India Refrigerator Market Overview
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<strong>India</strong> <strong>Refrigerator</strong> <strong>Market</strong> <strong>Overview</strong> Is Released<br />
High End Capacity Models to be the major growth driver for <strong>Refrigerator</strong> Industry in 2021: Bonafide<br />
Research<br />
<strong>Refrigerator</strong>s being an essential item of every household have witnessed tremendous growth in <strong>India</strong>.<br />
The demand for refrigerators has been driven by the hot and humid weather conditions in <strong>India</strong>. The<br />
market has improved markedly and is on an uptrend now as the rise in average disposable income of<br />
households combined with changing consumer lifestyle is helping to drive growth in the high-end<br />
segment. Besides macro-economic and demographic factors, increased promotional activities by chain<br />
stores have been instrumental in driving growth of the high-end segment.<br />
According to recently published report of Bonafide Research “<strong>India</strong> <strong>Refrigerator</strong> <strong>Market</strong> <strong>Overview</strong>”,<br />
refrigerator market in <strong>India</strong> is one of the fastest growing segments of the consumer durable industry.<br />
Volume sales of refrigerator were growing at a CAGR of 7.40% over four years from 2010. Traditionally<br />
direct cool refrigerators have dominated the market. But there is a growing demand for high-end, higher<br />
capacity frost-free refrigerators now.<br />
One trend which has emerged in the local market is the growing demand for high-end and higher<br />
capacity refrigerators. In the first eight months of this year, frost-free refrigerators with capacity greater<br />
than 400 liters registered a surge of more than 25 percent in volume and 36 percent in value. In frost<br />
free segment, models with storage capacities ranging from 226 to 270 liters recorded the largest sales in<br />
the year 2014 and in coming years the capacities ranging with 271 to 350 liters are expected to be a<br />
quick growth. This trend is likely to continue, as consumers are now willing to spend larger amount to<br />
acquire high end capacity refrigerators instead of low end direct cool refrigerators. Further, rising per<br />
capita income and easy availability of finance is expected to continue driving the growth in the future.<br />
LG Company dominates the direct cool segment while Samsung <strong>India</strong> is leading in frost free models with<br />
many high end premium models. The major players are cutting their prices and launching the new<br />
models with advanced features, large capacities and new designs. Across urban <strong>India</strong>, over 300 new<br />
models were introduced in the first eight months of 2014. Nearly two out of three of the new launches<br />
were frost-free models, of which around 50 of them were above 400 litres in capacity. Among region,<br />
southern and northern <strong>India</strong> is contributing maximum sales of high end refrigerators as consumers of<br />
these regions are less price sensitive.<br />
In a move to address the fast-growing premium segment of the <strong>India</strong> refrigerator market, the latest<br />
entrant in this segment is Godrej Appliances which has recently ventured into it by launching its new<br />
range of ‘NXW’ (Next World) refrigerators. The company launched a range of three patterns; Inox,<br />
Cosmos and Platina with ‘Just the right temperature’ (JTRT) technology and the products are priced<br />
between Rs.49,000 and Rs.79,000. The NXW range allows users to customise their refrigerator by<br />
storing food in three flexible temperature zones.<br />
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