Household Fridge Market By Capacity (Less Than 15 cu. Ft., 15 to 30 cu. Ft.) , By Structure (Built in, Freestanding) By Door Type (Single Door, Double Door) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Household Fridge Market
The household fridge market was valued at $121.4 billion in 2023 and is projected to reach $204.0 billion by 2033, growing at a CAGR of 5.4% from 2024 to 2033.
A household fridge is a common appliance used in residential settings to store food, drinks, and perishables at the right temperature. The aim of using a household fridge is to extend the shelf life of food products & cut down on wastage. A fridge provides efficiency and convenience to cater to the basic requirement for food storage in homes. The major benefits of using a household fridge include food product arrangement, temperature control, energy efficiency, and space optimization.
The household fridge market is significantly driven by an exponential rise in global population, as it is increasing the demand for food storage solutions in residential places. Furthermore, rapid urbanization and rise in disposable income are upsurging the purchase of household fridges. The trend of purchasing fridges with smart connection, improved energy conservation, and high durability is gaining prominence among several individuals. This is attributed to the development of broad & ingenious technologies for fridges such as magnetic cooling, convertible refrigeration, uniform cooling, and power backup technology.
However, the sale of household fridges is significantly influenced by economic downturns as they reduce consumer spending on such appliances. Furthermore, volatility in the prices of raw materials negatively affects the production prices of household fridges; therefore, adversely being imposed regarding the emission of greenhouse gases from refrigerators promote the mitigation of environmental impact of appliances. For instance, the European Commission implemented a new regulation called Ecodesign Requirements of Refrigerating Equipment 2019/2019 in 2021, that aims to promote the circular economy by emphasizing on repairability, easy disassembly, and recyclability of refrigeration products.
Segment ReviewThe household fridge market is segmented into capacity, structure, door type, and region. On the basis of capacity, the market is bifurcated into less than 15 cu. Ft. and 15 to 30 cu. ft. Depending on structure, it is divided into built in and freestanding. As per door type, it is classified into single door and double door. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsDepending on structure, the freestanding segment is expected to witness a high demand in future.
On the basis of capacity, the 15 to 30 cu. ft. segment is projected to dominate the market in the coming years.
As per door type, the double-door segment experienced a noteworthy rise in demand in recent years.
Region wise, the household fridge market is expected to gain prominence in Asia-Pacific.
Competition AnalysisThe major players operating in the global household fridge market include Scheider Electric, SMA Solar Technology AG, EXIDE INDUSTRIES LTD., SK Holdings, Autobat, Enerbrax Acumuladores Ltd, Eguana Technologies, Imergy Power Systems, Inc., Ionotec Ltd, and Tata Power. These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
Key Market SegmentsBy CapacityLess Than 15 cu. Ft.
15 to 30 cu. Ft.
By StructureBuilt in
Freestanding
By Door TypeSingle Door
Double Door
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market Players
Scheider Electric
SMA Solar Technology AG
EXIDE INDUSTRIES LTD.
SK Holdings
Autobat
Enerbrax Acumuladores Ltd
Eguana Technologies
Imergy Power Systems, Inc.
Ionotec Ltd
Tata Power