ASIA PACIFIC COMMERCIAL REFRIGERATORS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In November 2022, Voltas Limited, a prominent player in the consumer durables sector and part of the Tata Group, invested USD 121.37 million to establish a refrigerator manufacturing plant in Chennai, India. This investment reflects the company's commitment to expanding its manufacturing capabilities in the region.
• In April 2022, Haier Smart Home Co., Ltd., a leading global provider of smart home appliances, announced its investment in a large-scale refrigerator project in Hong Kong, which aims to produce 2 million units annually. This initiative marks a significant expansion for the company, enhancing its capabilities in the refrigeration sector and opening new growth opportunities in commercial refrigeration markets.
• In September 2021, Carrier Global Corporation, a leading American provider of innovative heating, air conditioning, and refrigeration solutions, has acquired Guangdong Chigo Heating & Ventilation Equipment Co., Ltd. This strategic move aims to enhance Carrier's presence in the Chinese refrigerant flow solutions market, thereby supporting the refrigerant needs of the country's refrigerator manufacturing industries.
• In October 2021, Reliance Industries Limited (RIL), India's largest publicly traded company, opened the first 7-Eleven convenience store in India in Mumbai through its subsidiary Reliance Retail Ventures Limited (RRVL). This strategic move by RIL, a diversified conglomerate with interests in petrochemicals, oil and gas, telecom and retail, is expected to drive the adoption of commercial refrigeration systems in India's growing retail sector.