Market Size of India Refrigerator Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 5.14 Billion |
| Market Size (2029) | USD 8.14 Billion |
| CAGR (2024 - 2029) | 9.63 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Refrigerator Market Analysis
The India Refrigerator Market size is estimated at USD 5.14 billion in 2024, and is expected to reach USD 8.14 billion by 2029, growing at a CAGR of 9.63% during the forecast period (2024-2029).
The refrigerator market in India has been experiencing growth due to various factors. The growth is fueled by the expanding food and beverage industry, the increasing popularity of smart homes, government initiatives in multiple sectors, and investments under the "Make in India" scheme. Additionally, environmentally friendly refrigerants like ammonia and carbon dioxide drive market growth. Refrigerator penetration is increasing nationwide due to rising household incomes and technological advancements. The demand for more advanced features in modern refrigerators is also driven by the thriving food and beverage industry and the preference for smart homes in India.
With increasing per capita income levels, declining prices, and consumer finance, the refrigerator market is expected to witness growth in the coming years. The hot and humid weather conditions have gradually led consumers to become concerned about food spoilage and have generated the demand for efficient refrigerators. Consumers extensively purchase home appliances as they offer convenience, decrease manual efforts, and save time. Increasing disposable income, high living standards, and the need for comfort instigate consumers to upgrade their current appliances to advanced and more innovative versions, driving market demand further. Smart refrigerators are gaining popularity as they can detect spoilage, save energy, and have advanced features such as wireless connectivity and voice control. Additionally, manufacturers are also offering customized designs to meet the unique needs of consumers.
