With the economy recovers, the global refrigerator and freezer market enters a stable phase. According to ChinaIOL, the sale of refrigerator and freeze has continued to grow since 2015. The sale volume has reached 174,000,000 in 2017, up by 0.8% compared with same period of last year. The sale has been 72.2 billion US dollars, up by 3% compared with the same period of last year. The growth range of sale is higher than that of sale volume. The average prices of products have increased, and start to transform to high-end products.
Although the global refrigerator and freezer market recovers, the performance of regional markets varies greatly. In terms of good economy growth, the new market and developing economy start to recover slowly.
Asia products and consumes the most refrigerator and freezer of the world, which occupies around 60% of the whole world. The scale has increased by 0.5% compared with the same period of last year. Except for the deterioration of countries such as China, Israel and UAE, the other countries perform quite well. Pakistan, India, Iraq and Vietnam are quite impressive. The Japanese and Korean products are quite advantageous in Southeast Asia, and Chinese companies are quite active in investment.
Europe is the second largest refrigerator market. Due to its strong demand of domestic market in 2017 and global economy recovery, the market demand is released. The market scale is up by 1.7 compared with the same period of last year. In addition, the growing speed of East Europe areas is faster.
The scale of American market grows on the whole. The North America is driven by the demand of the U.S, and the market scale of refrigerator and freezer is up by 1.8% compared with the same period of last year. Meanwhile, influenced by high permeability and low population growth, the most parts of the sale of refrigerator are from replacement. After shrinking for two years, the economy of South America shows a trend of slight increase. Although the domestic demand of countries such as Argentina and Colombia are still floundering, Brazil, the main consumer, recovers, which picks up the refrigerator market.
The degree of reduction of African market deepens. Experiencing the low in 2016, the economy of Africa picks up again in 2017. The economy growth of Sub-Saharan is relatively fast, and the growing speed is expected to be 2.4%. The consumption of this area recovers, but due to weak performance of countries like Nigeria, the whole market of Africa refrigerator is dragged.
The main market of Oceania is Australia. The economy of Australia continues to increase in 2017, and the unemployment rate drops unexpectedly. Adding the policy support, these factors stimulate the consumption of refrigeration to some extend.