The global refrigerator market was valued at $126.86 Billion in 2022 and is projected to reach $220.59 Billion by 2032, registering a CAGR of 5.8% from 2023 to 2032.
Refrigerators are a type of electronic appliance that uses a heat pump to transport heat from the system to the environment, allowing the interior to be cooled to a temperature lower than the outside temperature. A refrigerator is an insulated box with a low temperature that enables the storage of food and beverages for a short period of time. The volumetric capacity of the refrigerator is often listed on the interior, and sizes range from a single-door refrigerator with a capacity of only 65 litres to a double-door refrigerator with a capacity of up to 1000 litres. There are dis Inct sections in a big refrigerator for different food categories.
Customers have moved toward adopting eco-friendly and energy-efficient refrigerators, which may open up new sales opportunities for the market players in refrigerator manufacturing businesses and support the ongoing expansion of the industry. Moreover, eco-friendly refrigerators offer a number of benefits, such as reduced running costs, improved functioning, and environmental friendliness of refrigerators. Furthermore, there are magnetic refrigerators that are more cost-effective to operate and use, due to the magnetic field used in the cooling equation, as these refrigerators also tend to be quieter, safer, and able to emit far lower temperatures than traditional gas-compression refrigeration technology. There are numerous energy-saving refrigerators are available on the market, Including the Liebherr Monolith MRB3000, Smeg 24 Inch 50s Style, Bosch B11CB50SSS, Blomberg BRFB1312SS, and Samsung 36 Inch Refrigerator with Family Hub, among others, that offer their customers toxicity-free components. As a result, it is projected that Increased production of refrigerators with an emphasis on the environment is anticipated to drive the market for refrigerators in the years to come.
The environmental and product quality rules and regulations constantly change, which might prove detrimental to the expansion of the refrigerator market in the coming years. Although many countries outside of the U.S. only strictly regulate and control production-related pollution brought on by the activities involved in making electronic devices, they loosely manage and control environmental degradation issues. Moreover, in order to mitigate any negative environmental effects related to production when these corporations grow their businesses in developing countries, new regulations are put in place for refrigerator manufacturing enterprises. For example, China, South Korea, and India all have regulations governing electronic waste, and these nations Increasingly regulate harmful substances that are poisonous in nature. The introduction of tougher energy efficiency standards for refrigerators by the governing bodies might hinder the expansion of the refrigerator market. Producers make more investments in their methods of manufacture to comply with these standards, which might raise the cost of production. In addition, producers might Increase the cost of their refrigerators to cover these extra costs, which would ultimately affect customer demand. Furthermore, rise in product pricing may make it more difficult for certain people to afford or justify buying a new refrigerator, thereby reducing market growth. The expansion of laws and regulations is thus anticipated to impede the market for refrigerators.
Refrigerator manufacturers have several opportunities to differentiate their brands from other players and stay competitive in the market. The manufacturers provide customer service and comprehensive after-sales support which is crucial in building customer loyalty and trust. Moreover, offerings such as extended warranties, efficient repair services, and proactive maintenance programs are some of the extra services which are attracting customers with different Income groups to purchase refrigerators. Furthermore, they collaborate with retailers and various energy programs such as the Energy Star program, and Sustainable Manufacturing Initiatives, among others, that may help showcase their product to wider audiences and may help them to take advantage of government Incentives to promote energy-efficient models. The opportunities for international markets are wide with the growth of the middle-class population in developing countries such as India and China are expected to drive the demand for consumer electronic appliances Including refrigerators in coming years.
The refrigerator market is segmented into product type, freezer, technology, application, distribution channel, and region. On the basis of product type, the market is categorized into single door, double door, side by side, French door, and others. On the basis of freezer, the market is segmented into top freezer, bottom freezer, and convertibles. On the basis of technology, the market is bifurcated into inverter and non-inverter. On the basis of application, the market is bifurcated into household and commercial. On the basis of distribution channel, it is fragmented into supermarket/hypermarket, specialty stores, online sales channels, and others. On the basis of region, it is analysed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, Sweden, Netherlands, Denmark, Poland, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Singapore, Indonesia, New Zealand, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Middle East, Saudi Arabia, Egypt, Nigeria, and rest of LAMEA).
