, which has socio-economic benefits in terms of increased energy security and environmental benefits, i.e. lower GHG emissions, and lower environmental impact of electricity generation. In addition, energy-efficient refrigerators may lead to cost-savings for the consumer over the life-cycle of the appliance. The GHG emissions savings associated with energy efficiency improvements of refrigerators depend on the CO2 intensity of the electricity mix. The increasing awareness towards the environment and eco-friendly products, the demand for energy-efficient French Door Refrigerators are increasing.

Competitive Landscape
The report covers major international players operating in the French Door Refrigerator Market. In terms of market share, few 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 tapping new markets.

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