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South Korea Household Refrigerator and Freezer Market Share, Size, Trends, Growth, Analysis, Forecast: By Door Type: Single Door, Double Door; By Structure: Built-in, Freestanding; By Capacity: Less than 15 cu. Ft., 15 to 30 cu. Ft., More than 30 cu. Ft.; By Distribution Channel; By Provinces; Market Dynamics; Competitive Landscape; 2023-2028
South Korea Household Refrigerator and Freezer Market Outlook
The South Korea household refrigerator and freezer market is further expected to grow at a CAGR of about 2.9% in the forecast period of 2023-2028. The growing demand for compact refrigerators due to the rise in single-person households and increased consumption of processed foods are anticipated to majorly drive the market.
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Increase in Single-Person Households and High Consumption of Perishable and Processed Foods Aid the Sales of Refrigerator and Freezers in South Korea
The market for South Korea household refrigerators and freezers is expanding as a result of the rising consumption of processed food items such as frozen meat, vegetables, and dairy products as well as changes in the dietary preferences of the population. Their consumption has been further bolstered during the COVID-19 pandemic as people stocked lots of groceries and snacks. Furthermore, a hectic schedule is another factor due to which customers are depending more on ready-to-eat foods and other processed foods that are kept in refrigerators, thus augmenting the market growth.
For individuals looking for a small, dual-functional fridge that can also be used as a freezer as well as a refrigerator, compact variants were created. The competition among companies is high to dominate the compact refrigerator sector, as it provides numerous growth opportunities to the key players and is a significant area for development because the number of one-person households is increasing in South Korea. The multifunctional refrigerator, which ensures remarkable space efficiency, is one of the major driving forces leading the South Korea household refrigerator and freezer industry as the single-household lifestyle becomes more widespread across the country.
The conventional kind of refrigerators bought by local customers, particularly millennials and Generation Z, have continued to shift due to the growing trend of single-person households. Younger consumers once trended sharing posts of their fridges on Instagram, known as the 'Instagramble refrigerators' trend. The trend was to post the image of refrigerators which are space-efficient and customizable in terms of colours or format.
Market Segmentation
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Based on technology, the South Korea household refrigerator and freezer market can be segmented into:
- HEPA (High-Efficiency Particulate Air)
- Ionic Filter
- Others
Based on application, the South Korea household refrigerator and freezer market can be divided into:
- Residential
- Industrial
Smart Refrigerators Gaining Traction and Propelling the Refrigerator and Freezer Market of South Korea
Samsung has significantly revitalised the market for household appliances with new ideas and features that have turned them from a "need" to a "desire." A clever multi-tasker, the Samsung Family Hub Refrigerator organises groceries, and household chores connect families and offer entertainment. All communications are kept inside and displayed on a full HD screen. The screen serves as the digital family command centre for the refrigerator and enables you to post and update calendars, share children's artwork, play music, pin photographs and leave comments on the screen, all with the ease and convenience of mobile. Another factor which propels the market growth is the rise in disposable incomes and improved living standards.
Innovative New Designs to Make the Refrigerators Kid-Friendly
The French word "Assorti" means "harmony," and it is a new range of freezers that are made with both parents and kids in mind. Assorti wants to reduce the gap between children and adults in general. The Assorti refrigerator is developed and built with distinct compartments for kids that are easier to access even from low heights. The parent side and the child side are the two primary parts of the refrigerator. The child's side is the "ready-to-eat" side so that kids can quickly and easily take snacks anytime they want, and parents won't have to worry about kids climbing shelves to get their favourite food. In an effort to establish respect for boundaries set by the elderly and a sense of competence in the kitchen, the Assorti refrigerator gives the children just a limited amount of access to food.
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Key Players in the South Korea Refrigerator and Freezer Market
The report gives a detailed analysis of the following key players in the South Korea refrigerator and freezer market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- IQAir AG
- LG Electronics
- Blueair
- Koninklijke Philips N.V.
- Samsung Electronics Co., Ltd.
- Coway
- Dyson Limited
- WINIA Electronics Co., Ltd
- Cuckoo Holdings Co., Ltd.
- Xiaomi Corporation
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Door Type |
|
| Breakup by Structure |
|
| Breakup by Capacity |
|
| Breakup by Distribution Channel |
|
| Breakup by Provinces |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Regional
7 Industry Opportunities and Challenges
8 South Korea Household Refrigerator and Freezer Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Household Refrigerator and Freezer Historical Market (2018-2022)
8.3 South Korea Household Refrigerator and Freezer Market Forecast (2023-2028)
8.4 South Korea Household Refrigerator and Freezer Market by Door Type
8.4.1 Single Door
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Double Door
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 South Korea Household Refrigerator and Freezer Market by Structure
8.5.1 Built-in
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Freestanding
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 South Korea Household Refrigerator and Freezer Market by Capacity
8.6.1 Less than 15 cu. Ft.
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 15 to 30 cu. Ft.
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 More than 30 cu. Ft.
