Press Release

Global Refrigerator Market to Grow at a CAGR of 5.7% During 2024-2032, Driven by the Rising Preference for Energy-Efficient Refrigerators

Global Refrigerator Market

According to a new report by EMR titled, ‘Global Refrigerator Market Report and Forecast 2024-2032’, the market attained a value of about USD 126.30 billion in 2023. The market is estimated to grow at a CAGR of 5.7% in the forecast period of 2024-2032 to reach a value of around USD 207.94 billion by 2032.

The Asia Pacific accounts for a major market share as it is the hub of home appliance manufacturers such as LG Electronics, Inc., Panasonic Corporation, and Samsung Electronics Co. Ltd. The growing population and a rise in the working population expand the food service industry, which, in turn, drives the demand for commercial refrigerators.

 

The growing demand for home appliance items due to the region's increasing infrastructural development activities is favouring the refrigerator market demand in the Asia Pacific. Further important drivers aiding the market expansion in the Asia Pacific include the growing number of households, rising disposable income, rapid urbanisation, and a strong desire for smart appliances to replace traditional appliances. The expanding hospitality and tourism sectors in countries like Thailand, the Philippines, and Indonesia further contribute to a surge in the demand for refrigerators.

 

Key players are increasingly attempting to enhance the sustainability profile of refrigerators amid rising environmental concerns. For instance, in September 2023, LG Electronics, Inc. (NYSE: LPL) received International Environmental Product Declaration (EPD) certification for its premium refrigerators (600-litre models) MF-B6**, F62*****B, and M62******2(S). EPD certification helps consumers make more environmentally conscious decisions by giving them clear, reliable information about a product's impact on the environment.

 

Due to its sophisticated Inverter Linear CompressorTM, vacuum insulation, and optimised refrigeration cycle, the energy-efficient refrigerator lowers energy usage. LG believes that consumers seeking to reduce their home's energy use will benefit with the product's efficiency and newly granted EPD certification.

 

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Market Analysis by Technology, Product Type, Weight, Distribution Channels, and Region:

  • The market, on the basis of technology, can be divided into inverter and non-inverter.
  • On the basis of product type, the market can be divided into French door, top freezer, and bottom freezer, among others.
  • The different weights of refrigerator are small capacity refrigerator (less than 100L), medium capacity refrigerator (100L to 200L), large capacity refrigerator (200L to 300L), and extra large capacity refrigerator (more than 300L).
  • Based on distribution channels, the market can be divided into hypermarkets and supermarkets, speciality retailers, and online, among others.
  • The major regional markets for refrigerator include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • Technological advancements and innovations such as the development of dual-fan cooling and convertible cooling and the growing popularity of integrated kitchen apps in commercial kitchens drive the refrigerator market expansion.
  • Consumer awareness towards sustainability and their desire to reduce energy consumption surge the energy-efficient refrigerator demand.
  • Rising social media influence and consumers' preference for aesthetics and stylish designs are driving the preference for refrigerators with innovative designs and soothing colour palettes. Additionally, the growth of e-commerce and online retail fuels market growth by providing a wide variety of appliances with doorstep delivery.
  • With rising disposable income and changing consumer lifestyles, consumers prefer refrigerators with adjustable shelves, larger storage capacities, and widely controllable temperatures.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global refrigerator market for the periods (2018-2023) and (2024-2032).
  • The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the technologies, product types, weights, distribution channels, and major regions of refrigerator.
  • The market report also analyses the trade data by covering the major importing and exporting countries.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global refrigerator market are LG Electronics Inc., Haier Group, Whirlpool Corporation, Samsung Electronics Co., Ltd., Hitachi Ltd., Electrolux AB, Panasonic Corporation, BSH Home Appliances Corporation, Miele & Cie. KG, Arcelik A.Az, Toshiba Corporation, Midea Group, Honeywell International Inc, Godrej & Boyce Manufacturing Company Limited, and Sharp Electronics Corporation., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Technology
  • Product Type
  • Weight
  • Distribution Channels
  • Region
Breakup by Technology
  • Inverter
  • Non-Inverter
Breakup by Product Type
  • French Door
  • Top Freezer
  • Bottom Freezer
  • Others
Breakup by Weight
  • Small Capacity Refrigerator (Less than 100L)
  • Medium Capacity Refrigerator (100L to 200L)
  • Large Capacity Refrigerator (200L to 300L)
  • Extra Large Capacity Refrigerator (More than 300L)
Breakup by Distribution Channels
  • Hypermarkets and Supermarkets
  • Specialty Retailers
  • Online
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • LG Electronics Inc.
  • Haier Group
  • Whirlpool Corporation
  • Samsung Electronics Co., Ltd.
  • Hitachi Ltd.
  • Electrolux AB
  • Panasonic Corporation
  • BSH Home Appliances Corporation
  • Miele & Cie. KG
  • Arcelik A.Az
  • Toshiba Corporation
  • Midea Group
  • Honeywell International Inc
  • Godrej & Boyce Manufacturing Company Limited 
  • Sharp Electronics Corporation
  • Others

 

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