Global Refrigerator Market Outlook, 2028

Global Refrigerator Market Outlook, 2028

People's choice for energy-efficient home equipment products is growing as infrastructure projects for smart homes and buildings for both residential and commercial usage are developed. This encourages the development of innovative refrigeration products. The use of smart refrigeration products will also increase as a result of top manufacturers implementing cutting-edge advanced technologies like the Internet of Things, internet infrastructure, and custom interfaces with cooling products. Moreover, the need for them to buy updated home appliance items would increase due to the rising rate of urbanisation of the world's population and the rise in nuclear households. Additionally, there is a greater demand for eco-friendly and low-energy refrigerators due to governments and the general public's growing worries about the environment and energy usage. In the market for refrigerators, ongoing trends include automation and digitization. The emphasis on research, development, and technology has also reduced costs while enhancing refrigerator functions. Furthermore, increasing disposable income levels in developing countries have led to higher purchasing power and a greater ability to afford home appliances like refrigerators. As more households can afford refrigerators, the demand for these products has grown significantly. In addition, changing consumer lifestyles, particularly in urban areas, have led to a shift in food consumption patterns. Consumers are now purchasing more perishable and convenience foods, necessitating the need for reliable refrigeration solutions to store these items safely. This trend has fueled the demand for refrigerators globally.

According to the research report, Global Refrigerator Market Outlook, 2028, published by Bonafide Research the market is anticipated to reach USD more than 123 Billion by 2028 with a significant CAGR of 3.98% from USD 98 Billion in 2022. The expansion of the middle-class population in emerging economies has played a significant role in driving the refrigerator market. As middle-class households grow, there is an increased desire for improved living standards, including the adoption of home appliances like refrigerators. The increasing adoption of eating frozen food across the globe is driving the market of refrigerators globally. Urban areas are witnessing significant growth, leading to smaller living spaces and limited access to fresh groceries. In such scenarios, frozen food acts as a viable alternative for individuals who may not have easy access to fresh produce. As urbanization continues to rise globally, the demand for refrigerators to store frozen food is also increasing. Frozen food has a longer shelf life compared to fresh food, allowing consumers to store it for extended periods without worrying about spoilage. The integration of smart technology and connectivity features is gaining traction in the refrigerator market. Smart refrigerators offer advanced functionalities such as remote temperature control, inventory management, voice assistance, and compatibility with smart home systems. These features enhance convenience, enable better food management, and provide users with real-time information about their refrigerator's status. Design aesthetics play a significant role in consumer purchasing decisions. There is a growing preference for minimalist and sleek designs in refrigerators, particularly in urban areas where space is limited. Manufacturers are focusing on creating slim profiles, clean lines, and stainless-steel finishes meeting the demand for visually appealing refrigerators that seamlessly integrate with modern kitchen designs. Refrigerators with built-in water and ice dispensers continue to be popular among consumers. These features provide convenience and eliminate the need for separate water filters or ice trays. Manufacturers are incorporating advanced filtration systems and options for different ice types (such as crushed ice or ice cubes) to cater to consumer preferences.

Asia-Pacific Significantly dominates the market of refrigerator globally. Asia-Pacific is home to a significant portion of the global population, with countries like China and India having large populations. As urbanization accelerates in the region, more households are being established, leading to increased demand for home appliances like refrigerators. Economic development in countries across Asia-Pacific has resulted in rising disposable income levels for many households. As a result, consumers have more capacity to purchase durable goods, including refrigerators. The shift from joint families to nuclear families in many Asian countries has increased the demand for home appliances, including refrigerators. Smaller households require refrigeration solutions that cater to their specific needs, which has further boosted the market. Asia-Pacific is a major manufacturing hub for home appliances, including refrigerators. The region's lower production costs, skilled labor, and established supply chains have attracted international manufacturers to set up production facilities in countries like China, South Korea, and India. This has contributed to the availability and affordability of refrigerators in the region.

