Global Refrigerator Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2024-2032)

Global Refrigerator Market Outlook

The global market size for refrigerators reached a value of more than USD 126.30 billion in 2023. The global refrigerator market is expected to grow at a CAGR of 5.7% between 2024 and 2032, reaching a value of USD 207.94 billion by 2032.

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Key Trends in the Market

A refrigerator, commonly known as a fridge, has become an essential home appliance used to store and preserve food items that are perishable. Refrigerant tetrafluoroethane is used in refrigerators which changes from liquid to gas and cools the surrounding area, creating a desirable surrounding. It has five main working parts including a condenser, refrigerant, compressor, expansion valve, and evaporator.

• Technological advancements in refrigerators are a key trend that is upsurging the global refrigerator market share. High-tech refrigerators are being developed with features such as barcodes to keep track of the food’s expiry and other important details. Moreover, it connects with smartphones and provides advanced services.

• Increased freezer consumption would arise from the increase in ice cream shops and bars. In ice cream shops and bars, where cold drinks and ice cream are typically kept, refrigerators are essential for providing specific chilling range options in the freezer. Furthermore, it is anticipated that the demand for products that can be frozen would rise due to the rising consumption of various frozen and processed food items worldwide.

• Glass doors are also becoming popular and are garnering great demand. These refrigerators allow anyone to see the food items kept inside without opening the refrigerator, ensuring that the doors open only, when necessary, thus keeping the food fresh for longer. This is increasing the refrigerator market size.

• Variety in the types of storage offered by refrigerators, including multiple sections and dedicated sections for specific items, are a growing trend in the refrigerator market.

• The rapid adoption of smart infrastructure and cities is a key factor increasing the smart refrigerator market size. The Internet of Things (IoT) market has been expanding with smart home gadgets and appliances, and due to new internet-connected devices, houses are getting smarter. The Internet of Things (IoT) movement, which refers to the Internet-connected connection of common objects, has gained more attention owing to smart home appliances like Google Nest, Ring, and smart refrigerators. The market for smart refrigerators is being driven by enterprises' increased IoT investments as a result of the rise in interest in the smart home. This is driving the refrigerator market.

Market Analysis

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Based on product type, the refrigerator market segmentation includes French door, top freezer, bottom freezer, and others. On the basis of technology, it can be bifurcated into inverter and non-inverter. Based on weight it is divided into small capacity refrigerator (less than 100L), medium capacity refrigerator (100L to 200L), large capacity refrigerator (200L to 300L), and extra large capacity refrigerator (more than 300L). By distribution channel, the market is divided into hypermarkets and supermarkets, speciality retailers, online, and others. The regional markets can be divided into 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 refrigerator market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• LG Electronics Inc.
• Haier Group
• Whirlpool Corporation
• Samsung Electronics Co., Ltd.
• Hitachi Ltd.
• Electrolux AB
• Panasonic Corporation
• BSH Home Appliances Corporation
• Miele & Cie. KG
• Arçelik A.Åž
• Toshiba Corporation
• Midea Group
• Honeywell International Inc
• Godrej & Boyce Manufacturing Company Limited 
• Sharp Electronics Corporation
• Others

Market Share by Distribution Channels

According to refrigerator market research, speciality retailers give a full demo before selling the product which tends to satisfy concerns of customers and are hence preferred by many consumers. Refrigerators are easily available at supermarkets and buyers can check every detail giving a sense of satisfaction while buying the product. Online stores have also gained popularity because of the offers and discounts that are provided with return options available too. The wide range of purchasing options available are surging the global refrigerator market size. With increasing availability and accessibility of refrigerators across various distribution channels, consumers are more likely to purchase new and improved models of refrigerators.

Market Share by Region

Asia Pacific is projected to dominate the market with a larger refrigerator market share due to its vast population and increase in individual households. The region's growing need for infrastructure will enhance the demand for home appliance products. Strong demand for smart appliances to replace traditional appliances, rising disposable income, rapid urbanisation, and the growing number of households are additional key factors propelling market expansion in the Asia Pacific.

Additionally, the region is a manufacturing hub with the headquarters of many top industry players, including Panasonic Corp., LG Electronics, Samsung, and Haier Group. Programmes by governments in developing nations like Bangladesh, India, Nepal, Indonesia, and the Philippines to electrify rural areas would help the regional market expand. The commercial refrigeration market share is also expected to expand in the Asia Pacific, with an increasing number of restaurants and food service businesses opening in the region.

North America is projected to hold a significant portion of the market due to the rise in disposable income in countries like the United States and Canada. The US refrigerator market share is relatively large as families tend to buy groceries in bulk, utilising large refrigerators for high volume grocery storage. Additionally, factors like the region's massive metropolitan population base will encourage more people to use such equipment. This will likely increase the US refrigerator market size. The growing trend of meal planning in the United States, with working people preparing meals in advance and freezing them for instant use, is also expanding the U.S. refrigerator market size.

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Competitive Landscape

LG Electronics Inc. founded in 1958 has its headquarter in Seoul, South Korea. It is known worldwide and is a global leader in manufacturing commercial products including TVs, monitors, home appliances, service robots, and air solutions.

Haier Group is a leading producer of daily use appliances and was founded in 1984 with headquarters in China. With continued collaborations with ecosystem partners, the group has a vision to build IoT ecosystems for customers globally.

Whirlpool Corporation is known for developing appliances such as ACs, refrigerators, washing machines, and microwaves. It was established in 1911 and has its headquarters in Michigan, in the United States.

Other market players include Samsung Electronics Co., Ltd., Hitachi Ltd., Electrolux AB, Panasonic Corporation, BSH Home Appliances Corporation, Miele & Cie. KG, Arçelik A.Åž, Toshiba Corporation, Midea Group, Honeywell International Inc, Godrej & Boyce Manufacturing Company Limited, and Sharp Electronics Corporation, among others.

Key Highlights of the Report

Refrigerator Market Report Snapshots

Refrigerator Market Size

Refrigerator Market Analysis

Refrigerator Market Share

Refrigerator Companies