Refrigerator market is growing at a rapid pace in India. Soaring temperatures helped boost sale of refrigerators in the first few months of 2014. The two main categories of refrigerator in Indian market are direct cool and Frost free refrigerators. Traditionally direct cool refrigerator have dominated the market but with the change in lifestyles of Indian people, frost free refrigerator is gaining immense popularity over direct cool.
According to recently published report of Bonafide Research “India Refrigerator Market Outlook 2021”, the market for frost free refrigerators in India is anticipated to surge at a CAGR of 15.60% during 2015-2021. Frost free comes in different variants like double door, side by side refrigerator and highly energy efficient models. The side by side refrigerator segment is expected to grow with higher ranging capacity demand that come with smart inverter and advanced features.
In frost free segment, models with storage capacities ranging from 226 to 270 liters recorded the largest sales in year 2014 and in coming years the capacities ranging with 271 to 350 liters are expecting to be a quick growth. Western India is a major market for frost free refrigerators and accounts for highest market share as consumers in this region value technology and they are comparatively less price sensitive. Consumers are interested in investing extra while receiving unique features and technology in return. The frost free segment is witnessing introduction of innovative features like moisture control technology, ozone fresh technique and it is the major contributor to the growth of the refrigerator market. Further, it has been observed that the demand for frost free refrigerator in the country is mainly dominated by the urban region. Low penetration in the rural market is set to provide sufficient growth opportunities to the players to increase their market base by capitalizing on the un-penetrated segment.
LG dominates the refrigerator market but Samsung holds maximum share in the frost free segment because of its smart feature refrigerators and different variants. To compete with Samsung, LG Electronics recently announced Industry’s first 5 star rated frost free refrigerator in India. Underpinned by the Smart Inverter Compressor, LG’s Frost free refrigerators fully comply with India’s strict new 2014 energy regulations and offer up to 36% more energy efficiency than 3 star rated refrigerators of 2014 energy norms. LG’s Door Cooling feature ensures a stable, uniform temperature throughout the entire refrigerator compartment, including the convenient storage areas located on the inside of the door. Meanwhile, the Pull-out Tray is completely removable, making it quick and easy for users to retrieve items stored at the back of fridge. This model of LG’s New Frost Free Refrigerator GL-D322 is available at a price of Rs.40090 in India."