Refrigerator Market Size By Door Type (Glass, Sheet [PCM, VCM]), By Door Handle Type (External, Built-in [Sliding Door, Swinging/Fixed Door]), By Door Opening Type (Reversible Door, Single Side Opening ), By Product (Frost, Non-Frost), By Refrigerant ( HF

Refrigerator Market Size By Door Type (Glass, Sheet [PCM, VCM]), By Door Handle Type (External, Built-in [Sliding Door, Swinging/Fixed Door]), By Door Opening Type (Reversible Door, Single Side Opening ), By Product (Frost, Non-Frost), By Refrigerant ( HFC, HCFC), By Technology ( Inverter, Non-Inverter), By Volume (Below 50L, 51-100L, 101-150L, 151-200L, 201-250L, 251-300L, 301-400L, 401-500L, 501-600L, 601-750L, Above 750L), By Display Type (7 Segment, LCD), By Control Type (Electronic, Manual), By Application (Household, Commercial), COVID19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2023 - 2032

Refrigerator Market is set to witness a robust growth between 2023 and 2032, primarily owing to the wide availability of single-side opening refrigerators at highly competitive costs.

Overall, the refrigerator market is bifurcated in terms of door, door handle, door opening, product, refrigerant, technology, volume, display, control, application, and region.

Based on refrigerant, the others segment will rapidly expand through 2023-2032. Other refrigerants comprise of hydrocarbons such as R600a Isobutane, R1270 Propylene, and R290 Propane. Besides, there are blends containing propane, ethane, and butane as well, which are being increasingly used in the refrigerator industry, primarily owing to their significantly low ODP (Ozone Depletion Potential) and GWP (Global Warming Potential). Increasing awareness about environment among the common people will foster the segmental growth.

On the basis of display, the LCD segment is set to register a steady growth in the upcoming time. Refrigerators that are equipped with LCD are witnessing a high demand owing to their improved data display and lower power consumption than 7-segment display, which is fueling the refrigerator sales across the globe. Moreover, key market players such as Haier and LG are expanding their portfolios to increase the market share, which will fuel the market demand.

In the context of control, the electronic segment will grow substantially during the researched time. Electronic refrigerators boast of several benefits over conventional refrigerators such as higher readability, precise temperature control, and wireless monitoring. Given such benefits, key competitors in the market are adopting different strategies to strengthen their market position and increase the equipment sales.

Based on door opening, the single side opening door segment is slated to witness robust growth through 2032. The segment held more than 70% market share in 2022. Single side opening doors offer a range of design models and so, this concept is widely used in 4-door refrigerators, French door refrigerators, and side by side refrigerators. With refrigerator manufacturing companies trying to increase their consumer base by unveiling innovative products, the demand for single side opening doors is likely to gain substantial traction through the stipulated timeframe.

In terms of application, the household segment will grow at more than 9% CAGR through 2032. Rapid urbanization, rising population, increasing safety concern, and infrastructure development regarding food preservation are boosting the demand for refrigerators in the residential sector.

In the regional context, the refrigerator market is set to expand rapidly in the Latin America region. While the rising urbanization and expanding e-commerce sector are propelling the refrigerator industry in Latin America, the availability of low energy consuming smart appliances, along with attractive discounts given by the dealers will further drive the regional industry growth.