ShareRefrigeration appliances market in Vietnam
In comparison with the negative volume growth rate in 2012, refrigeration appliances recorded a noticeable recovery in 2013 with volume growth of 3%.
In comparison with the negative volume growth rate in 2012, refrigeration appliances recorded a noticeable recovery in 2013 with volume growth of 3%.
Over the forecast period 2013-2018, refrigeration appliances is expected to record a constant value Compound annual growth rate (CAGR) of 2%. In terms of volume, it is estimated to reach a volume CAGR of 3%. In comparison with the review period with a constant value CAGR of 8% and volume CAGR of 10%, refrigeration appliances’ growth is predicted to be dramatically slower over the forecast period. The major reason is because the category is reaching saturation. The possession rate of fridge freezers, the most popular product, is relatively high against other home appliances with a rate of 36% in 2013 and predicted to reach 54% in 2018.
Haier Electrical Appliances Vietnam Co Ltd led refrigeration appliances with 25% volume share in 2013, followed by Hitachi Asia (Vietnam) Ltd and Sharp Electronics (Vietnam) Co Ltd with respective 15% and 13% volume shares. Haier Electrical Appliances has been deploying rational marketing strategies in order to dominate refrigeration appliances in Vietnam. Its strong brand awareness relies on its prestigious affordable Japanese image, which makes it the best choice for the majority of mid-income consumers. In addition, the company has been wise in utilising existing distribution channels of Sanyo since its refrigeration products’ penetration into Vietnam. On the other hand, Hitachi Asia is more popular in the high-mid to high-income segment, resulting in it ranking second followed by Sharp Electronics (Vietnam).
Source: Euromonitor international
Over the forecast period 2013-2018, refrigeration appliances is expected to record a constant value Compound annual growth rate (CAGR) of 2%. In terms of volume, it is estimated to reach a volume CAGR of 3%. In comparison with the review period with a constant value CAGR of 8% and volume CAGR of 10%, refrigeration appliances’ growth is predicted to be dramatically slower over the forecast period. The major reason is because the category is reaching saturation. The possession rate of fridge freezers, the most popular product, is relatively high against other home appliances with a rate of 36% in 2013 and predicted to reach 54% in 2018.
Haier Electrical Appliances Vietnam Co Ltd led refrigeration appliances with 25% volume share in 2013, followed by Hitachi Asia (Vietnam) Ltd and Sharp Electronics (Vietnam) Co Ltd with respective 15% and 13% volume shares. Haier Electrical Appliances has been deploying rational marketing strategies in order to dominate refrigeration appliances in Vietnam. Its strong brand awareness relies on its prestigious affordable Japanese image, which makes it the best choice for the majority of mid-income consumers. In addition, the company has been wise in utilising existing distribution channels of Sanyo since its refrigeration products’ penetration into Vietnam. On the other hand, Hitachi Asia is more popular in the high-mid to high-income segment, resulting in it ranking second followed by Sharp Electronics (Vietnam).
Source: Euromonitor international