Reports

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

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Market Size

Global Refrigerator Market Size, Share, Trends, Forecast: By Technology: Inverter, Non-Inverter; By Product Type: French Door, Top Freezer, Bottom Freezer, Others; By Weight; By Distribution Channels: Hypermarkets and Supermarkets, Specialty Retailers, Online, Others; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032

Refrigerator Market Size

The global market size for refrigerators reached a value of more than USD 126.30 billion in 2023. The global refrigerator market is expected to grow at a CAGR of 5.7% between 2024 and 2032, reaching a value of USD 207.94 billion by 2032.

 

Key Trends in the Market

A refrigerator, commonly known as a fridge, has become an essential home appliance used to store and preserve food items that are perishable. Refrigerant tetrafluoroethane is used in refrigerators which changes from liquid to gas and cools the surrounding area, creating a desirable surrounding. It has five main working parts including a condenser, refrigerant, compressor, expansion valve, and evaporator.

 

  • Technological advancements in refrigerators are a key trend that is upsurging the global refrigerator market share. High-tech refrigerators are being developed with features such as barcodes to keep track of the food’s expiry and other important details. Moreover, it connects with smartphones and provides advanced services.
  • Increased freezer consumption would arise from the increase in ice cream shops and bars. In ice cream shops and bars, where cold drinks and ice cream are typically kept, refrigerators are essential for providing specific chilling range options in the freezer. Furthermore, it is anticipated that the demand for products that can be frozen would rise due to the rising consumption of various frozen and processed food items worldwide.
  • Glass doors are also becoming popular and are garnering great demand. These refrigerators allow anyone to see the food items kept inside without opening the refrigerator, ensuring that the doors open only, when necessary, thus keeping the food fresh for longer. This is increasing the refrigerator market size.
  • Variety in the types of storage offered by refrigerators, including multiple sections and dedicated sections for specific items, are a growing trend in the refrigerator market.
  • The rapid adoption of smart infrastructure and cities is a key factor increasing the smart refrigerator market size. The Internet of Things (IoT) market has been expanding with smart home gadgets and appliances, and due to new internet-connected devices, houses are getting smarter. The Internet of Things (IoT) movement, which refers to the Internet-connected connection of common objects, has gained more attention owing to smart home appliances like Google Nest, Ring, and smart refrigerators. The market for smart refrigerators is being driven by enterprises' increased IoT investments as a result of the rise in interest in the smart home. This is driving the refrigerator market.

 