The key players operating in the refrigerator market Include LG Electronics, Panasonic Holdings Corporation, Robert Bosch GmbH, Hitachi, Ltd., Haier Inc., Samsung, Godrej, MIRC Electronics Limited, AB Electrolux, Whirlpool Corporation, Voltas Limited, Havells India Limited, Midea, Hisense International, and Liebherr.
Refrigerators are a type of electronic appliance that uses a heat pump to transport heat from the system to the environment, allowing the interior to be cooled to a temperature lower than the outside temperature. A refrigerator is an insulated box with a low temperature that enables the storage of food and beverages for a short period of time. The volumetric capacity of the refrigerator is often listed on the interior, and sizes range from a single-door refrigerator with a capacity of only 65 litres to a double-door refrigerator with a capacity of up to 1000 litres. There are dis Inct sections in a big refrigerator for different food categories.
Customers have moved toward adopting eco-friendly and energy-efficient refrigerators, which may open up new sales opportunities for the market players in refrigerator manufacturing businesses and support the ongoing expansion of the industry. Moreover, eco-friendly refrigerators offer a number of benefits, such as reduced running costs, improved functioning, and environmental friendliness of refrigerators. Furthermore, there are magnetic refrigerators that are more cost-effective to operate and use, due to the magnetic field used in the cooling equation, as these refrigerators also tend to be quieter, safer, and able to emit far lower temperatures than traditional gas-compression refrigeration technology. There are numerous energy-saving refrigerators are available on the market, Including the Liebherr Monolith MRB3000, Smeg 24 Inch 50s Style, Bosch B11CB50SSS, Blomberg BRFB1312SS, and Samsung 36 Inch Refrigerator with Family Hub, among others, that offer their customers toxicity-free components. As a result, it is projected that Increased production of refrigerators with an emphasis on the environment is anticipated to drive the market for refrigerators in the years to come.
The environmental and product quality rules and regulations constantly change, which might prove detrimental to the expansion of the refrigerator market in the coming years. Although many countries outside of the U.S. only strictly regulate and control production-related pollution brought on by the activities involved in making electronic devices, they loosely manage and control environmental degradation issues. Moreover, in order to mitigate any negative environmental effects related to production when these corporations grow their businesses in developing countries, new regulations are put in place for refrigerator manufacturing enterprises. For example, China, South Korea, and India all have regulations governing electronic waste, and these nations Increasingly regulate harmful substances that are poisonous in nature. The introduction of tougher energy efficiency standards for refrigerators by the governing bodies might hinder the expansion of the refrigerator market. Producers make more investments in their methods of manufacture to comply with these standards, which might raise the cost of production. In addition, producers might Increase the cost of their refrigerators to cover these extra costs, which would ultimately affect customer demand. Furthermore, rise in product pricing may make it more difficult for certain people to afford or justify buying a new refrigerator, thereby reducing market growth. The expansion of laws and regulations is thus anticipated to impede the market for refrigerators.
Refrigerator manufacturers have several opportunities to differentiate their brands from other players and stay competitive in the market. The manufacturers provide customer service and comprehensive after-sales support which is crucial in building customer loyalty and trust. Moreover, offerings such as extended warranties, efficient repair services, and proactive maintenance programs are some of the extra services which are attracting customers with different Income groups to purchase refrigerators. Furthermore, they collaborate with retailers and various energy programs such as the Energy Star program, and Sustainable Manufacturing Initiatives, among others, that may help showcase their product to wider audiences and may help them to take advantage of government Incentives to promote energy-efficient models. The opportunities for international markets are wide with the growth of the middle-class population in developing countries such as India and China are expected to drive the demand for consumer electronic appliances Including refrigerators in coming years.
