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South America is the fourth largest region in the global refrigerator market. The South America refrigerator market size is projected to grow at a CAGR of 4.2% during the forecast period. The global market of refrigerator is projected to grow from USD 68.72 billion in 2022 to USD 103.96 billion by 2030.
The consumer spending of countries in this region experiencing surging progress toward home appliances products has escalated the consumption of refrigerators as consumers are progressively influenced by the latest products available. Furthermore, the urban population witnessing increasing growth over the years is a significant factor in strengthening the market. This is attributed to the fact that people in urban places are influenced by various promotional campaigns they see and hear regularly. The statistical data by the World Bank.Org states that 81.12% of the populace in Latin America and the Caribbean reside in urban areas. This constitutes an increase from 80.87% compared to the previous year.
The South America refrigerator market share covers the following countries/regions - Brazil, Argentina, and the rest of South America.
Rising Adoption of Smart Home Technology
Consumer preference is shifting toward innovative multi-utility and energy-efficient products, surging the region's demand for smart and multi-functional home appliances. The demand for multi-feature appliances is growing owing to the increasing number of single-person/nuclear households, rising urbanization, and increasing consumer preference for saving cost and space. The growth of household appliances is increasing owing to the growing popularity, awareness, and energy-conserving appliances in the region. Smart home technology is one of the significant trends in this region. Manufacturers are introducing more connected home appliances, which offer customized functionalities for consumers' needs and preferences with smartphone apps and voice assistants with convenient control from anywhere in the home.
Manufacturers in South America are focusing on launching new products to garner more consumer base and to hold a strong foothold in the region. For instance:
Growing Consumption of Frozen Food Products to Support Market Expansion
The significant growth in the middle-class population is driving the market growth of household appliances in Brazil, Argentina, Colombia, and other parts of South America. According to World Bank, household consumption in Brazil was USD 906.06 billion, in Argentina was USD 247.27 billion, and in Colombia was USD 189.69 billion in 2020.
Moreover, continual governmental efforts to boost the FDI inflows and the economy will help the market sustain in the region. According to the World Investment Report 2020 published by the United Nations Conference on Trade and Development (UNCTAD), FDI inflows in Brazil reached USD 640,000 million in 2019, 20% up over 2018.
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Supply Chain Disruptions and Energy Consumption May Hamper the Market Growth
The rapid spread of COVID-19 pandemic has disturbed the South America refrigerator market growth, owing to the haul in the logistics system and fluctuation in the distribution network across the world. Moreover, labor shortages and shutdowns of retail stores also declined the sales volume of the entire market during the pandemic.
Higher electricity cost due to the usage of refrigerators is restraining the market growth. Additionally, the higher cost of technologically advanced washing machines will likely limit their demand among the middle & lower-income groups of the population. Higher repair & maintenance cost of such items is expected to limit their demand among South American consumers.
In terms of the competitive landscape, Samsung Group, Haier Inc., Electrolux AB, and LG Corporation are the key players in the South America market due to their diversified product offerings and active involvement in R&D investments to accelerate product launches and approvals over the forecast period.
Other prominent players such as Hitachi, Ltd., Whirlpool Corporation, and Voltas Limited lead the market due to their robust distribution network and diverse product portfolio. Other significant players are Panasonic Holdings, Sharp Corporation, and Toshiba Corporation. These companies are focused on strengthening their product portfolio and distribution network through strategic collaboration and partnerships to increase their market share in the South America market.
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The market research report provides qualitative and quantitative insights into the market and a detailed analysis of the South America market size & growth rate for all possible segments in the market. The report elaborates on the market dynamics and competitive landscape. The report presents various key insights: an overview of the number of procedures, an overview of the regulatory scenario by key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.
CAGR of 4.2% from 2023 to 2030
Value (USD Billion)
Product Type, Distribution Channel, and Country/ Sub-Region
By Product Type
By Distribution Channel
By Country/ Sub-Region
Growing at a CAGR of 4.2%, the market will exhibit steady growth in the forecast period (2023-2030).
Growing consumption of frozen food products to support market expansion and increasing initiatives of market players to introduce innovative products are the major factors driving the market growth.
Samsung Group, Whirlpool Corporation, Haier Inc., and LG Corporation are the major market players in South America.
Brazil dominated the market in 2021.
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