Refrigerator Market Report Snapshots

Refrigerator Market Size

Refrigerator Market Analysis

Refrigerator Market Share

Refrigerator Companies

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Refrigerator Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Refrigerator Historical Market (2018-2023) 
    8.3    Global Refrigerator Market Forecast (2024-2032)
    8.4    Global Refrigerator Market by Technology
        8.4.1    Inverter
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Non-Inverter
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Refrigerator Market by Product Type
        8.5.1    French Door
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Top Freezer
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Bottom Freezer
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Others
    8.6    Global Refrigerator Market by Weight
        8.6.1    Small Capacity Refrigerator (Less than 100L)
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Medium Capacity Refrigerator (100L to 200L)
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Large Capacity Refrigerator (200L to 300L)
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Extra Large Capacity Refrigerator (More than 300L)
            8.6.4.1    Historical Trend (2018-2023)
            8.6.4.2    Forecast Trend (2024-2032)
    8.7    Global Refrigerator Market by Distribution Channels
        8.7.1    Hypermarkets and Supermarkets
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Specialty Retailers
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Online
            8.7.3.1    Historical Trend (2018-2023)
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Others   
    8.8    Global Refrigerator Market by Region
        8.8.1    North America
            8.8.1.1    Historical Trend (2018-2023) 
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Europe
            8.8.2.1    Historical Trend (2018-2023) 
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    Asia Pacific
            8.8.3.1    Historical Trend (2018-2023) 
            8.8.3.2    Forecast Trend (2024-2032)
        8.8.4    Latin America
            8.8.4.1    Historical Trend (2018-2023) 
            8.8.4.2    Forecast Trend (2024-2032)
        8.8.5    Middle East and Africa
            8.8.5.1    Historical Trend (2018-2023) 
            8.8.5.2    Forecast Trend (2024-2032)
9    North America  Refrigerator Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Refrigerator Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Refrigerator Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Refrigerator Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Refrigerator Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Trade  Data Analysis (HS Code: 8418)
    16.1    Major Exporting Countries
        16.1.1    By Value
        16.1.2    By Volume
    16.2    Major Importing Countries
        16.2.1    By Value
        16.2.2    By Volume 
17    Competitive Landscape
    17.1    Market Structure
    17.2    Company Profiles
        17.2.1    LG Electronics Inc.
            17.2.1.1    Company Overview
            17.2.1.2    Product Portfolio
            17.2.1.3    Demographic Reach and Achievements
            17.2.1.4    Certifications
        17.2.2    Haier Group
            17.2.2.1    Company Overview
            17.2.2.2    Product Portfolio
            17.2.2.3    Demographic Reach and Achievements
            17.2.2.4    Certifications
        17.2.3    Whirlpool Corporation
            17.2.3.1    Company Overview
            17.2.3.2    Product Portfolio
            17.2.3.3    Demographic Reach and Achievements
            17.2.3.4    Certifications
        17.2.4    Samsung Electronics Co., Ltd.
            17.2.4.1    Company Overview
            17.2.4.2    Product Portfolio
            17.2.4.3    Demographic Reach and Achievements
            17.2.4.4    Certifications
        17.2.5    Hitachi Ltd.
            17.2.5.1    Company Overview
            17.2.5.2    Product Portfolio
            17.2.5.3    Demographic Reach and Achievements
            17.2.5.4    Certifications
        17.2.6    Electrolux AB
            17.2.6.1    Company Overview
            17.2.6.2    Product Portfolio
            17.2.6.3    Demographic Reach and Achievements
            17.2.6.4    Certifications
        17.2.7    Panasonic Corporation
            17.2.7.1    Company Overview
            17.2.7.2    Product Portfolio
            17.2.7.3    Demographic Reach and Achievements
            17.2.7.4    Certifications
        17.2.8    BSH Home Appliances Corporation
            17.2.8.1    Company Overview
            17.2.8.2    Product Portfolio
            17.2.8.3    Demographic Reach and Achievements
            17.2.8.4    Certifications
        17.2.9    Miele & Cie. KG
            17.2.9.1    Company Overview
            17.2.9.2    Product Portfolio
            17.2.9.3    Demographic Reach and Achievements
            17.2.9.4    Certifications
        17.2.10    Arçelik A.Ş
            17.2.10.1    Company Overview
            17.2.10.2    Product Portfolio
            17.2.10.3    Demographic Reach and Achievements
            17.2.10.4    Certifications
        17.2.11    Toshiba Corporation
            17.2.11.1    Company Overview
            17.2.11.2    Product Portfolio
            17.2.11.3    Demographic Reach and Achievements
            17.2.11.4    Certifications
        17.2.12    Midea Group
            17.2.12.1    Company Overview
            17.2.12.2    Product Portfolio
            17.2.12.3    Demographic Reach and Achievements
            17.2.12.4    Certifications
        17.2.13    Honeywell International Inc
            17.2.13.1    Company Overview
            17.2.13.2    Product Portfolio
            17.2.13.3    Demographic Reach and Achievements
            17.2.13.4    Certifications
        17.2.14    Godrej & Boyce Manufacturing Company Limited
            17.2.14.1    Company Overview
            17.2.14.2    Product Portfolio
            17.2.14.3    Demographic Reach and Achievements
            17.2.14.4    Certifications
        17.2.15    Sharp Electronics Corporation
            17.2.15.1    Company Overview
            17.2.15.2    Product Portfolio
            17.2.15.3    Demographic Reach and Achievements
            17.2.15.4    Certifications
        17.2.16    Others
18    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Refrigerator Market: Key Industry Highlights, 2018 and 2032
2.    Global Refrigerator Historical Market: Breakup by Technology (USD Million), 2018-2023
3.    Global Refrigerator Market Forecast: Breakup by Technology (USD Million), 2024-2032
4.    Global Refrigerator Historical Market: Breakup by Product Type (USD Million), 2018-2023
5.    Global Refrigerator Market Forecast: Breakup by Product Type (USD Million), 2024-2032
6.    Global Refrigerator Historical Market: Breakup by Weight (USD Million), 2018-2023
7.    Global Refrigerator Market Forecast: Breakup by Weight (USD Million), 2024-2032
8.    Global Refrigerator Historical Market: Breakup by Distribution Channels (USD Million), 2018-2023
9.    Global Refrigerator Market Forecast: Breakup by Distribution Channels (USD Million), 2024-2032
10.    Global Refrigerator Historical Market: Breakup by Region (USD Million), 2018-2023
11.    Global Refrigerator Market Forecast: Breakup by Region (USD Million), 2024-2032
12.    North America Refrigerator Historical Market: Breakup by Country (USD Million), 2018-2023
13.    North America Refrigerator Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Europe Refrigerator Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Europe Refrigerator Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Asia Pacific Refrigerator Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Asia Pacific Refrigerator Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Latin America Refrigerator Historical Market: Breakup by Country (USD Million), 2018-2023
19.    Latin America Refrigerator Market Forecast: Breakup by Country (USD Million), 2024-2032
20.    Middle East and Africa Refrigerator Historical Market: Breakup by Country (USD Million), 2018-2023
21.    Middle East and Africa Refrigerator Market Forecast: Breakup by Country (USD Million), 2024-2032
22.    Global Refrigerator Market Structure

Key Questions Answered in the Report

What was the global refrigerator market size in 2023?

The global market size for refrigerators reached a value of more than USD 126.30 billion in 2023.

What is the expected global refrigerator market size for 2032?

The market is expected to reach a value of USD 207.94 billion by 2032.

What is the growth rate of the refrigerator market at a global level?

The market is expected to grow at a CAGR of 5.70% between 2024 and 2032.

What are the major market drivers?

The major market drivers are longer durations between grocery shopping trips, smarter features, and versatile storage options.

What are the key trends of the market?

Major trends of the market include technological advancements, and glass doors.

What are the major regional markets?

The major regional markets are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Who are the key market players?

Key players for 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, Arçelik A.S, Toshiba Corporation, Midea Group, Honeywell International Inc, Godrej & Boyce Manufacturing Company Limited, and Sharp Electronics Corporation, among others.

What is a refrigerator?

A refrigerator, commonly known as a fridge, is an common home appliance used to store and preserve food items that are perishable.

How is the market segmented?

The market is segmented based on product type, technology, weight, distribution channel and region.

Which gas is used in refrigerators?

Tetrafluoroethane gas is commonly used in refrigerators.

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