Refrigerator Market: Global Market Outlook and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Product, Distribution Channel, and Region.

Refrigerator Market Definition:

Refrigerators are commonly utilized in both homes and businesses to provide a handy and safe way of preserving food. They come in a variety of shapes and sizes, as well as features and uses. To attract end-users, Refrigerator Market players are working on introducing a higher level of luxury and new refrigeration products.

 

 

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Refrigerator Market Dynamics:

To avoid food spoiling and have an effective food storage system, hotels and quick-service restaurants typically employ freezers with high cooling features. The demand for hotel and hospitality items grows, so will sales of high-end refrigeration products. The rising number of ice cream parlors and bars would result in growth of refrigerator market. Refrigerators are necessary for giving specific chilling range options in the freezer, which are mostly used to store cold drinks and ice creams at ice cream parlors and bars. The increasing consumption of various frozen and processed food items around the world is expected to increase the need for freezing products. In 2019, housing accounted for the highest value of new orders of USD 24 billion, which is 36 % of the total construction orders in the U.K.

 

The government is developing new policies to reduce the energy use of household appliances. The policies encourage the production and use of energy-efficient home appliances, making it easier to contribute to environmental sustainability. As a result, demand for energy-efficient cold storage equipment is expected to grow.

 

The government has offered a supportive policy to create an obligatory Brazilian comparison label, which will assist consumers in making purchasing decisions based on the refrigerator's energy efficiency. Government attempts to promote and enhance the manufacturing capability of electronic products, such as the "Make in India" program, will help to increase the supply of electronic home appliances in India. Incentive programs such as coupons, discounts, and vouchers offered by corporations would encourage consumers to purchase electric products, resulting in refrigerator market expansion.

 

Higher repair and maintenance costs associated with high-end refrigeration devices are expected to stifle market growth among lower-income consumers. The limited availability of home appliance maintenance services might deter the purchasing of smart refrigerators. Increased rivalry in the electric appliance sector would erect obstacles to the entrance for newcomers to the refrigerator market.

 

People's demand for highly efficient home appliance items is increasing as infrastructural advancements connected to smart homes and buildings for business and residential reasons increase. This encourages the development of new refrigeration products. Major firms' development of unique technical features such as IoT, digital connectivity, and custom interface with freezing products is driving the adoption of smart refrigeration products. Xiaomi released the Yunmi Internet Smart freezer in 2019 with high-end capabilities including IoT connectivity and AI voice control. At the same time, with the Yunmi Internet Smart freezer, the company is attempting to compete with Samsung and LG in the market.

 

Refrigerator Market Segment Analysis:

By Product, the Top Freezer segment dominated the refrigerator market with a 40 % share in 2023. Due to its characteristic of having a combined freezer and shelf size in a single unit. This eliminates the need to purchase a separate chest freezer or locate a separate room for food storage.

 

Compared to other types of containers, such items give more useful storage space. The side by side segment is expected to grow at a CAGR of 6.1 % through the forecast period, as customers can simply and quickly locate the required food items in these refrigerators thanks to their open side shelf sections, which also give additional shelf space for consumer use

 

The bottom freezer category is popular with senior adults since it does not have a mobility issue that makes it difficult for them to stoop down to get food products. Because of their deeper drawer freezers, which are commonly used to store frozen food products, the French door category has seen significant development.

 

By Distribution Channel, The offline segment dominated the refrigerator market with a 65 % share in 2023. This includes retail outlets, shopping malls, and specialty stores. Customers can touch, see, and comprehend the product better. Under this manner of distribution, customers have a wide range of options for selecting refrigerators that meet their specific needs. They prefer to purchase refrigerators from physical stores since they can haggle and get discounts while doing so. Hotels and restaurants prefer to use branded smart freezers for their kitchen chilling and food storage systems, thus they normally buy them from specialized stores.

 

The online channel is expected to grow at a CAGR of 5.99 % through the forecast period Owing to the advancement in the e-commerce industry coupled with the rising internet penetration that would foster online shopping activities by the people.

 

 

Refrigerator Market Regional Insights:

Asia Pacific region dominated the refrigerator market with 37.8 % through the forecast period. Because of its enormous population and households and rising infrastructure demand in this region will lead to increased use of home appliance items. Other major drivers driving market expansion in Asia-Pacific are strong demand for smart appliances to replace traditional appliances, rising disposable income, expanding urbanization, and the number of homes. In the Asia Pacific, the major markets for refrigeration products are China and India.

 

Europe is expected to grow at a CAGR of 4.5 % through the forecast period. Because of the launch of technologically superior refrigeration products by important companies in the region. This would entice customers to buy smart refrigerators and persuade them to do so. In 2019, Samsung Electronics introduced new lifestyle innovations of excellent workmanship and BESPOKE to suit the specific needs of each household in Europe with its latest BESPOKE fridges, ushering in a new era of kitchen design.

 

North America is expected to grow at a CAGR of 5 % in the refrigerator market through the forecast period. The population's increased disposable income in countries like the United States and Canada. Factors such as the region's huge urban population base and growing nuclear families will lead to greater use of smart electrical equipment. Because of the expanding middle-class population in nations like Brazil and Argentina, South America is expected to grow rapidly. As people's interest in energy-efficient household appliances grows, demand for energy-efficient refrigeration goods will grow in the region.

 

Refrigerator Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global market, key players in the market, particularly in Europe and North America, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Global Refrigerator market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Refrigerator market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Global Refrigerator Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Refrigerator market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Refrigerator market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the global market.

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Global Refrigerator market. The report also analyses if the Global Refrigerator market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Refrigerator market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Refrigerator market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the global market is aided by legal factors.

 

Refrigerator Market Scope:.

Refrigerator Market Scope
Market Size in 2023	USD 124.76 Bn.
Market Size in 2030	USD 181.61 Bn.
CAGR (2024-2030)	5.51%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Product Top Freezer Bottom Freezer Side by Side French Door
	By Distribution Channel Offline Online
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Refrigerator Market Key Players: 

• Haier (Qingdao, China)
• L.G. (Seoul, South Korea)
• Samsung (Suwon-si, South Korea)
• Whirlpool (Benton Harbor, Michigan, United States)
• Voltas  (Mumbai, India)
• Electrolux (Stockholm, Sweden)
• Panasonic (Kadoma, Osaka, Japan)
• Sharp (Sakai, Osaka, Japan)
• Hitachi (Chiyoda City, Tokyo, Japan)
• Toshiba (Minato City, Tokyo, Japan)
• Godrej (Mumbai, India)
• Intex (New Delhi, India)