USD 93.46 billion
Global Refrigerator Market Size, Share, Growth Analysis, By Product Type(Top Freezer Refrigerator, Bottom Freezer Refrigerator), By End User(Residential, Commercial), By Distribution Channel(Online, Offline) - Industry Forecast 2024-2031
Report ID:
SQMIG25H2034 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
90 |
Figures:
76
Global Refrigerator Market Insights
Global Refrigerator Market size was valued at USD 93.46 billion in 2019 and is poised to grow from USD 100 billion in 2023 to USD 160.1 billion by 2031, growing at a CAGR of 7% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Industrial
Fastest Growth
Industrial
Growth Rate
7% CAGR
Global Refrigerator Market 2021-2028 ($ Mn)
Country Share for Asia-Pacific Region- 2021 (%)
Global Refrigerator Market Size by End User 2021-2028 ($ Mn)
Global Refrigerator Market Size by End User 2021-2028 (%)
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Global Refrigerator Market Segmental Analysis
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.
Global Refrigerator Market By End User, 2021 (%), 2023 (%)
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Global Refrigerator Market Regional Insights
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.
Global Refrigerator Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Refrigerator Market Dynamics
Refrigerator Market Driver
- Refrigerator demand in India comes primarily from metropolitan areas, which account for the majority of sales volume. People who live in cities have quite different consuming habits than those who live in rural areas. Refrigerator penetration in the country is gradually increasing. Rising household incomes, improved technologies, increased urbanization, and environmental changes are all contributing to this growth. Consumers are expected to purchase a smart refrigerator due to rapid urbanization and lifestyle changes. The country's growing urban population, which is characterized by high-income individuals, is likely to fuel demand for refrigerators over the projection period.
Refrigerator Market Restraint
- The higher repair and maintenance costs associated with high-end refrigeration products are expected to stymie refrigerators market growth from the lower-income segment. Furthermore, the scarcity of home appliance maintenance services might deter the purchasing of smart refrigerators. Furthermore, increased rivalry in electric appliance items would raise entry barriers for new entrants into the business.
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Global Refrigerator Market Competitive Landscape
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
- Haier
- Whirlpool
- Samsung
- LG Electronics
- Electrolux
- Bosch
- Panasonic
- Sharp
- Hitachi
- Midea
- Siemens
- Godrej
- Toshiba
- Indesit
- Liebherr
- Smeg
- Vestel
- Arcelik
- Fisher & Paykel
- General Electric
Refrigerator Market Recent Developments
- In June 2022, Samsung launched the 2022 portfolio of its popular Curd MaestroTM and Digi Touch CoolTM refrigerator lines, including the introduction of new India-centric designs. Curd MaestroTM, the world's first refrigerator capable of producing curd, which is now available in the United States. Mid Night Blossom and Bouquet Silver, the industry's first flower pattern design on steel finish. These freezers alleviate pain by extending beyond food preservation to food preparation. This, thus is likely to contribute to the market growth as well as enhance the Samsung refrigerator market share.
Global Refrigerator Key Market Trends
- Rising infrastructure developments for smart homes and buildings for business and residential uses increase people's need for highly efficient home appliance items. This boosts the development of new refrigeration products. Furthermore, notable firms' introduction of unique technological features such as IoT, digital connectivity, and custom interface with freezing products will encourage the purchase of smart refrigeration products. For example, in December 2019, Xiaomi released the Yunmi Internet Smart freezer, which includes high-end technologies like as IoT connectivity, AI voice control, and so on. At the same time, the Yunmi Internet Smart freezer is attempting to compete in the market with Samsung and LG.
Global Refrigerator Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 93.46 billion |
| Market size value in 2031 | USD 160.1 billion |
| Growth Rate | 7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Refrigerator Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Refrigerator Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
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.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Refrigerator Market Report Snapshots
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