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One in every three Indians owned a refrigerator in 2018. The market size of refrigerators across the south Asian country was estimated to be over *** billion U.S. dollars in 2020. Punjab had the highest share of refrigerator owners across the country, followed by the southern state of Kerala.

Urban and rural growth

The industry is segregated into rural and urban markets. The urban market dominated the sector with over ** percent domestically. The industry was estimated to generate a revenue of around ** million U.S. dollars. Of this, refrigerators were estimated to contribute a major share to the industry. There is a lot of untapped potential for increased penetration in the home appliances sector. The washing machine, refrigerator and air conditioner market was already valued at over seven billion U.S. dollars in 2018.

Road ahead

The consumer electronics and appliances market across the nation is likely to grow at a decent pace. The demand for household appliances is also likely to increase with higher disposable income and easy access to credit. An increased penetration in the electrification of rural areas and doorstep delivery thanks to online shopping are factors that could aid the development of the industry.