Nov 20, 2020, 09:47 ET
CLEVELAND, Nov. 20, 2020 /PRNewswire/ -- Demand for household refrigerators and freezers in the US is forecast to increase less than 1.0% annually in nominal terms through 2024, according to Household Refrigerators & Freezers: United States, a report recently released by Freedonia Focus Reports. Through 2020, purchasing behavior will be affected by the COVID-19 pandemic due to consumer food stockpiling, as more consumers purchase freezers in expectation of longer periods of time spent largely at home. However, supply issues among component manufacturers and hesitant consumer spending on refrigerator and freezer replacements will drive demand down 2.9% over the year. Through 2024, mild increases in housing completions will boost demand for new appliances. Replacement demand is also expected to advance, spurred by rising residential improvement activity. Furthermore, continued expansion in disposable personal income levels will give consumers the confidence and spending power to replace old appliances. However, market saturation will limit demand for new refrigerators and freezers.
These and other key insights are featured in Household Refrigerators & Freezers: United States. This report forecasts to 2024 US household refrigerator and freezer demand and shipments in nominal US dollars at the manufacturer level; shipments are also forecast in real (inflation-adjusted) US dollars to 2024. Total demand and shipments in nominal terms are segmented by product in terms of:
- parts and attachments
To illustrate historical trends, total demand, total shipments, the various segments, and trade are provided in annual series from 2009 to 2019.
This report excludes refrigeration equipment for commercial and/or industrial uses. Re-exports of household refrigerators and freezers are excluded from demand and trade figures.
More information about the report is available at:
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Consumer Goods reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
SOURCE The Freedonia Group
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