Refrigerator Market Assessment, By Type [Top Freezer, French Door, Bottom Freezer, Side-By-Side, Others], By Deployment Type [Free-Standing Refrigerators, Built Into Kitchen Refrigerators], By Storage Capacity [Small Storage, Medium Storage, Large Storage

Refrigerator Market Assessment, By Type [Top Freezer, French Door, Bottom Freezer, Side-By-Side, Others], By Deployment Type [Free-Standing Refrigerators, Built Into Kitchen Refrigerators], By Storage Capacity [Small Storage, Medium Storage, Large Storage], By Model Type [Single Compressor Based, Dual Compressor Based], By Price [Mass, Premium, Luxury], By Distribution Channel [Online, Offline], Region, Opportunities and Forecast, 2017-2031

Global refrigerator market is projected to witness a CAGR of 6.16% during the forecast period 2024-2031, growing from USD 51.58 billion in 2023 to USD 83.21 billion in 2031. Several factors affect the growth of refrigerator market globally. Ongoing urbanization, growing spending power and evolving lifestyles of consumers are some of the basic factors that influence the market growth. With a remarkable growth in demand for hospitality services, the demand for premium refrigeration products has increased. Advancements in technology play a major role in the market development. Manufacturers are introducing innovative models which are energy-saving and are incorporated with smart features. Consumers are increasingly demanding home products that are unique and IoT based, providing ease of operation to them. These smart domestic appliances are observing a surge in demand owing to the offered convenience, comfort and minimal effort.

Furthermore, the rising environmental concerns are shaping the global refrigerator market. Governments worldwide are enforcing strict regulations for use of eco-friendly materials and less energy consumption. This has compelled the manufacturers to invest more in research and development and come up with products aligning with the needs of the modern world.

For instance, in May 2023, Entergy Arkansas LLC, an electric power generation, transmission, and distribution company, launched a new recycling program for residential customers to make the process of replacing their over-used or outdated refrigerators easier. Entergy Solutions’ Point of Purchase Solution (POPS) program allows free pick up service for any working refrigerator that needs to be replaced to the users and pays USD 25 to them as an incentive check.

Rising Shift of Consumers Towards Frozen Food

As consumers are having busier and hectic work schedules in urban areas majorly, the demand for quick food options like frozen foods has seen a surge. This surge has ultimately given rise to the demand for refrigerators, impacting the growth of global refrigerator market. Advancements in freezing technology help consumers to preserve food for days without hampering its quality. This has also increased the demand for bigger, larger and efficient freezer compartments for easy food storage. Manufacturers are introducing models with better freezer capacities, providing separate doors for frozen and fresh food compartments, so as to minimize temperature fluctuations.

In fact, several premium refrigerator models are available in the market that offer specific compartments within the freezer, for various types of frozen food products. Removable shelves and compartments allow ease of cleaning for the consumers. Bottom-mounted refrigerators are also trending in the refrigerator market as they offer greater organization and storage options, minimize the requirement for overhead lifting, and provide easier access to the fresh food compartment.

For instance, in September 2023, Panasonic Corporation expanded its product portfolio with a new made-in-India bottom-mounted refrigerator range. The expansion attracts consumer attention with its higher upgraded features such as flexible storage that can be expanded and multiple modes of operation.

Innovative Advancements in Refrigerator Technology Accelerates Market Growth

Advancements in technology and innovation are transforming the refrigerator industry by fascinating shoppers and speeding up market growth. As a result of smart connectivity characteristics, people can manage refrigerators using their smartphones, improving ease of use, as well as its power saving ability. In fact, these days, artificial intelligence supported programs can locate recommended recipes for the available stock in the refrigerator and for daily purposes.

For instance, in September 2023, LG Electronics India launched its Wi-Fi convertible side-by-side refrigerator range with nine sets of modes, available in glass and matte finish, with a capacity of 650 liters. The product allows users to convert the deep-freezer section to a fridge from anywhere using the LG ThinQ application through their smartphones.

