Refrigerator Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
The global refrigerator market is witnessing a significant upswing with the increasing demand for refrigeration solutions in both homes and hotels. Refrigerators, a vital household appliance for food storage and preservation, are evolving with emerging technologies, transforming into multi-functional devices. Key drivers for this growth include wireless communication, the Internet of Things (IoT), and the adoption of these technologies in household appliances.
Emerging Technologies Shaping the Future of Refrigeration
The integration of wireless communication and IoT technology is expected to revolutionize the household refrigerator market. These advancements are making refrigerators smarter, more energy-efficient, and capable of providing enhanced functionality to meet the evolving needs of consumers.
Challenges and Opportunities
While the demand for refrigerators is on the rise, higher costs and a lack of awareness regarding the benefits and proper utilization of technologies remain challenges that may temper the growth of the market in the coming years.
Energy Efficiency Leading the Way
Energy efficiency regulations mandating performance-based labeling for refrigerators have prompted manufacturers and retailers to promote energy-efficient models. Consumers are increasingly favoring ENERGY STAR-rated refrigerators, which incorporate high-efficiency compressors, improved insulation, and energy-saving features.
Regional Outlook
The refrigerator market is divided into seven key regions: North America, Europe, Latin America, East Asia, South Asia, Oceania, and the Middle East & Africa. Asia Pacific is expected to rebound, with countries like China, India, South Korea, and Japan showing recovery opportunities post-COVID-19. Russia is anticipated to experience a milder impact, offering relief to businesses in the region. Meanwhile, the GCC region may witness lower investments due to falling crude oil prices.
Key Players
Leading global players in the refrigerator market include Godrej Appliances Ltd., Frigidaire, Panasonic Corporation, GE Appliances, Videocon International Ltd., AB Electrolux, Haier Group Corporation, LG Electronics, Samsung Electronics Co. Ltd., BPL Refrigeration, Whirlpool Corporation, Siemens AG, Hisense Co. Ltd., Midea Group, and others.
Notable Developments
• Panasonic Corporation is restructuring its organization and personnel to enhance profitability and promote co-creation in new markets.
• Godrej Appliances plans to invest an additional Rs 700 crore by 2022, expanding its capacity and technology to boost its market size.
• In 2017, Whirlpool Corporation acquired Yummly Inc., a food-centric technology company that provides personalized recipes and cooking resources.
The global refrigerator market is on a growth trajectory, driven by technological advancements, energy efficiency, and evolving consumer preferences. As refrigeration continues to be an essential part of households worldwide, this market is expected to flourish in the coming years.
Refrigerator: Market Segmentation
On the basis of Product
• Top Freezer Refrigerator
• Bottom Freezer Refrigerator
• Side-by-side Refrigerator
• French Door Refrigerator
On the basis of Technology
• Touch Screen
• Bluetooth
• Manual
On the basis of Weight
• Small Capacity Refrigerator (Less than 100L)
• Medium Capacity Refrigerator (100L to 200L)
• Larger Capacity Refrigerator (200L to 300L)
• Extra Larger Capacity Refrigerator (More than 300L)
On the basis of Price
• Low
• Medium
• Premium
On the basis of Sales Channel
• Offline
Hypermarket and Supermarket
Specialty Store
Retail Store
Other
• Online
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- 1. Executive Summary
- 1.1. Global Refrigerator Market Snapshot
- 1.2. Future Projections
- 1.3. Key Market Trends
- 1.4. Regional Snapshot, by Value, 2023
- 1.5. Analyst Recommendations
- 2. Market Overview
- 2.1. Market Definitions and Segmentations
