Market Size of Europe Household Side By Side Refrigerator Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR (2024 - 2029) | 3.00 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Europe Household Side-by-Side Refrigerator Market Analysis
The Europe Household Side By Side Refrigerator Market is expected to register a CAGR of 3% during the forecast period(2024-2029).
Europe is the second largest region in the global refrigerator market. The growth of the market is driven by the growing preference of consumers for smart appliances in the home, including refrigerators. In addition, the high disposable income of the consumers, the penetration of smartphones, and the availability of high-speed Internet will also drive the market growth of advanced featured refrigerators across the region. Sales of household refrigerators through specialist distribution formats such as electronics & appliance specialist retailers but also home & garden specialist retailers have tended to decrease during the review period. E-commerce is rapidly gaining retail volume shares in the refrigeration appliances market. It is convenient and easy for consumers to browse models online or through showrooms and then purchase through e-commerce, especially in the case of freestanding appliances. The market growth of refrigeration appliances is driven by the increasing preference of consumers for smart appliances, including fridges, in the home. The high disposable income of consumers, the prevalence of smartphones, and the availability of high-speed Internet will also drive the growth of refrigerators in the region.
In most European countries, the products that a local vendor manufactures have comparatively better preference than that of the others, which clearly signifies their preference to encourage their domestic market. Local manufacturers can never get a good market share unless the products are qualitative are have affordable prices. This, in short, can be explained as the Europeans prefer to use products that have features like flexibility, multi-utilization/ multi-functional features, convenience to use, eco-friendly, less energy-utilization, and are of low/reasonable cost.
Post-COVID-19, the refrigeration appliances saw growth in retail volume sales sped up slightly from the previous year. The fact that some households sought to stockpile food during the early stages of the pandemic due to the perceived risk of shortages increased demand for these appliances. Furthermore, the introduction of new products by the market players will drive the market growth. Many market players are investing in research and development of eco-friendly and innovative products in the market. Moreover, manufacturers in Europe are focusing on launching and introducing new products to diversify their product portfolios and expand manufacturing & distribution in the region.
Europe Household Side-by-Side Refrigerator Industry Segmentation
Side-by-side refrigerators feature two separate compartments, each with its own door. One side is the freezer compartment, while the other is the fresh food compartment. This report covers the complete background analysis of the European household side by side refrigerator market, which includes an assessment of the economy, a market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles.
Europe's household side by side refrigerator market is segmented on the basis of type (under 15 cu.ft., 15-20 cu.ft., 20-25 cu.ft., and above 25 cu.ft.), distribution channel (hypermarkets/supermarkets, specialty stores, online, and offline), and country (United Kingdom, France, Italy, Germany, Spain, and the Rest of Europe).
The market size and forecasts are provided in terms of value (USD) for all the above segments.
By Application | |
Under 15 cu.ft. | |
15-20 cu.ft. | |
20-25 cu.ft. | |
Above 25 cu.ft. |
By Distribution | |
Speciality Stores | |
Supermarkets/ Hypermarkets | |
Online Stores | |
Other Distribution Channels |
By Country | |
United Kingdom | |
France | |
Italy | |
Germany | |
Spain | |
Rest of Europe |
Europe Household Side By Side Refrigerator Market Size Summary
The Europe Household Side-by-Side Refrigerator Market is poised for steady growth, driven by an increasing consumer preference for smart home appliances. This trend is supported by factors such as high disposable incomes, widespread smartphone usage, and the availability of high-speed internet, which collectively enhance the appeal of advanced-feature refrigerators. The market is experiencing a shift in sales channels, with e-commerce rapidly gaining traction as a preferred shopping method due to its convenience and the ability to offer a wide range of products. Despite a decline in traditional retail formats, the online segment is expected to expand significantly, fueled by digitalization and improved after-sales services. The market's growth is further bolstered by the introduction of innovative and eco-friendly products, as manufacturers invest in research and development to meet evolving consumer demands.
The European market is characterized by a preference for locally manufactured products, which are favored for their quality, affordability, and features such as energy efficiency and multifunctionality. The post-COVID-19 period saw a resurgence in demand as households sought to stockpile food, thereby increasing the need for refrigeration appliances. The market is also influenced by demographic changes, including the rise of nuclear families and single-person households, which drive the demand for home appliances. Key players in the market, such as Bosch Group, Electrolux AB, Samsung Electronics, and LG, are actively engaging in mergers, acquisitions, and new product developments to enhance their market presence. The introduction of energy-efficient appliances and the expansion of product portfolios are strategies employed by these manufacturers to capture a larger share of the market.
Europe Household Side By Side Refrigerator Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Consumption of Frozen Food Products is Driving the Market
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1.3 Market Restraints
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1.3.1 Rising Awareness on Environmental Protection to Hinder the Market Growth
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1.4 Market Opportunities
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1.4.1 Eco-friendly and Energy Efficiency Refrigerators
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1.4.2 Introduction of New Products by Companies with Smart Technology
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1.5 Industry Value Chain Analysis
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1.6 Industry Attractiveness - Porter's Five Forces Analysis
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1.6.1 Bargaining Power of Suppliers
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1.6.2 Bargaining Power of Buyers/Consumers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitutes
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1.6.5 Intensity of Competitive Rivalry
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1.7 Insights on Impact of Technology in the Market
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1.8 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Application
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2.1.1 Under 15 cu.ft.
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2.1.2 15-20 cu.ft.
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2.1.3 20-25 cu.ft.
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2.1.4 Above 25 cu.ft.
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2.2 By Distribution
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2.2.1 Speciality Stores
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2.2.2 Supermarkets/ Hypermarkets
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2.2.3 Online Stores
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2.2.4 Other Distribution Channels
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2.3 By Country
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2.3.1 United Kingdom
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2.3.2 France
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2.3.3 Italy
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2.3.4 Germany
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2.3.5 Spain
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2.3.6 Rest of Europe
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Europe Household Side By Side Refrigerator Market Size FAQs
What is the current Europe Household Side By Side Refrigerator Market size?
The Europe Household Side By Side Refrigerator Market is projected to register a CAGR of 3% during the forecast period (2024-2029)
Who are the key players in Europe Household Side By Side Refrigerator Market?
Bosch Group, Electrolux AB, LG, Whirlpool and Samsung are the major companies operating in the Europe Household Side By Side Refrigerator Market.