Based on type, the market is segmented into Single-Door, Double-Door, Side by Side, and French door. Among them the double door refrigerators significantly dominates the market globally. Double door refrigerators generally offer more storage space compared to single door models. With separate compartments for the freezer and refrigerator sections, double door refrigerators provide ample room to store various food items. The multiple shelves, drawers, and door bins enhance organization, making it easier to access and arrange different types of food. Double door refrigerators often come equipped with advanced cooling technologies. These technologies ensure better temperature control and distribution, maintaining optimal cooling in both the freezer and refrigerator compartments. The separate cooling systems for each section prevent odor and flavor transfer between the freezer and refrigerator, preserving the quality of the stored food. Based on application the market incudes household and commercial use. The household application is leading the market with significant market share. Refrigerators are an essential household appliance found in the majority of households worldwide. The widespread adoption and high market penetration of refrigerators in residential settings contribute to their dominance in the global market. Almost every household requires a refrigerator for storing perishable food items, beverages, and other essentials. With increasing urbanization worldwide, more people are living in urban areas and smaller living spaces, such as apartments or condominiums. In these urban households, space efficiency and compactness are crucial considerations. Refrigerators designed for household use are available in various sizes and designs to fit different living spaces, making them suitable for urban dwellings.

The distribution channel of the market includes, hypermarket and supermarket, speciality retailers and online. Speciality retailer holds the highest market share of the market. Specialty retailers typically focus on home appliances and provide a wide range of refrigerator models from various brands. They offer a diverse selection of refrigerators with different capacities, features, and price ranges, catering to the varying needs and preferences of consumers. This extensive product selection allows specialty retailers to attract a broader customer base. Specialty retailers often have exclusive partnerships with appliance manufacturers and brands. These partnerships allow them to offer unique and exclusive refrigerator models that may not be available through other retail channels. Exclusive partnerships give specialty retailers a competitive advantage and attract customers who are specifically seeking those exclusive offerings. The Online Channel is expected to exhibit the highest CAGR of the market in the upcoming time frame. Based on weight the market includes, Small Capacity Refrigerator (Less than 100L), Medium Capacity Refrigerator (100L to 300L), Large Capacity Refrigerator (300L to 400L), and Extra Large Capacity Refrigerator (More than 400L). The Medium Capacity Refrigerator (100L to 300L) is significantly leading the market of refrigerator globally.

Based on technology, the market is bifurcated into inverter and non-inverter. The Inverter technology is holding the prominent market share of refrigerator and is expected to lead the market in future as well. Inverter technology is known for its energy-efficient operation. Traditional refrigerators use a compressor that runs at a fixed speed, resulting in constant on-off cycles to maintain the desired temperature. In contrast, inverters use variable-speed compressors that adjust their speed based on cooling demands. This dynamic operation reduces energy consumption by matching the cooling output to the actual requirements, resulting in significant energy savings over time. Inverter technology enables precise temperature control in refrigerators. The variable-speed compressor adjusts its speed to maintain a consistent and precise temperature inside the refrigerator. This accurate temperature control helps preserve the freshness and quality of stored food items, extending their shelf life. Inverters can provide faster cooling and quick recovery after the door is opened. The variable-speed compressor can operate at high speeds during initial cooling or after the door is opened, quickly reaching the desired temperature again. This feature is particularly beneficial for users who frequently access the refrigerator or store large amounts of food at once.

Recent developments:
• April 2023: Samsung announced its new Bespoke refrigerators, which are customizable and available in a variety of colors and finishes.
• March 2023: LG launched its InstaView Door-in-Door refrigerators, which have a transparent window that allows users to see inside the fridge without opening the door.
• February 2023: Whirlpool introduced its new French-door refrigerators, which have a sleek design and a variety of features, including a built-in water dispenser and ice maker.
• January 2023: GE unveiled its new Profile refrigerators, which are energy-efficient and have a variety of smart features, such as a built-in camera that allows users to check on their food from anywhere.

Companies mentioned in the report:
Samsung Electronics Co Ltd., LG Corporation, Voltas Limited, Whirlpool Corporation, Panasonic holding corporation, Robert Bosch GmbH, Haier group corporation, Mitsubhishi electric corporation, Siemens AG, Midea group co limited, Hisense, Hitachi, Ltd, Toshiba corporation, Electrolux AB , General electric company, Sub-zero, Arcelik AS, Liebherr - international AG, Gree electric appliances, Indesit company S.p.A

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global Refrigerators market with its value and forecast along with its segments
• Region-wise Refrigerators market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle East & Africa (UAE, Saudi Arabia, South Africa)

By Type:
• Single-Door
• Double-Door
• Side by Side
• French-Door
• Other Types

By Application:
• Household
• Commercial Use

By Distribution Channel:
• Hypermarkets and Supermarkets
• Specialty Retailers
• Online
• Others

By weight:
• Small Capacity Refrigerator (Less than 100L)
• Medium Capacity Refrigerator (100L to 300L)
• Large Capacity Refrigerator (300L to 400L)
• Extra Large Capacity Refrigerator (More than 400L)

By Technology:
• Inverter
• Non-Inverter

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Refrigerators industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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