- 2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
- 2.3. Value Chain Analysis
- 2.4. Porter’s Five Forces Analysis
- 2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
- 2.6. Impact of Ukraine-Russia Conflict
- 2.7. Economic Overview
- 2.7.1. World Economic Projections
- 2.8. PESTLE Analysis
- 3. Global Refrigerator Market Outlook, 2018 – 2031
- 3.1. Global Refrigerator Market Outlook, by Door Type, Value (US$ Bn), 2018 – 2031
- 3.1.1. Key Highlights
- 3.1.1.1. Hinged Doors
- 3.1.1.1.1. Single Door
- 3.1.1.1.2. Two Doors
- 3.1.1.2. Sliding Door
- 3.1.1.3. Single Door
- 3.1.1.3.1. Two Doors
- 3.1.1.4. More than Two Doors
- 3.2. Global Refrigerator Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
- 3.2.1. Key Highlights
- 3.2.1.1. Beverage Refrigerators
- 3.2.1.2. Freezers & Refrigerators
- 3.2.1.2.1. Freezers & Chillers
- 3.2.1.2.2. Walk-in Refrigerators
- 3.2.1.2.3. Reach-in Refrigerators
- 3.2.1.3. Glass Door Merchandizers
- 3.2.1.4. Refrigerated Vending Machines
- 3.3. Global Refrigerator Market Outlook, by Region, Value (US$ Bn), 2018 – 2031
- 3.3.1. Key Highlights
- 3.3.1.1. North America
- 3.3.1.2. Europe
- 3.3.1.3. Asia Pacific
- 3.3.1.4. Latin America
- 3.3.1.5. Middle East & Africa
- 4. North America Refrigerator Market Outlook, 2018 – 2031
- 4.1. North America Refrigerator Market Outlook, by Door Type, Value (US$ Bn), 2018 – 2031
- 4.1.1. Key Highlights
- 4.1.1.1. Hinged Doors
- 4.1.1.1.1. Single Door
- 4.1.1.1.2. Two Doors
- 4.1.1.2. Sliding Door
- 4.1.1.3. Single Door
- 4.1.1.3.1. Two Doors
- 4.1.1.4. More than Two Doors
- 4.2. North America Refrigerator Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
- 4.2.1. Key Highlights
- 4.2.1.1. Beverage Refrigerators
- 4.2.1.2. Freezers & Refrigerators
- 4.2.1.2.1. Freezers & Chillers
- 4.2.1.2.2. Walk-in Refrigerators
- 4.2.1.2.3. Reach-in Refrigerators
- 4.2.1.3. Glass Door Merchandizers
- 4.2.1.4. Refrigerated Vending Machines
- 4.3. North America Refrigerator Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
- 4.3.1. Key Highlights
- 4.3.1.1. U.S. Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 4.3.1.2. U.S. Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 4.3.1.3. Canada Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 4.3.1.4. Canada Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 4.3.2. BPS Analysis/Market Attractiveness Analysis
- 5. Europe Refrigerator Market Outlook, 2018 – 2031
- 5.1. Europe Refrigerator Market Outlook, by Door Type, Value (US$ Bn), 2018 – 2031
- 5.1.1. Key Highlights
- 5.1.1.1. Hinged Doors
- 5.1.1.1.1. Single Door
- 5.1.1.1.2. Two Doors
- 5.1.1.2. Sliding Door
- 5.1.1.3. Single Door
- 5.1.1.3.1. Two Doors
- 5.1.1.4. More than Two Doors
- 5.2. Europe Refrigerator Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
- 5.2.1. Key Highlights
- 5.2.1.1. Direct
- 5.2.1.2. Indirect
- 5.2.2. BPS Analysis/Market Attractiveness Analysis
- 5.3. Europe Refrigerator Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
- 5.3.1. Key Highlights
- 5.3.1.1. Germany Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 5.3.1.2. Germany Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 5.3.1.3. U.K. Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 5.3.1.4. U.K. Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 5.3.1.5. France Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 5.3.1.6. France Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 5.3.1.7. Italy Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 5.3.1.8. Italy Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 5.3.1.9. Turkey Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 5.3.1.10. Turkey Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 5.3.1.11. Russia Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 5.3.1.12. Russia Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 5.3.1.13. Rest of Europe Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 5.3.1.14. Rest of Europe Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 5.3.2. BPS Analysis/Market Attractiveness Analysis