The refrigerator market is segmented into product type, freezer, technology, application, distribution channel, and region. On the basis of product type, the market is categorized into single door, double door, side by side, French door, and others. On the basis of freezer, the market is segmented into top freezer, bottom freezer, and convertibles. On the basis of technology, the market is bifurcated into inverter and non-inverter. On the basis of application, the market is bifurcated into household and commercial. On the basis of distribution channel, it is fragmented into supermarket/hypermarket, specialty stores, online sales channels, and others. On the basis of region, it is analysed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, Sweden, Netherlands, Denmark, Poland, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Singapore, Indonesia, New Zealand, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Middle East, Saudi Arabia, Egypt, Nigeria, and rest of LAMEA).
The key players operating in the refrigerator market Include LG Electronics, Panasonic Holdings Corporation, Robert Bosch GmbH, Hitachi, Ltd., Haier Inc., Samsung, Godrej, MIRC Electronics Limited, AB Electrolux, Whirlpool Corporation, Voltas Limited, Havells India Limited, Midea, Hisense International, and Liebherr.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the refrigerator market analysis from 2022 to 2032 to identify the prevailing refrigerator market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the refrigerator market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global refrigerator market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Technology
- Inverter
- Non-Inverter
By Product Type
- Single Door
- Double Door
- Side by Side
- French Door
- Others
By Freezer
- Top Freezer
- Bottom Freezer
- Convertibles
By Distribution Channel
- Hypermarket/Supermarket
- Specialty Stores
- Online Sales Channel
- Others
By Application
- Household
- Commercial
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Sweden
- Netherlands
- Denmark
- Poland
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Malaysia
- Singapore
- Indonesia
- New Zealand
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- South Africa
- Middle East
- Saudi Arabia
- Egypt
- Nigeria
- Rest of LAMEA
Key Market Players
- AB Electrolux
- Godrej
- Haier Inc.
- Havells India Limited
- Hisense International
- Hitachi, Ltd.
- LG Electronics
- Liebherr-International AG
- Midea
- MIRC Electronics Limited
- Panasonic Holdings Corporation
- Robert Bosch GmbH
- Samsung Group
- Voltas Ltd.
- Whirlpool Corporation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: REFRIGERATOR MARKET, BY PRODUCT TYPE
CHAPTER 5: REFRIGERATOR MARKET, BY FREEZER
CHAPTER 6: REFRIGERATOR MARKET, BY TECHNOLOGY
CHAPTER 7: REFRIGERATOR MARKET, BY APPLICATION
CHAPTER 8: REFRIGERATOR MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 9: REFRIGERATOR MARKET, BY REGION
CHAPTER 10: COMPETITIVE LANDSCAPE
CHAPTER 11: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Refrigerator Market,' The refrigerator market was valued at $126.9 billion in 2022, and is estimated to reach $220.6 billion by 2032, growing at a CAGR of 5.8% from 2023 to 2032.The global refrigerator market was valued at $126,863.9 million in 2022 and is projected to reach $220,591.8 million by 2032, registering a CAGR of 5.8% from 2023 to 2032.
A refrigerator is an electronic appliance that uses the evaporation of a liquid to absorb heat. The liquid, or refrigerant, used in a refrigerator evaporates at extremely low temperatures, resulting in freezing temperatures within the refrigerator.
One of the major factors that drive the demand for refrigerators includes the rapid increase in the food and beverage industry across the world. There are a number of emerging economies with population growth that occurs gradually, and they are primarily made up of middle-class families who have greater disposable income. In addition, rise in packaged food consumption has experienced sharp growth along with the expansion of the food and beverage business. As a result, there is a parallel rise in domestic refrigerator demand from highly populated regions. Moreover, the market for meat packaging has expanded as a result of the rise in demand for high-quality meat packaging that must be kept cold to prevent the growth of bacteria in it. Furthermore, a lot of food and beverages are exported from one location to another and need a specific temperature to stay fresh and deliverable. Online food delivery services have been gradually deployed and expanded as a result of explosive growth in e-commerce. Thus, the hotels, restaurants, and cafes fulfilling these orders are required to stockpile their supplies of food ingredients to meet the demand on time. The use of a refrigerator makes it possible to keep large quantities of raw components fresh for a longer period.
