Refrigerator Market Overview, 2023-28

The worldwide refrigerator market is a sizable section of the home appliances market, serving the cooling and storage requirements of both the residential and commercial sectors. Urbanization, increased disposable incomes, shifting customer preferences, and technology improvements are key market drivers. For various consumer tastes and requirements, the market offers a broad variety of refrigerator types, including single-door, double-door, side-by-side, and French-door models. The creation of eco-friendly refrigerators that help lower electricity use is a result of how important energy efficiency has become. In addition, smart refrigerators that have Wi-Fi connectivity, touchscreen displays, and voice control functionality are becoming more and more common. Major firms like Whirlpool, Samsung, LG, and Haier dominate the international scene in this fiercely competitive business. A substantial portion of the market is held regionally by Asia Pacific because of its fast urbanization and expanding middle class. Energy-efficient refrigerators are becoming more and more popular as a result of rising environmental concerns and laws. Manufacturers are spending money on R&D to create refrigerators that use less energy while still performing at their best. More buyers are looking for refrigerators that complement their particular preferences and kitchen decor. To accommodate varying tastes in style and decor, manufacturers are providing a wide selection of designs, finishes, and customized options. Manufacturers are switching to refrigerants with lower global warmings potential, such as hydrofluoroolefins (HFOs) and natural refrigerants like carbon dioxide (CO2) and hydrocarbons, as environmental sustainability becomes a top issue.

According to the research report, Global Refrigerator Market Overview, 2023-28 the market is anticipated to be across USD 123.59 Billion market size by 2028, increasing from USD 101.67 Billion in 2022. The market is projected to grow with a 3.98% CAGR by 2023-28. Rapid urbanization and rising household incomes are occurring in developing nations, particularly in the Asia Pacific and Latin America. Because of the expansion of the middle-class population, there is an increasing need for refrigerators. The market is shifting in favor of eco-friendly refrigerants due to rising environmental consciousness. By substituting natural refrigerants for conventional fluorinated gases, such as hydrocarbons (propane, isobutane), greenhouse gas emissions are being reduced. Among the most common styles of refrigerators worldwide are those with two doors and separate refrigerator and freezer compartments. They provide a well-balanced mix of storage capacity and energy effectiveness. Consumers are increasingly opting for refrigerators that place a high priority on keeping food fresh and preserved. Features include humidity regulation, air filtration, and separate containers for various foods.

The Asia-Pacific region is leading in the global refrigerator market. This is due to a number of important variables. Countries like China and India have some of the world's greatest populations, and the region as a whole has a sizable population. The demand for household equipment, particularly refrigerators, is driven by this sizable consumer base. There are now more families and a bigger need for contemporary appliances as a result of the fast urbanization occurring in the Asia-Pacific area. The need for refrigerators increases as more people reside in cities and other metropolitan regions. The expansion of the refrigerator market has been facilitated by the rising middle-class population in the area and rising disposable incomes. These customers are looking for appliances to improve their lifestyles and have increased spending power. Additionally, in the Asia-Pacific area, nations like South Korea and Japan have been at the forefront of technological developments in the electronics sector, which includes refrigerators. They've added cutting-edge innovations, energy-saving technologies, and useful smart features that appeal to customers. The region is now a key refrigerator production hub thanks to the presence of well-established manufacturing facilities in nations like China and South Korea, enabling effective production and affordable price. the local market grows even more. The Asia-Pacific area has generally benefited from technical improvements, manufacturing capacity, expanding middle class, urbanization, and supportive policies. In the Asia-Pacific area, nations like South Korea and Japan have led the way in technological breakthroughs in the electronics sector, which includes refrigerators.

In the global refrigerator market, top-mounted freezer refrigerators are highly preferred due to their practical design and affordability. For consumers to conveniently obtain frequently used items, they provide simple access to the refrigerator section below. The ability to access the refrigerator portion at eye level eliminates the need to stoop, making bottom-mounted frozen refrigerators quite popular, particularly in European markets. French door refrigerators, which have two small doors for the refrigerator and a freezer drawer at the bottom, are becoming more and more well-liked because of their slick appearance and adaptable storage possibilities. Users can conveniently retrieve frequently used things thanks to their simple access to the refrigerator portion below. Since they offer eye-level access to the refrigerator compartment and eliminate the need to stoop, bottom-mounted freezer refrigerators are very well-liked, particularly in European markets. French door refrigerators, which have two slender doors for the refrigerator and a freezer drawer at the bottom, are becoming more and more well-liked because of their modern appearance and adaptable storage possibilities. Residential refrigerators rule the market and are ideal for storing food and drinks in homes. While catering to the needs of perishable goods stored in a professional setting, commercial refrigerators are commonly utilized in the food service business, including restaurants, motels, and supermarkets.

In the global refrigerator market distribution routes for refrigerators are retail outlets such as department stores, appliance stores, and electronic retailers. Before making a purchase, consumers like to go to actual stores to view and touch the appliances. However, internet shopping is on the rise as it gives customers the convenience of browsing a large selection, comparing costs, and reading reviews. As a result, more people are buying refrigerators online. Standard-size freezers with a weight capacity between 70 and 150 kilograms are highly recommended. They are appropriate for average-sized households since they strike a balance between storage capacity and floor space needs. With a predilection for refrigerators with high energy efficiency ratings to minimize electricity consumption and save utility costs, energy efficiency is a major factor for consumers. Additionally, smart features that enable users to monitor and change settings remotely, such as Wi-Fi connectivity, touchscreen displays, and complex control options, are becoming more and more popular. The lower-income segment's expansion in the refrigerator market is anticipated to be stymied by the higher repair and maintenance expenses associated with high-end refrigeration equipment. Likewise, the lack of home appliance repair services may discourage consumers from buying smart refrigerators. Also, greater competition in the market for electric appliance products would make it more difficult for new competitors to enter the market.

People have a greater need for highly efficient home appliance products as smart home and building infrastructure for commercial and residential usage develops. New refrigeration product development is aided by this. Additionally, the development of novel technological features by well-known companies like the Internet of Things (IoT), digital connectivity, and tailored interfaces with freezing items will promote the purchase of smart refrigeration equipment. Consider Xiaomi's Yunmi Internet Smart Freezer, which was released in December 2019 and features cutting-edge technology like IoT connectivity, AI voice control, and others. At the same time, Samsung and LG are being challenged by the Yunmi Internet Smart Freezer. The popular Curd MaestroTM and Digi Touch CoolTM refrigerator lines' 2022 portfolio, which includes new designs centered on India, was released by Samsung in June 2022. The world's first refrigerator that can make curd, the Curd MaestroTM, is currently offered in the US. The first flower pattern design on steel in the industry, Mid Night Blossom and Bouquet Silver. These freezers reduce suffering by incorporating meal preparation in addition to food preservation. As a result, this is probably going to help the market grow and increase Samsung's share of the refrigerator market.

Major Companies present in the market:

Samsung, LG Corporation, Voltas Limited, Whirlpool Corporation, Panasonic holding corporation, Robert Bosch GmbH, Haier group corporation, Mitsubhishi electric corporation, Siemens AG, Midea group co limited.

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Regional covered in the report:

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Aspects covered in this report

• Global Refrigerator market with its value and forecast along with its segments
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type:

• Single-door
• Double-door
• Side by side
• French door
• Other type

By Application:

• Households
• Commercial Use

BY Weight

• Small capacity
• Medium capacity
• Large capacity
• Extra large

By Technology Type

• Inverter
• Non-Inverter

By Distribution Channel

• Hypermarket and supermarket
• Specialty Retailers
• Online

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to ready to refrigerator industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.