Refrigerator Market Research in South Asia -2017
If you are a home appliances manufacturer, the most important market you should not ignore in South Asia is India. As the biggest country in South Asia, India has a population of more than 1.3 billion people. Among them 800 million are under 35 years old. That is a huge market for home appliances as well as other consumption goods.
Although infrastructure construction of India is still underdeveloped, India economy has grown very fast in recent years. The GDP of the last three years (2014 - 2016) remained more than 7% in India, which was quite incredible! All these figures seems very attractive for giant multinational manufacturers, for them India is the last biggest potential market in the world.
Among all home appliances, refrigerator is the most increasing part, followed by wash machine, TV and air conditioner. Total sales of refrigerator in India was round 5 million pcs in 2016. It has been increased at a rate of more than 15% for years. The top five refrigerator manufactures are LG(34.7%), Samsung(30.7%), Whirlpool(13.4%), Godrej(10.4%) and Haier(5%).
Unlike China, most Indian family are still live in substandard housing. They can not afford a big refrigerator for their small house. Best sellers in city mall and electronic city are slim and medium-sized refrigerators. Most of them are still using defrost timer(electronic or mechanic), only few use electric damper(motor damper). But things are quite different in China, North America and some European countries, motor dampers are widely used in refrigerators which have been selled in these areas for years.
Good news is that we were told Haier new factory in Pune(will be completed by end of 2017 or at the beginning of 2018) has a plan to produce their new refrigerator model with air damper in future. And we do believe this progress of upgrading new technology in India market won’t take long, maybe within 5 years.