One of the biggest restraints of the refrigerator market is the excessive accumulation of secondhand refrigerators in different parts of the world. The market for refrigerators may get hampered in several regions, including Asia-Pacific and LAMEA, due to the excessive use of used refrigerators. Moreover, there are some customers who find it challenging to acquire a new refrigerator, especially if they have limited financial resources, which forces them to buy previously owned products. The recycling of refrigerators requires the careful removal of potentially dangerous materials such as refrigerants and foam insulation, but not every region has the infrastructure required to carry out an effective and environmentally friendly recycling procedure. As a result, instead of recycling refrigerators further, people prefer to sell, or purchase used refrigerators. In addition, as there is a lack of sufficient regulations preventing the import of used refrigerators, underdeveloped nations tend to use secondhand refrigerators more frequently. Several nations in the East African Community (EAC) region, including Burundi, Kenya, and Uganda among others, are heavily involved in the selling and purchase of used refrigerators owing to the state of their economies. In the region, it is common to find used appliances for sale; for instance, in Burundi, 13% of imported refrigerators were used refrigerators. All of these have an impact on the sales of newly manufactured refrigerators on the market, which could slow the market expansion for refrigerators.
Refrigerator manufacturers have several opportunities to differentiate their brands from other players and stay competitive in the market. The manufacturers provide customer service and comprehensive after-sales support, which is crucial in building customer loyalty and trust. Moreover, offerings such as extended warranties, efficient repair services, and proactive maintenance programs are some of the extra services which are attracting customers with different income groups to purchase refrigerators. Furthermore, they collaborate with retailers and various energy programs such as the Energy Star program, and Sustainable Manufacturing Initiatives, among others, that may help showcase their product to wider audiences and may help them to take advantage of government incentives to promote energy-efficient models. The opportunities for international markets are wide with the growth of the middle-class population in developing countries such as India and China are expected to drive the demand for consumer electronic appliances including refrigerators in coming years.
According to the refrigerator market analysis, the market is segmented on the basis of product type, freezer, technology, application, distribution channel, and region. On the basis of product type, the market is segregated into single door, double door, side by side, French door, and others. On the basis of the freezer, it is divided into top freezer, bottom freezer, and convertibles. On the basis of technology, the market is bifurcated into inverter and non-inverter. On the basis of application, the market is categorized into household and commercial. On the basis of distribution channels, the market is divided into hypermarkets/supermarkets, specialty stores, online sales channels, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, Sweden, Netherlands, Denmark, Poland, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Singapore, Indonesia, New Zealand, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Middle East, Saudi Arabia, Egypt, Nigeria, and rest of LAMEA).
Some of the key players operating in the refrigerator market analysis include LG Electronics, Panasonic Holdings Corporation, Robert Bosch GmbH, Hitachi, Ltd., Haier Inc., Samsung, Godrej, MIRC Electronics Limited, AB Electrolux, Whirlpool Corporation, Voltas Limited, Havells India Limited, Midea, Hisense International, and Liebherr.
According to the market players, the major obstacle attributed to the pandemic was the disruption of the global supply chains, factory closures, and shortage of raw materials. Furthermore, all the distribution channels were nearly shut down in the first quarter of the pandemic. The industry witnessed a shift toward online sales as physical stores faced closure or limited operations. However, online channels such as Alibaba, eBay, Amazon, and Flipkart gained huge traction amidst the pandemic.
Companies Mentioned
- AB Electrolux
- Godrej
- Haier Inc.
- Havells India Limited
- Hisense International
- Hitachi, Ltd.
- LG Electronics
- Liebherr-International AG
- Midea
- MIRC Electronics Limited
- Panasonic Holdings Corporation
- Robert Bosch GmbH
- Samsung Group
- Voltas Ltd.
- Whirlpool Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 529 |
| Published | June 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 126.86 Billion |
| Forecasted Market Value ( USD | $ 220.59 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
