USD 93.46 billion
Report ID: SQMIG25H2034 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 90 | Figures: 76
Global Refrigerator Market size was valued at USD 93.46 billion in 2021 and is poised to grow from USD 100 billion in 2022 to USD 160.1 billion by 2030, growing at a CAGR of 7% in the forecast period (2023-2030).
Refrigerators are commonly utilized in residential and commercial to provide a simple and safe method of food storage. They are classified into several types based on their size, characteristics, and applications. Manufacturers in the business are concentrating their efforts on introducing more luxurious and creative refrigeration goods in order to attract end-users. Several important industry players, including Haier, Samsung, LG, GE Appliances, and many more, are utilizing merger and acquisition tactics to increase their global market reach through retail stores. Companies in the home appliances business are now developing environmentally friendly refrigeration items that reduce carbon footprints and make green actions toward environmental sustainability easier. These factors are likely to encourage the growth of smart refrigerators market globally.
US Refrigerator Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 93.46 billion
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The global refrigerator market analysis is done based on product type, end user, distribution channel, and region. Based on the product type, the refrigerators market is segmented into top freezer refrigerator, bottom freezer refrigerator, side by side refrigerator, and French door refrigerator. Based on end user, the refrigerators market is segmented into residential, commercial, and industrial. Based distribution channel
online and offline. Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Refrigerator Market Analysis by Product Type
Based on the product type, the market is segmented into top freezer refrigerator, bottom freezer refrigerator, side by side refrigerator, and French door refrigerator. Among these, the top freezer refrigerator segment of the market is projected to hold the significant share in the refrigerators market. The top freezer sector is expected to dominate the market due to its feature of combining freezer and shelf size in a single device, which eliminates the need to purchase a separate chest freezer or find separate room for food storage.
Furthermore, such goods offer greater useful storage space than other sorts of cabinets. The side-by-side category, on the other hand, is expected to grow the fastest throughout the forecast period because customers can simply and quickly discover the required food items in these refrigerators due to their open side shelf sections, and they also give more shelf space for consumer consumption. Bottom refrigerators are popular among senior persons since they do not have mobility issues that make it difficult to stoop down to address food items. Because of their deeper drawer freezers, which are extensively used for storing frozen food products, the French door market has seen significant growth.
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In 2021, Asia-Pacific is expected to have the biggest refrigerators market share. Attributing to its enormous population and household base, Asia Pacific is likely to dominate the market. Furthermore, rising infrastructure demand in this region would lead to increased use of home appliance items. Other important drivers driving Asia-Pacific market expansion are strong replacement demand for traditional to smart appliances, rising disposable income, expanding urbanization, and the number of homes. China and India are Asia Pacific's largest refrigeration product markets.
Further, due to the increased disposable income of the people in nations such as the United States and Canada, North America is likely to hold a significant portion of the market. The US refrigerator market is projected to witness a significant growth. Furthermore, factors such as the region's huge urban population base and expanding nuclear families would result in greater use of smart electrical equipment. South America is expected to grow rapidly because to the increasing middle-class population in nations such as Brazil and Argentina. Furthermore, people's growing interest in energy-efficient household appliances will assist to drive demand for energy-efficient refrigeration goods in the region.
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Refrigerator Market Driver
Refrigerator Market Restraint
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Refrigerator Market Top Company Profiles
Refrigerator Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global refrigerator market is segmented based on product type, end user, distribution channel, and region. Based on product type, the top freezer refrigerator segment of the market is projected to hold the significant share in the market. Based on end user, the residential segment of the market is projected to hold the significant share in the market. Based on the region, the Asia-Pacific region is projected to hold the significant share in the market.
|Market size value in 2021
|USD 93.46 billion
|Market size value in 2030
|USD 160.1 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Refrigerator Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Refrigerator Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Refrigerator Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Refrigerator Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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