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

Refrigerator Market Size

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.

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.

Refrigerator Market Report Snapshots

Refrigerator Market Size

Refrigerator Market Analysis

Refrigerator Market Share

Refrigerator Companies