Household Refrigerators And Freezers Market Will Reach USD 37.6 Billion By 2025:Grand View Research, Inc.
The global household refrigerators & freezers market is expected to reach USD 37.6 billion by 2025, according to a new report by Grand View Research, Inc. High replacement demand and resulting obsolescence of conventional freezers & refrigeration units is expected to have a positive impact on the high-end product segment growth over the next nine years. Key factors driving the industry growth include the rise in nuclear families, increasing disposable income, focus on enhanced lifestyle products and dual income families. Technology efforts are focused on improving the inside equipment structure whereas R&D enables their easy operation. Advancements in refrigeration technology such as touch screen, USB and internet connectivity are gaining importance. For instance, General Electric introduced magnetic refrigeration technology, which is 20% more efficient as compared to traditional products. Additionally, advances in cooling technology such...