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TUESDAY, JULY 15, 2025
Local fridge makers capture 95% of market with affordable options

Supplement

Abbas Uddin Noyon
06 June, 2024, 12:30 pm
Last modified: 06 June, 2024, 12:52 pm

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Local fridge makers capture 95% of market with affordable options

Stakeholders say the demand for refrigerators has surged throughout the country, especially in rural areas, where 55% of households now own one

Abbas Uddin Noyon
06 June, 2024, 12:30 pm
Last modified: 06 June, 2024, 12:52 pm
Local fridge makers capture 95% of market with affordable options

Two decades ago, refrigerators were a luxury that most rural people could not even dream of affording. But times have changed. Today, widespread electricity, increased purchasing power, and locally-made affordable refrigerators have made the once high-end appliance commonplace in households.

Industry insiders said local companies are now dominating Bangladesh's refrigerator market, controlling over 95%, thanks to a decade of government policy support for the local manufacturing industries. 

This has led to a booming refrigerator market valued at over Tk12,000 crore, selling 33-35 lakh units annually with a steady growth of 10% per year. Some 13 local and foreign companies are currently producing and selling refrigerators in Bangladesh.

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Nurul Afsar, deputy managing director of Electro Mart, a leading electronic home appliance manufacturer, told TBS, "People have started to get good quality freezers and refrigerators at affordable prices after local companies entered the market. Socio-economic changes and 100% electrification played a big role in the growth of this market. Foreign brands have also set up factories here due to tax benefits."

A 2021 study by Marketing Watch Bangladesh (MWB) found that until 2010, the country's refrigerator market was dominated by foreign brands. Currently, domestic brands occupy most of the market, with Walton holding more than half. 

Other local brands such as Minister, Vision, Jamuna, MyOne, and Orion are also performing well in the refrigerator sector.

To compete with local companies, major brands like Singer, Samsung, Konka, Sharp, and LG have also established factories in Bangladesh. The study mentioned that only 5% of refrigerators are now imported from abroad.

The journey began with Walton

Walton is the pioneer in domestic refrigerator production in Bangladesh. Following Walton's lead, brands like Jamuna, Minister, Pran-RFL Group's Vision, Transcom, and Orion also established factories.

Walton began commercial refrigerator production in 2008 and started producing compressors, a crucial refrigerator component, in 2017. 

Currently, Walton holds a strong position in both the domestic and export markets, having exported over 1 lakh refrigerators last year.

Walton's Chief Business Officer Tahsinul Haque highlighted the company's commitment to providing high-quality products to the people of Bangladesh. 

"Walton has long dominated the country's refrigerator market due to the high quality, durability, and longevity of its products, as well as its use of advanced technology, including AI-based MSO (Matrix Speed Optimization) inverter technology. Besides, we are providing the best after-sales service to customers through the largest nationwide service network that is ISO certified," he said.

PRAN-RFL Group, another leading home appliance manufacturer, began producing refrigerators under the brand name 'Vision' in 2013 at their factory in Narsingdi, which has an annual production capacity of 6 lakh refrigerators. 

In the same year, Minister Group also entered the market with a production capacity of 8 lakh units per year.

Jamuna, another major industrial group, entered the refrigerator market by setting up a factory in 2014. 

Orion joined the market in 2021 and is currently producing 12 types of refrigerators with the latest technology at affordable prices.

Transformation of foreign brands into local

Initially conducting business through imports, Electro Mart Ltd has now affixed the 'Made in Bangladesh' label on global brands such as Konka and Gree.

Electro Mart has established a factory named Trade International Industries Ltd (TIIL) in Sonargaon, on the outskirts of the capital, investing Tk1,000 crore for the production of two renowned Chinese brands in Bangladesh. 

Additionally, they have initiated the establishment of a local brand named HAIKO in the country, leveraging foreign technology. Electro Mart plans to invest another Tk5,000 crore by 2030.

Nurul Afsar told TBS that after setting up a factory in Sonargaon in 2018, they commenced joint production with Konka and with Gree last year. "Currently, Konka holds 25-30% of the refrigerator market, all manufactured in the Electro Mart factory under the 'Made in Bangladesh' banner.

"Our own brand, developed with Chinese technology, has captured 2-3% of the market. We conduct our own R&D and, in collaboration with global brands, tailor products to suit Bangladesh's climate and consumer preferences," he added.

In addition to Konka and Gree, several global brands like Singer, LG Butterfly, and Sharp have established factories in Bangladesh. 

Fair Group manufactures refrigerators for leading global brands such as Samsung and Hisense in their factory in Narsingdi.

Rural areas emerge as key refrigerator market

Char Manika and Char Kukri-Mukri unions, situated in the southernmost part of Bhola, adjacent to the Bay of Bengal, are home to around 10,000 families. Despite being primarily dependent on agriculture and fishing, almost every household in this remote region now owns a refrigerator.

Muslim Uddin, a local farmer, said, "Each of the four families in our house has a refrigerator. I currently own a small one but I plan to purchase another big one this Eid."

Faruk Hossain, proprietor of a local refrigerator store, sells domestic brands like Walton, Minister, and Vision.

"We are selling 4-5 refrigerators daily. The electrification of this region in 2023 has spurred a new market there, with nearly all families purchasing refrigerators on instalments," he said.

Stakeholders said the demand for refrigerators has surged throughout the country, especially in rural areas, where 55% of households now own one.

According to the Bangladesh Bureau of Statistics (BBS) 2023 estimates, around 97.54% of households nationwide have access to electricity, driving up refrigerator demand, particularly amid power outages. Additionally, the financial capacity of rural residents to purchase refrigerators has improved.

Tahsinul Haque from Walton said around 70% of Walton's sales occur at upazila and village levels, and the remaining 30% in urban areas.

In addition to the accessibility of electricity and the increase in people's income, the affordability of refrigerators is fueling sales in rural areas. A decently sized refrigerator can now be acquired for approximately Tk25,000.

According to companies, there is substantial demand for affordable refrigerators in rural regions, especially for models priced between Tk25,000 and Tk50,000.

Sales surge during Eid

Ahead of Eid-ul-Adha, sellers have noted a significant increase in demand for refrigerators. Typically, over 60% of refrigerator sales occur during the two Eid festivals annually, with slightly higher demand observed during Eid-ul-Adha as people purchase refrigerators to store sacrificial animal meat.

In anticipation of Eid, both domestic and foreign companies have introduced new refrigerator models and various offers, including discounts, to entice buyers. 

Sector insiders anticipate a 20-25% increase in refrigerator sales compared to last year's Eid.

Showrooms featuring different domestic and foreign brands across the capital have expanded their refrigerator offerings in preparation for Eid, introducing new designs and models. 

Many companies are offering cashback, millennial offers, and discounts of up to 10% on refrigerator purchases, along with instalment facilities.

Economy / Industry

Refrigerator industry / Locally-made refrigerator / refrigerator / Local refrigerator

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