- 6. Asia Pacific Refrigerator Market Outlook, 2018 – 2031
- 6.1. Asia Pacific Refrigerator Market Outlook, by Door Type, Value (US$ Bn), 2018 – 2031
- 6.1.1. Key Highlights
- 6.1.1.1. Hinged Doors
- 6.1.1.1.1. Single Door
- 6.1.1.1.2. Two Doors
- 6.1.1.2. Sliding Door
- 6.1.1.3. Single Door
- 6.1.1.3.1. Two Doors
- 6.1.1.4. More than Two Doors
- 6.2. Asia Pacific Refrigerator Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
- 6.2.1. Key Highlights
- 6.2.1.1. Beverage Refrigerators
- 6.2.1.2. Freezers & Refrigerators
- 6.2.1.2.1. Freezers & Chillers
- 6.2.1.2.2. Walk-in Refrigerators
- 6.2.1.2.3. Reach-in Refrigerators
- 6.2.1.3. Glass Door Merchandizers
- 6.2.1.4. Refrigerated Vending Machines
- 6.2.2. BPS Analysis/Market Attractiveness Analysis
- 6.3. Asia Pacific Refrigerator Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
- 6.3.1. Key Highlights
- 6.3.1.1. China Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 6.3.1.2. China Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 6.3.1.3. Japan Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 6.3.1.4. Japan Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 6.3.1.5. South Korea Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 6.3.1.6. South Korea Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 6.3.1.7. India Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 6.3.1.8. India Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 6.3.1.9. Southeast Asia Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 6.3.1.10. Southeast Asia Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 6.3.1.11. Rest of Asia Pacific Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 6.3.1.12. Rest of Asia Pacific Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 6.3.2. BPS Analysis/Market Attractiveness Analysis
- 7. Latin America Refrigerator Market Outlook, 2018 – 2031
- 7.1. Latin America Refrigerator Market Outlook, by Door Type, Value (US$ Bn), 2018 – 2031
- 7.1.1. Key Highlights
- 7.1.1.1. Hinged Doors
- 7.1.1.1.1. Single Door
- 7.1.1.1.2. Two Doors
- 7.1.1.2. Sliding Door
- 7.1.1.3. Single Door
- 7.1.1.3.1. Two Doors
- 7.1.1.4. More than Two Doors
- 7.2. Latin America Refrigerator Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
- 7.2.1.1. Beverage Refrigerators
- 7.2.1.2. Freezers & Refrigerators
- 7.2.1.2.1. Freezers & Chillers
- 7.2.1.2.2. Walk-in Refrigerators
- 7.2.1.2.3. Reach-in Refrigerators
- 7.2.1.3. Glass Door Merchandizers
- 7.2.1.4. Refrigerated Vending Machines
- 7.2.2. BPS Analysis/Market Attractiveness Analysis
- 7.3. Latin America Refrigerator Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
- 7.3.1. Key Highlights
- 7.3.1.1. Brazil Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 7.3.1.2. Brazil Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 7.3.1.3. Mexico Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 7.3.1.4. Mexico Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 7.3.1.5. Argentina Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 7.3.1.6. Argentina Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 7.3.1.7. Rest of Latin America Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 7.3.1.8. Rest of Latin America Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 7.3.2. BPS Analysis/Market Attractiveness Analysis
- 8. Middle East & Africa Refrigerator Market Outlook, 2018 – 2031
- 8.1. Middle East & Africa Refrigerator Market Outlook, by Door Type, Value (US$ Bn), 2018 – 2031
- 8.1.1. Key Highlights
- 8.1.1.1. Hinged Doors
- 8.1.1.1.1. Single Door
- 8.1.1.1.2. Two Doors
- 8.1.1.2. Sliding Door
- 8.1.1.3. Single Door
- 8.1.1.3.1. Two Doors
- 8.1.1.4. More than Two Doors
- 8.2. Middle East & Africa Refrigerator Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
- 8.2.1. Key Highlights
- 8.2.1.1. Beverage Refrigerators
- 8.2.1.2. Freezers & Refrigerators
- 8.2.1.2.1. Freezers & Chillers
- 8.2.1.2.2. Walk-in Refrigerators
- 8.2.1.2.3. Reach-in Refrigerators
- 8.2.1.3. Glass Door Merchandizers
