Market Trends of French Door Refrigerator Industry
Rising Sales In Asia
The demand and popularity of French door refrigerators in Asian countries such as China and India are observing a continuous increase with a rise in expenditure on kitchen electrical and household appliances by the users. Asia exists with the largest revenue share in the global refrigerator market and market revenue of more than USD 70 Billion with a growth rate of around 9% per year. Rising household income and an increase in the standard of living in emerging markets of Asia are resulting in consumers making their preference towards high-end refrigerator products creating growth opportunities for the sale of French door refrigerators. In the Indian market refrigerator manufacturers LG, Samsung, Whirlpool, and Godrej occupy more than 80% of the refrigerator market creating a form of oligopoly among the manufacturers. In addition, another major Asian country, China with significant production and sales of refrigerators is dominated by firms of Haier, Media, HiSense, and Homa. These existing regional variations of the firm's domination in the Asian market are providing opportunities for global French door refrigerator manufacturers to increase their supply chain in the region.
Increasing Online Sale
Online sales of refrigerators are observing a continuous increase resulting in a rising number of people ordering French door refrigerators through online channels only. In the global market online revenue share of refrigerators is observing a continuous increase rising to more than 22% of the sales revenue last year. Among online sales E-Commerce and direct company websites are observing a continuous increase in searches for refrigerators and French door refrigerators as well leading to increasing sales opportunities for the manufacturer and retailers/wholesalers. The French door refrigerators are equipped with smart features resulting in a rising consumer attraction towards these products instead of buying traditional refrigerators. The availability of a large variety of French door refrigerators in online sales channels and flexible payment options of EMI options, coupon code discounts, Net banking, and pay-on-delivery are leading to users finding these sales channels more preferable than spending their time in different showrooms. These changing trends in favor of online sales are creating emerging opportunities for global manufacturers.
