Market Trends of European Built-in Refrigerator Industry
This section covers the major market trends shaping the European Built-in Refrigerator Market according to our research experts:
Increase in Online Purchase of Household Appliances
The revenue from online household appliance purchases accounts for USD million in 2021. User penetration is 21.9% in 2021 and is expected to hit 30.2% by 2027. Furthermore, with the population in the European countries being more concentrated in urban regions, people are spending more on lifestyle changes which are fuelling the market's growth. With 95%, 85%, and 82% of the total population leaving in cities and urban areas of Europe's most urbanized cities, Malta, the United Kingdom, and the Netherlands, there is a surplus demand for household appliance accessories. The market's growth is influenced by the increasing consumer inclination toward smart appliances for the household, including built-in refrigerators. Moreover, high disposable income, high penetration of smartphones, and access to high-speed internet will also foster the adoption of advanced featured refrigerators across the region, thus, driving the market growth.
Increase in Import Prices of Built-in Refrigerators
The built-in refrigerator import price in the European Union stood at $850 per unit in 2018, going up by 10% from the previous year. The built-in refrigerator import price continues to indicate a slight drop. The most prominent growth rate was recorded in 2020 when the import prices increased by 15% year-to-year. In that year, the import prices for compression-type built-in refrigerators attained their peak level of $1000 per unit. From 2018 to 2021, the growth of the import prices for compression-type built-in refrigerators stood at a somewhat higher level. Concerning refrigeration appliances, it is easy and convenient for consumers to peruse models online or via showrooms, then buy via e-commerce, especially for freestanding items. The increasing consumer inclination toward built-in refrigerators influences the market's growth.