- 8.2.1.4. Refrigerated Vending Machines
- 8.2.2. BPS Analysis/Market Attractiveness Analysis
- 8.3. Middle East & Africa Refrigerator Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
- 8.3.1. Key Highlights
- 8.3.1.1. GCC Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 8.3.1.2. GCC Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 8.3.1.3. South Africa Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 8.3.1.4. South Africa Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 8.3.1.5. Egypt Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 8.3.1.6. Egypt Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 8.3.1.7. Nigeria Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 8.3.1.8. Nigeria Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 8.3.1.9. Rest of Middle East & Africa Refrigerator Market by Door Type, Value (US$ Bn), 2018 – 2031
- 8.3.1.10. Rest of Middle East & Africa Refrigerator Market by Application, Value (US$ Bn), 2018 – 2031
- 8.3.2. BPS Analysis/Market Attractiveness Analysis
- 9. Competitive Landscape
- 9.1. Manufacturer vs by Application Heatmap
- 9.2. Company Market Share Analysis, 2023
- 9.3. Competitive Dashboard
- 9.4. Company Profiles
- 9.4.1. Haier
- 9.4.1.1. Company Overview
- 9.4.1.2. Door Type Portfolio
- 9.4.1.3. Financial Overview
- 9.4.1.4. Business Strategies and Development
- 9.4.2. Electrolux
- 9.4.2.1. Company Overview
- 9.4.2.2. Door Type Portfolio
- 9.4.2.3. Financial Overview
- 9.4.2.4. Business Strategies and Development
- 9.4.3. Sharp
- 9.4.3.1. Company Overview
- 9.4.3.2. Door Type Portfolio
- 9.4.3.3. Financial Overview
- 9.4.3.4. Business Strategies and Development
- 9.4.4. Whirlpool
- 9.4.4.1. Company Overview
- 9.4.4.2. Door Type Portfolio
- 9.4.4.3. Financial Overview
- 9.4.4.4. Business Strategies and Development
- 9.4.5. LG
- 9.4.5.1. Company Overview
- 9.4.5.2. Door Type Portfolio
- 9.4.5.3. Financial Overview
- 9.4.5.4. Business Strategies and Development
- 9.4.6. Godrej
- 9.4.6.1. Company Overview
- 9.4.6.2. Door Type Portfolio
- 9.4.6.3. Financial Overview
- 9.4.6.4. Business Strategies and Development
- 9.4.7. Intex
- 9.4.7.1. Company Overview
- 9.4.7.2. Door Type Portfolio
- 9.4.7.3. Financial Overview
- 9.4.7.4. Business Strategies and Development
- 9.4.8. Pansonic
- 9.4.8.1. Company Overview
- 9.4.8.2. Door Type Portfolio
- 9.4.8.3. Financial Overview
- 9.4.8.4. Business Strategies and Development
- 9.4.9. Toshiba
- 9.4.9.1. Company Overview
- 9.4.9.2. Door Type Portfolio
- 9.4.9.3. Financial Overview
- 9.4.9.4. Business Strategies and Development
- 9.4.10. Toshiba
- 9.4.10.1. Company Overview
- 9.4.10.2. Door Type Portfolio
- 9.4.10.3. Financial Overview
- 9.4.10.4. Business Strategies and Development
- 9.4.11. Hitachi
- 9.4.11.1. Company Overview
- 9.4.11.2. Door Type Portfolio
- 9.4.11.3. Financial Overview
- 9.4.11.4. Business Strategies and Development
- 9.4.12. BSH
- 9.4.12.1. Company Overview
- 9.4.12.2. Door Type Portfolio
- 9.4.12.3. Financial Overview
- 9.4.12.4. Business Strategies and Development
- 9.4.13. Midea
- 9.4.13.1. Company Overview
- 9.4.13.2. Door Type Portfolio
- 9.4.13.3. Financial Overview
- 9.4.13.4. Business Strategies and Development
- 9.4.14. Hisense
- 9.4.14.1. Company Overview
- 9.4.14.2. Door Type Portfolio
- 9.4.14.3. Financial Overview
- 9.4.14.4. Business Strategies and Development
- 9.4.15. Arcelik
- 9.4.15.1. Company Overview
- 9.4.15.2. Door Type Portfolio
- 9.4.15.3. Financial Overview
- 9.4.15.4. Business Strategies and Development
- 9.4.16. Xinfei
- 9.4.16.1. Company Overview
- 9.4.16.2. Door Type Portfolio
- 9.4.16.3. Financial Overview
- 9.4.16.4. Business Strategies and Development
- 9.4.17. Daikin and Meiling
- 9.4.17.1. Company Overview
- 9.4.17.2. Door Type Portfolio
- 9.4.17.3. Financial Overview
- 9.4.17.4. Business Strategies and Development
- 10. Appendix
- 10.1. Research Methodology
- 10.2. Report Assumptions
- 10.3. Acronyms and Abbreviations
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