South Korea Household Refrigerator Market

the south korean household refrigerator market is buoyed by an affluent population with a progressively open spending culture that has turbocharged demand like no other country; this is expected to drive the market to new heights in the foreseeable future. the market is dominated by south korean manufacturers such as samsung, lg electronics and daewoo, who together account for over 80% of the total volume of sold refrigerators. as a result, the majority of consumers look for reliable quality and value for the money when selecting a refrigerator, and south korean manufacturers are in a strong position to maintain their share of the market. in recent times, the market has witnessed a shift towards energy-efficient and environmentally-friendly refrigerators. the government has taken the lead in this regard, making energy-efficient products mandatory and incentivizing their sales since 2013, and the energy efficiency label regulations since 2018. this has been a major shot in the arm for the industry, pushing supplier to create more efficient and eco-friendly brands. furthermore, developments in the field of artificial intelligence and iot are changing the way consumers interact with their refrigerators. some models now come with voice-enabled commands and automated maintenance services, while others feature a range of wifi-connected sensors which monitor and adjust various parameters such as temperature, humidity, and storage integrity. the rise of online retailing has enabled manufacturers to address the convenience gap which traditional retailing could not. this has also enabled customers to compare models and prices easily, thereby paving the way for an increase in the sales of relatively unknown brands; currently, online sales are estimated to be around 15-20% of the total. finally, manufacturers are actively pursuing strategies to cut down on refrigerator-related accidents such as burns and shocks, while companies like lg electronics are developing innovative solutions to address issues concerning food wastage. the south korean household refrigerator market is expected to experience strong growth between 2018 and 2032, thanks to government programs, technological innovations and changing consumer preferences. future growth in the industry is likely to be driven by an increase in online sales, energy efficiency and product safety initiatives, along with rising consumer awareness regarding food wastage.