Global Refrigerator Market 2022-2028

Global Refrigerator Market 2022-2028

The global refrigerator market is anticipated to grow at a significant CAGR of 6.2% during the forecast period. The refrigerator market growth can be mainly attributed to the increasing purchasing power of the people across the globe coupled with the rising brand awareness. Additionally, the increasing demand for smart featured such as connected refrigerators is being experienced across the globe. Moreover, increasing consumption of packaged and frozen food is also creating the demand for large-sized refrigerators. This in turn is raising the average size & cost of the household refrigerator and so increasing the market revenue. Moreover, the companies across the globe are increasing their emphasis on the introduction of compatible and energy-efficient refrigerators which in turn is also expected to increase the market growth.Moreover, due to the COVID-19 pandemic, an increase in residential refrigerators sales have been witnessed as people are more staying & storing food at home.

Segmental Outlook

The global refrigerator market is segmented based on product type, application, and distribution channels. Based on the product type, the market is sub-segmented into a single door, double door, side by side door, french door, and other. Based on the application, the market is sub-segmented into household and commercial. Commercial refrigerators include refrigerators for restaurants, ice cream parlors, supermarket, research, laboratory, and pharmaceutical storage. Any type of industrial refrigerator is not taken into consideration. Further, based on the distribution channel the market is sub-segmented into the online channel and offline channel.

The side by side door refrigerator segment will grow with considerable growth

The side by side refrigerator segment is anticipated to grow with a significant CAGR in the refrigerator market during the forecast period. The growth of the segment can be attributed to the increasing product variety by various companies in the global market. These type of refrigerators have increased space and features with better aesthetics. The rising disposable income of the people and increasing need for more space to store food & beverages will augment the demand of side by side door refrigerator in the premium product segment during the forecast period.

Global Refrigerator Market Share by Product Type, 2021 (%)

Global Refrigerator Market Share by Product Type

Regional Outlooks

The global refrigerator market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. North America is anticipated to be a leading region in the refrigerator market along with Europe. It can be mainly attributed to the high disposable income of the people across the region. Additionally, the replacement refrigerator with new and advance featured is also significantly high which aids in the growth of the market in both North America and the European region.

Global Refrigerator Market Growth, by Region 2021-2028

Global Refrigerator Market Growth, by Region

Asia-Pacific will witness considerable growth in the global refrigerator market

The Asia Pacific is estimated to witness considerable growth with a substantial share in the global refrigerator market during the forecast period owing to the rising modernization coupled with high urbanization activities and increasing disposable income. Additionally, the low penetration of refrigerators is also aiding the growth of the market. Moreover, the continuously changing lifestyle and food trends that are mainly influenced by the western culture will also drive the growth of the refrigerator market in the region.

Market Players Outlook

The key players of the refrigerator market include Electrolux AB, General Electric Co., Haier Group Corp., LC Electronics Inc., Samsung Electronics Co. Ltd., Whirlpool Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including merger, & acquisition, collaborations, geographical expansions, and new product launches to stay competitive in the market.

Recent Activities

In July 2021, Samsung Electronics Co. Ltd. launched the Connected Refrigerator SpaceMax Family Hub. The refrigerator comes with a number of smart features including automating meal planning, inside view of the refrigerator from anywhere, connection with other smart appliances at home, and a LED screen for streaming videos and tv shows.

In June 2021, Capital Cooling launched a contact-free refrigerator with automatic doors in the commercial refrigerator range. The refrigerator is equipped with ‘Smartflex’, the technology patented by ISA, and will allow the customers to reach inside without touching the external entryway.

In May 2021, Xiaomi Corp., through its Xiaomi Smart Home Appliances division launched three refrigerators that include Mijia air-cooled two-door refrigerator with a 170L capacity and a smaller 160L model, and a 450L-capacity Mijia Smart off-door refrigerator.

The Report Covers

Market value data analysis of 2021 and forecast to 2028.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global refrigerator market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.