Global Household Refrigerators and Freezers Market Report and Forecast 2024-2032

Global Household Refrigerators and Freezers Market Outlook

The global household refrigerators and freezers market size reached a value of around USD 99.78 billion in 2023. The market is further expected to grow at a CAGR of 4.40% between 2024 and 2032, reaching a value of around USD 147.68 billion by 2032.

Key Trends in the Market

Household refrigerators and freezers are made for storing small amounts of food and drinks at low temperatures, including fruits, leafy vegetables, and other perishable foods as well as frozen foods and cooked foods. Refrigerators and freezers are considered necessary kitchen appliances in households for storing food and beverages safely and conveniently as well as guarding them against contamination.

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• Growing demand for smart home technologies is driving the adoption of connected refrigerators and freezers. With the accessibility of artificial intelligence assistants and the ease of connected devices, modern refrigerators and freezers are increasingly used in households, positively influencing the market growth.

• Rising consumer adoption of refrigerators and freezers with high-tech features, such as water dispensers, ice makers, and temperature control systems, is anticipated to fuel the market expansion. The availability for refrigeration systems with features such as adjustable shelves, door alarms, and frost-free operation is further fuelling the market growth.

• In addition, the key household refrigerators and freezers market trends include rapid urbanisation, rising consumer spending power, growing popularity of modular kitchen designs, and increasing need for energy-efficient refrigeration systems. Increasing accessibility of household refrigerators and freezers is supporting the growth of the market further.

Global Household Refrigerators and Freezers Market Analysis

Based on type, the market is divided into top-freezer refrigerator, bottom-freezer refrigerator, side-by-side refrigerator, and French door refrigerator, among others. On the basis of capacity, the market is segmented into less than 15 cu. Ft, 15 to 30 cu. Ft, and more than 30 cu. ft. The household refrigerators and freezers market segmentation based on distribution channel is multi-branded stores, speciality stores, and online, among others. The regional markets for household refrigerators and freezers are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model, along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global household refrigerators and freezers market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

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• Haier Group Corporation

• Dacor, Inc

• Godrej Industries Ltd

• Electrolux AB

• LG Electronics Inc

• Panasonic Holdings Corporation

• Koninklijke Philips N.V

• Robert Bosch GmbH

• Samsung Electronics Co., Ltd

• The Whirlpool Corporation

• Others

Global Household Refrigerators and Freezers Market Share by Type

The top-freezer refrigerators accounted for a significant share in the global market for refrigerators and freezers. The freezing section of these refrigerators have a door at the top, while the refrigeration section has a separate door at the bottom. Additionally, these units have a solid reputation for dependability and efficiency, making them popular among users and propelling the global household refrigerators and freezers market size.

During the forecast period, the French door segment is anticipated to grow at a significant rate. French door refrigerators offer more shelf space and wider door bins than other refrigerators since they include distinct areas for storing groceries, drinks, and other food items as well.

Global Household Refrigerators and Freezers Market Share by Region

North America accounted for a substantial share of the household refrigerators and freezers market, surged by the growing housing market and increasing number of people living independently. The demand for high-end household refrigerators and freezers is rising in North America due to the region's growing use of smart home automation technologies. Additionally, rising disposable income, growing demand for high-quality appliances, increasing demand for home improvement, rising adoption of novel technologies, and easy access to the desired brands are fuelling the household refrigerators and freezers market growth in North America.

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Competitive Landscape

Haier Group Corporation, established in 1984 and headquartered in Qingdao, China, creates, develops, produces, and markets a variety of goods, such as refrigerators, air conditioners, washers, microwaves, freezers, televisions, and water heaters.

Dacor, Inc, founded in 1965 and headquartered in New Jersey in the United States is a producer of ultra-premium kitchen appliances. The company’s kitchenware combines technology and function to produce high-performing, user-friendly items that cater to the needs and lifestyles of all.

Godrej Industries Ltd, a division of the Godrej Group, was established in 1897 and manufactures and markets consumer goods and other related products. With its headquarters in Maharashtra, India, the company sells a variety of goods, such as oleochemicals and surfactants, and animal feeds, among others.

Other market players include Electrolux AB, LG Electronics Inc, Panasonic Holdings Corporation, Koninklijke Philips N.V, Robert Bosch GmbH, Samsung Electronics Co., Ltd, and The Whirlpool Corporation, among others.

Key Highlights of the Report