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.7 South Korea Household Refrigerator and Freezer Market by Distribution Channel
8.7.1 Speciality Stores
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Multi-brand Stores
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Online
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Others
8.8 South Korea Household Refrigerator and Freezer Market by Provinces
8.8.1 North Chungcheong
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 South Chungcheong
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Gangwon
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 Gyeonggi
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2022)
8.8.4.3 Forecast Trend (2023-2028)
8.8.5 North Gyeongsang
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2022)
8.8.5.3 Forecast Trend (2023-2028)
8.8.6 South Gyeongsang
8.8.6.1 Market Share
8.8.6.2 Historical Trend (2018-2022)
8.8.6.3 Forecast Trend (2023-2028)
8.8.7 North Jeolla
8.8.7.1 Market Share
8.8.7.2 Historical Trend (2018-2022)
8.8.7.3 Forecast Trend (2023-2028)
8.8.8 South Jeolla
8.8.8.1 Market Share
8.8.8.2 Historical Trend (2018-2022)
8.8.8.3 Forecast Trend (2023-2028)
8.8.9 Jeju Special Self-Governing Province
8.8.9.1 Market Share
8.8.9.2 Historical Trend (2018-2022)
8.8.9.3 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.1.1 Strengths
9.1.2 Weaknesses
9.1.3 Opportunities
9.1.4 Threats
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Competitive Landscape
10.1 Market Structure
10.2 Company Profiles
10.2.1 Liebherr-Hausgeräte GmbH
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.1.4 Certifications
10.2.2 LG Electronics
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.2.4 Certifications
10.2.3 Samsung Electronics Co., Ltd.
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.3.4 Certifications
10.2.4 Whirlpool Corporation
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.4.4 Certifications
10.2.5 Panasonic Korea Ltd.
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
10.2.5.4 Certifications
10.2.6 Unique Daesung Co., Ltd
10.2.6.1 Company Overview
10.2.6.2 Product Portfolio
10.2.6.3 Demographic Reach and Achievements
10.2.6.4 Certifications
10.2.7 Dover Corporation
10.2.7.1 Company Overview
10.2.7.2 Product Portfolio
10.2.7.3 Demographic Reach and Achievements
10.2.7.4 Certifications
10.2.8 Robert Bosch GmbH
10.2.8.1 Company Overview
10.2.8.2 Product Portfolio
10.2.8.3 Demographic Reach and Achievements
10.2.8.4 Certifications
10.2.9 Others
11 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Household Refrigerator and Freezer Market: Key Industry Highlights, 2017 and 2021
2. South Korea Household Refrigerator and Freezer Historical Market: Breakup by Door Type (USD Million), 2018-2022
3. South Korea Household Refrigerator and Freezer Market Forecast: Breakup by Door Type (USD Million), 2023-2028
4. South Korea Household Refrigerator and Freezer Historical Market: Breakup by Structure (USD Million), 2018-2022
5. South Korea Household Refrigerator and Freezer Market Forecast: Breakup by Structure (USD Million), 2023-2028
6. South Korea Household Refrigerator and Freezer Historical Market: Breakup by Capacity (USD Million), 2018-2022
7. South Korea Household Refrigerator and Freezer Market Forecast: Breakup by Capacity (USD Million), 2023-2028
8. South Korea Household Refrigerator and Freezer Historical Market: Breakup by Distribution Channel (USD Million), 2018-2022
9. South Korea Household Refrigerator and Freezer Market Forecast: Breakup by Distribution Channel (USD Million), 2023-2028
10. South Korea Household Refrigerator and Freezer Historical Market: Breakup by Province (USD Million), 2018-2022
11. South Korea Household Refrigerator and Freezer Market Forecast: Breakup by Province (USD Million), 2023-2028
12. South Korea Household Refrigerator and Freezer Market Structure
Key Questions Answered in the Report
The market is projected to grow at a CAGR of 2.9% between 2023 and 2028.
The rise in disposable income, improved living standards, increasing demand for smart refrigerators, and the launch of innovative and kid-friendly designs are the major industry drivers.
Increased consumption of processed foods and an increase in single-person households are the key industry trends.
The dominant type of refrigerator and freezer in the industry are single door and double door.
The leading distribution channels in the market are speciality stores, multi-brand stores, and online, among others.
The key players in the above market include Liebherr-Hausgeräte GmbH, LG Electronics, Samsung Electronics Co., Ltd., Whirlpool Corporation, Panasonic Korea Ltd., Unique Daesung Co., Ltd, Dover Corporation, and Robert Bosch GmbH, among others.
Analyst Review
Aided by the growing demand for compact refrigerators and consumption of processed foods, the South Korea household refrigerator and freezer market is expected to witness a growth in the forecast period of 2023-2028, growing at a CAGR of 2.9%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the South Korea refrigerator and freezer industry can be segmented into single door and double door. On the basis of distribution channels, the refrigerator and freezer market of south Korea can be bifurcated into speciality stores, multi-brand stores, and online, among others. Based on capacity, the South Korea refrigerator and freezer market can be divided into less than 15 cu. Ft., 15 to 30 cu. Ft., and more than 30 cu. Ft. The major provinces of the market are North Chungcheong, South Chungcheong, Gangwon, Gyeonggi, South Gyeongsang, North Gyeongsang, South Jeolla, North Jeolla, and Jeju Special Self-Governing Province. The key players in the above market include Liebherr-Hausgeräte GmbH, LG Electronics, Samsung Electronics Co., Ltd., Whirlpool Corporation, Panasonic Korea Ltd., Unique Daesung Co., Ltd, Dover Corporation, and Robert Bosch GmbH, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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