Global Refrigerator Market

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: July, 2036
Pages: 157 | Tables: 90 | Figures: 76

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.
$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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).

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. 'Haier', 'Whirlpool', 'Samsung', 'LG Electronics', 'Electrolux', 'Bosch', 'Panasonic', 'Sharp', 'Hitachi', 'Midea', 'Siemens', 'Godrej', 'Toshiba', 'Indesit', 'Liebherr', 'Smeg', 'Vestel', 'Arcelik', 'Fisher & Paykel', 'General Electric'

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.

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.

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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

Click here right-arrow
logo-images

Related Reports

Heat Pump Water Heater Market
Buy Now GET FREE SAMPLE
Plumbing Fixtures Market
Buy Now GET FREE SAMPLE
U.S. Smart Kitchen And Bathroom Products Market
Buy Now GET FREE SAMPLE
Energy Retrofit Systems Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Refrigerator Market

Product ID: SQMIG25H2034

$5,300
BUY NOW GET FREE SAMPLE