Global Refrigerator Market Report and Forecast 2023-2028

Global Refrigerator Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global refrigerator market is projected to grow at a CAGR of 5.70% between 2023 and 2028. Aided by the escalating demand for energy-efficient appliances and the broadening applications of refrigerators in residential and commercial sectors, the market is expected to grow significantly by 2028.

Refrigerators have become an essential appliance in modern lifestyles, used widely for food preservation by slowing down the bacterial growth. They are ubiquitous in homes, restaurants, hospitals, and research labs, where they serve varied purposes, from storing perishables and medication to conducting temperature-sensitive experiments. Beyond their primary functionality, modern refrigerators also offer features such as adjustable shelves, door bins, water dispensers, and digital temperature control, enhancing user convenience.

The rising demand for energy-efficient and technologically advanced appliances is fuelling the global refrigerator market growth. With the increasing awareness about the environmental impacts of energy consumption and the benefits of energy-efficient appliances in cost savings, there has been a significant shift towards energy-star rated refrigerators. Additionally, technological innovations, including smart refrigerators with touch screens, internet connectivity, and internal cameras, are further driving the market growth.

The expanding applications of refrigerators across different sectors play a substantial role in refrigerator market expansion. In the healthcare industry, for example, refrigerators are crucial for storing vaccines, medications, and biological samples at optimal temperatures. In the food and beverage industry, they are indispensable for preserving the freshness and extending the shelf life of various food items. Moreover, the growing number of restaurants, hotels, and food retail outlets worldwide further boosts the demand for commercial refrigerators.

Furthermore, the surging demand for home appliances in developing countries due to improving living standards and rising disposable incomes is bolstering the refrigerator market demand. Rapid urbanisation, coupled with the increasing prevalence of nuclear families, has spurred the need for compact and single-door refrigerators, thereby augmenting market expansion.

Moreover, the growth of online retail platforms offering a wide range of products, convenient shopping experience, and door-step delivery has made refrigerators easily accessible to consumers, thereby fuelling the refrigerator market growth. The trend of kitchen remodelling and the integration of built-in appliances for a sleek, modern aesthetic have also increased the demand for high-end refrigerators in the residential sector.

Market Segmentation

The market can be divided based on technology, product type, weight, distribution channel, and region.

Market Breakup by Technology

• Inverter
• Non-Inverter

Market Breakup by Product Type

• French Door
• Top Freezer
• Bottom Freezer
• Others

Market Breakup by Weight

• Small Capacity Refrigerator (Less than 100L)
• Medium Capacity Refrigerator (100L to 200L)
• Large Capacity Refrigerator (200L to 300L)
• Extra Large Capacity Refrigerator (More than 300L)

Market Breakup by Distribution Channel

• Hypermarkets and Supermarkets
• Speciality Retailers
• Online
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global refrigerator companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• LG Electronics Inc.
• Haier Group
• Whirlpool Corporation
• Samsung Electronics Co., Ltd.
• Hitachi Ltd.
• Electrolux AB
• Panasonic Corporation
• BSH Home Appliances Corporation
• Miele & Cie. KG
• Arçelik A.Ş
• Toshiba Corporation
• Midea Group
• Honeywell International Inc
• Godrej & Boyce Manufacturing Company Limited
• Sharp Electronics Corporation
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.