Refrigerator Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Refrigerator Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Refrigerator Market

The global refrigerator market size was valued at USD 71.55 billion in 2023 and is projected to grow from USD 74.74 billion in 2024 to USD 120.01 billion by 2032, exhibiting a CAGR of 6.10% during the forecast period of 2024-2032.

The refrigerator sector evolved significantly due to COVID-19 since people had to buy more furniture for food purchases related to quarantine. This resulted in the sale of more refrigerators particularly in the mid to high-end market category, affecting the refrigerator market growth.

Some factors that influence the global refrigerator market include awareness of consumers on proper food storage, increased group disposable incomes, and technological improvement. Due to government policies and consumer requests, the market has favored energy-efficient and environmentally friendly refrigerators.

This is the direction of human desire for intelligent and connected appliances, and new trends are shifting the refrigerator market to new levels or more convenient and connected ones. Considering the above-discussed technological advancements, Wi-Fi-connected fridges are currently on the frontier of this trend. Users can control the temperature, change it, and even track the foodstuff inventory, impeding a global rise in refrigerator market share. This technology merge allows for smooth user interaction; users can get information about the contents and temperatures of the fridge and when the content expires at any place.

Comprehensive Analysis of Refrigerator Market

The refrigerator market is segmented into four product types: There are several types of bottom freezers, top freezers, side-by-side, and even French door refrigerators. It indicates that top freezer refrigerators will continue to rule the roost because they are energy-efficient and can be bought almost anywhere. Looking at the distribution channels, the market has two broad categories: offline and online. Stores, hypermarkets, supermarkets, and other offline retail stores are the primary beneficial outlets as they provide consumers with products to buy and physically touch refrigerators. They can also offer different offers and discounts. In contrast, online channels, such as e-commerce sites and companies’ sites, deliver convenience, simplicity in delivery, and flexibility of installation — significant factors that will help push this segment’s growth.

The Asia Pacific region led the refrigerator market by benefitting a size of USD 25.89 billion in 2023 due to the increasing population in countries like India, China, and Singapore and the demand for home appliances like refrigerators.

The leading players in the refrigerator market significantly influence its growth trajectory and set industry standards. These key players, including Samsung (South Korea), LG Electronics Inc. (South Korea), Whirlpool Corporation (U.S.), Panasonic Corporation (Japan), Hitachi, Ltd. (Japan), Electrolux AB (Sweden), Godrej Group (India), Haier Group Corporation (China), Midea Group (China), Voltas Limited (India), and GE Appliances (U.S.), contribute to a competitive landscape, driving innovation and market advancement.

In May 2021, Electrolux AB, a Sweden-based firm producing home appliances like refrigerators, identified seven firms that could be incubated under an innovation program.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.10% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Product Type

Top Freezer Refrigerator

Bottom Freezer Refrigerator

Side by Side Refrigerator

French Door Refrigerator

By Distribution Channel

Online

Offline

By Geography

North America (By Product Type, Distribution Channel, and Country)

- U.S. (By Product Type)

- Canada (By Product Type)

- Mexico (By Product Type)

Europe (By Product Type, Distribution Channel, and Country)

- Germany (By Product Type)

- U.K. (By Product Type)

- France (By Product Type)

- Italy (By Product Type)

- Spain (By Product Type)

- Rest of Europe (By Product Type)

Asia Pacific (By Product Type, Distribution Channel, and Country)

- China (By Product Type)

- India (By Product Type)

- Japan (By Product Type)

- South Korea (By Product Type)

- Australia (By Product Type)

- Rest of Asia Pacific (By Product Type)

South America (By Product Type, Distribution Channel, and Country)

- Brazil (By Product Type)

- Argentina (By Product Type)

- Rest of South America (By Product Type)

Middle East & Africa (By Product Type, Distribution Channel, and Country)

- South Africa (By Product Type)

- Saudi Arabia (By Product Type)

- UAE (By Product Type)

- Rest of Middle East & Africa (By Product Type)


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