Key vendors are launching smart connected refrigerator to increase their sales strategically
Technavio, a company that develops over 2000 pieces of research every year and covers more than 500 technologies across 80 countries, has announced the top five leading vendors for the global refrigerator market in their latest research report. This report also lists 11 other prominent vendors who are expected to contribute to this market’s growth between 2016-2020.
To identify the top vendors, Technavio’s market research analysts have taken into account the revenue generated by the sales of different types of refrigerators across the globe.
- Freezer-on-top refrigerators: These have a freezer compartment positioned on the top and a refrigerator compartment in the bottom.
- Freezer-on-bottom refrigerators: It is a double-door refrigerator that has the freezer compartment at the bottom and the refrigerator compartment on the top so that it remains at eye level.
This Technavio report, under home, kitchen and large appliances vertical, is based on the synthesis, analysis, and interpretation of information about the global refrigerator market collected from specialized sources. The analysts have derived insights using a mix of primary and secondary research with an aim to provide a holistic picture of the market.
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Competitive vendor landscape
The competition in the market is very intense due to the presence of various international and regional players. Manufacturers are making investments in developing countries like APAC, Africa, and Latin America to increase their global footprint. Vendors in the market are competing on the basis of quality, technology, and pricing. The increasing product and service extensions and technological innovations will help the players sustain themselves in the market. Players are launching refrigerators with advanced features to meet the requirements of the consumers and to expand their consumer base. The companies are focusing on differentiating their product offerings through a clear and unique value proposition with the latest innovations and new features to attract consumers to replace their old refrigerators with new ones. The manufacturers are also adopting efficient production techniques that minimize product costs and prevent cost overruns and help them to boost profitability.
“The vendors are offering innovative and smart features with the help of technology to attract more consumers. Some of the smart features help the consumer to monitor and control the machine with the help of smartphones. It also aids end-users to track the freshness of the food contained within them and alert if anything is about to get spoiled. These smart refrigerators have the ability to adjust the energy consumption according to their load,” says Poonam S, a lead analyst at Technavio for research on home, kitchen and large appliances.
Top five vendors in the refrigerator market space
Electrolux
The company designs and manufactures home appliances like refrigerators, washing machines, dishwashers, vacuum cleaners, cookers, air conditioners, and small domestic appliances. It also offers professional foodservice equipment and commercial laundry systems. Recently, the company launched new ProFresh fridge freezers.
Key products: French door refrigerator, Single door refrigerators, Double door refrigerators, Side-by-side refrigerators, Bottom-freezer refrigerators, and Top-freezer refrigerators.
Haier
Haier manufacturers and sells home appliances that include refrigerators, freezers, washers, TV sets, and consumer electric appliances and integrated kitchenware. It operates in air conditioner, kitchenware and sanitary ware products, washing machine, equipment components, and integrated channel services businesses. Recently, it announced the expansion of its manufacturing facility in Pune, India.
Key products: Double-door refrigerators, French door refrigerators, Side-by-side refrigerators, Top-freezer refrigerators, and Bottom-freezer refrigerators.
LG
The company engages in manufacturing and selling mobile communication devices, consumer electronics, and home appliances. It offers products such as mobile devices, air conditioners, flat panel TVs, washing machines, and refrigerators. Recently, it announced the launch of smart inverter 3.0 refrigerator models.
Key products: Door-in-door refrigerators, French door refrigerators, Side-by-side refrigerators, Top-freezer refrigerators, and Bottom-freezer refrigerators.
Samsung
Samsung manufacturers and sells consumer electronics, communication, home appliances, and semiconductor products. It also provides device solutions, IT, and mobile communications businesses. Recently, the company announced the launch of refrigerator with 21.5-inch LCD touchscreen.
Key products: French door refrigerators, Multiple-door refrigerators, Side-by-side refrigerators, Top-freezer refrigerators, and Bottom-freezer refrigerators.
Whirlpool
The company manufactures and markets home appliances and related products. Its products include dishwashers, laundry appliances, cooking appliances, hermetic compressors, refrigerators and freezers, mixers, and other portable household appliances. Recently, the company announced the investment of $40 million operational investment in the manufacturing facility located in Findlay, Ohio.
Other prominent vendors in this market include Arçelik, Bosch, Godrej, Hisense, Hitachi, Midea, Miele, Mitsubishi Electric, Panasonic, Sharp, and Toshiba.
A more detailed analysis is available in the Technavio report, Global Refrigerator Market 2016-2020. Technavio also customizes reports by other regions and specific segments upon request.
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