How many refrigerators are sold in the first half year of 2022?
August 17， 2022 / Industry News
Refrigeration has grown to become the most essential food storage technique
in developed countries. As key features of any kitchen, refrigerators form an
integral part of the home appliances market. The refrigerators market consists
of revenues generated by entities (organizations, sole traders, or partnerships)
that carry out the design, manufacturing, and sales of Refrigerators.
The market includes sales of household refrigerators which are electrical
appliances used to preserve food at cold temperatures. The regions covered in
the refrigerators market are Asia-Pacific, Western Europe, Eastern Europe, North
America, South America, the Middle East, and Africa. The Asia Pacific was the
largest region in the refrigerators market in 2021. Western Europe was the
second-largest region in the refrigerators market.
The global refrigerators market is expected to grow from $38.57 billion in
2021 to $39.64 billion in 2022 at a compound annual growth rate (CAGR) of 2.8%.
The first half year of 2022 witnessed a growth in some markets compared with the
same period of the previous year, which was the result of the companies
rearranging their operations and recovering from the COVID-19 impact. The
increasing consumption of processed food products such as frozen meat,
vegetables, and dairy products as well as change in the dietary habits of
consumers is driving the refrigerators market growth. Due to busy lifestyles,
consumers are increasingly relying on processed food and prepared meals that
require refrigerators for storage. The processed food industries are accordingly
valued at $2 trillion globally. The huge market for processed food products is
expected to drive the refrigerators market.
If you want to enter the market in the latter half year, how can you start
your own business?
Firstly, before investing in any business, you need to be full of knowledge
of the existing brands in the home appliances market or existing companies you
are dealing with. To dig out all valuable information, you can patronize the
representatives for your business and take the time to visit them and find out
how you can consistently get your stock from them. Remember they have their
terms and conditions which are flexible.
But if you want to become a home appliances importer yourself, try to go for
manufacturers’ products that come with a warranty.
Secondly, select the right products for your business.
Before considering what product to sell, determine what market you want to sell
to. sales success requires offering the right product in the right place at the
right time and for the right customer. If your customers aren't buying, your
consideration will be in vain. So first you need to think about what kind of
customer you want, then you'll be able to determine their needs. Your product
selection doesn't have to appeal to all of the population but it should be
something you can convince a large percentage of shoppers they need. If your
products only appeal greatly to some people, it may not be enough to sustain a
Household appliance store owners need to do a market analysis on what kind of
products cater to customers as well as how to plan and implement their marketing
activities. The analysis should encompass the competitors, customers, and
products. You need to know what kind of products your competitors offer, for
which price and to whom. Besides, you need to know existing and potential
customers about their preferences for design, function and sizes. Market
analysis can be done by conducting interviews, surveys and studies as well as by
using focus groups.
Thirdly, you have to determine how much you want to invest as a new entrant
in this venture. Try to do all you can to announce your presence. Try to think
of the promotional items you can afford to attract patronage and reward loyal
customers because this is a highly competitive business.
Your taking your ideas and turning them into reality doesn’t mean you need to
figure everything out on your own. There are plenty of other methods to make
your job as a small business owner easier. For example, you can also tap into
the expertise of those who are experienced in the home appliances world. Ask
around to friends and family who have dabbled in small business, go online and
connect with a mentor, or if you don’t know where to start.
Lastly, think about how you want to impress your customerswhen your enter the store, and what functions the store should perform,
and then list functional areas and items needed to display and/or to use. Plan
out how you will use each square foot of floor space. Plan for fluid flow. Make
sure that workers and customers can easily move about in the space. Make a
drawing of the space with precise measurements.
In the long run, the global household refrigerators market was expected to
reach USD 42.9 billion by 2023. Furthermore, health and hygiene have emerged as
a relevant theme and a matter of utmost concern for consumers. We also
anticipate more demand for eco-friendly appliances in times to come.