In this report, Technavio covers the market outlook and growth prospects of the global chest and upright freezer market for 2016-2020. To calculate market size, the report considers revenue generated from the sales of chest and upright freezers for the residential segment.
Technavio’s research study segments the global chest and upright freezer market into the following regions:
- North America
Europe: Largest chest and upright freezer market
Technavio analysts predict the chest and upright freezer market in Europe to exceed USD 2,061 million by 2020, posting a CAGR of close to 4%. Vendors in the market are introducing product innovations and creating brand awareness programs to attract consumers, thereby leading to the growth of the market in Europe. The European segment has considerable contribution from Western European countries like Germany, France, Spain, Italy, the Netherlands, and the UK.
“Europe is one of the leading markets for frozen food products. Factors such as change in family dynamics and lifestyle have created more demand for these products. The number of single households without children in Europe is also rising. These changes have resulted in a need for convenience in food preparation,” says Jhansi Mary, Technavio’s lead home, kitchen, and large appliances research analyst.
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Some of the top vendors in the chest and upright freezer market highlighted in the report are:
- Sears Holding
The other prominent vendors in the market are Avanti, Midea Group, Miele, Fisher & Paykel, Summit Appliance, and Sunpentown.
According to Technavio’s analysts, North America is the second largest market for chest and upright freezers. The US is likely to record the highest CAGR of any region, growing at a CAGR of nearly 5%. Growth in the freezer market is directly related to increased demand for frozen food products and rise in bulk purchasing of these products.
Built-in upright freezers are a relatively new introduction in the market and is witnessing considerable demand from home improvement and remodeling projects. Vendors are incorporating features like automatic defrost and slated steel finish in residential appliances, which were once only part of commercial and professional appliances. As consumers become more quality conscious, sales of high-end chest and upright freezers is likely to increase over the next five years.
The growth of the chest and upright freezer market in APAC is attributed to the increasing demand from countries like Japan, China, India, South Korea, Australia, New Zealand, and Southeast Asian countries. Japan’s rise in the number of urban consumer population will be favorable for market growth, as they are one of the leading importers of cold appliances.
The report states that the most popular channels of distribution in the APAC region are Hypermarkets, with 36% of the total home appliance sales conducted through them. The growth of alternative distribution channels, like organized retailing and e-commerce have also created a favorable environment for market growth.
“APAC is also witnessing a high demand for high-end appliances like built-in upright freezers to complement the compact and sophisticated modular kitchens preferred by high net individuals. Therefore, vendors in the market are focusing on product innovation to cater to the price and value conscious consumers of the region,” says Jhansi.
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