Furthermore, the consumption of energy is reduced by modern insulation materials and sophisticated compressor technologies aligning with the needs of environmentalists. Companies are making new coolants that are in line with green laws. They have also introduced adaptable refrigeration systems which consist of movable trays and flexible temperature zones that can be set manually for various uses. There is a shift towards greater health awareness, which leads to increased popularity of UV light sanitization feature. Additionally, there are crisper drawers that can save perishable groceries for longer periods by controlling their humidity levels.

Top Freezer Segment Holds Major Share in the Market

The refrigerator market is dominated by the top freezer segment, which is known for being affordable and easy to use. They tend to be much more energy-efficient and cheaper to run as compared to other designs, which appeals to consumers who are worried about their power bill as well as people that prefer not to have too many complicated settings. Major companies offer a wide range of top freezer models. For instance, the Whirlpool WRT318FZDW is a popular 18 cubic-foot model known for its reliability and value.

For instance, in October 2022, Equator Advanced Appliances launched ConServ TMRI 180 top-mount refrigerator with an ice maker. The product comes with a storage space of 18.1 cubic feet with energy efficiency feature, rated with Energy Star.

Best for smaller kitchens, the top freezer models are useful as secondary refrigerators in garages or basements. Their compact design allows maximum utilization of space. For example, size-wise, Frigidaire FFTR1814TW which is 30 inches wide is a good space saver. Elderly people and those who like appliances that do not have very complicated controls are attracted to top freezers hence they are still popular today. This kind of design is simple and ensures that all age groups can use it with ease.

Asia-Pacific Dominates the Global Refrigerator Market Share

Refrigerators are experiencing a rising demand in Asia-Pacific, specially in countries like India and China, and Southeast Asian countries, where the population is huge and consists different people and great economic powers. Indian companies like Godrej Group and Whirlpool Corporation are witnessing a tremendous increase in their sales in tier 2 and tier 3 cities, apart from the tier 1 cities. The premium refrigeration products witness great demand mainly from tier 1 cities.

In October 2023, Godrej Group, an Indian home appliances company, launched 4-door refrigerators for the premium segment product line. The product launch is aimed to drive 30% growth in the premium segment in 2024.

Furthermore, Asian manufacturers are bringing innovation to the market in the form of extensive product lines that are rich in features. Haier Group Corporation, a leading Chinese brand, offers smart refrigerators to its customers, such as the Casarte range, which includes AI-powered food management systems. Samsung Electronics Co. Ltd.'s digital inverter models are well-liked in Vietnam and Indonesia due to their high energy efficiency. Japan and South Korea are being creative as well with their inventions.

The region has had more people purchase LG Electronics Inc.'s InstaView door-in-door refrigerators because it allows the individual to look inside without necessarily opening it.

For instance, in May 2024, LG Electronics Inc., a South Korea-based company, launched its advanced InstaView refrigerator with MoodUP in France. The launch aims to expand the product portfolio in Europe.

Future Market Scenario [2024 – 2031F]

In future development of the market for smart homes, refrigerators are expected to become integrally connected with home automation components and voice-controlled assistants to enable inventory tracking as well as automatic grocery ordering and suggesting personalized recipes depending on what foodstuffs remain inside them.

Introduction to advanced food preservation technologies is expected to further drive the market growth. Eradication of excess gases through active ethylene absorption will become a standard in the future.

Key Players Landscape and Outlook

Continuous innovation by the key players characterizes the competitive landscape of the global refrigerator market. The refrigerator market is dominated by major players, which lead through extensive portfolios, strong brand recognition, product launches, acquisitions, and brand evolution. The market features a diverse landscape with several key players driving innovation and competition. Major companies such as Whirlpool Corporation maintain a strong position with their diverse product range, including the popular KitchenAid and Maytag brands. LG Corporation and Samsung Electronics Co. Ltd. are leading Asian companies known for their cutting-edge technology, such as LG's Door-in-Door and Samsung's Family Hub smart refrigerators.

For instance, in April 2024, Samsung Electronics Co. Ltd. launched its new energy-efficient 75 cm Wide Combi Fridge. The newly launched product is built with smart bespoke AI technology with wi-fi capabilities.

The market outlook is positive, with growth driven by technological advancements, increasing disposable incomes in developing markets, and a growing focus on energy efficiency. Smart refrigerators are expected to see significant growth, with features such as AI-powered food management.