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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
Global Refrigerator Market Outlook
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.
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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.
Market Analysis
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Based on product type, the refrigerator market segmentation includes French door, top freezer, bottom freezer, and others. On the basis of technology, it can be bifurcated into inverter and non-inverter. Based on weight it is divided into 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). By distribution channel, the market is divided into hypermarkets and supermarkets, speciality retailers, online, and others. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global refrigerator market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- 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.Åž
- Toshiba Corporation
- Midea Group
- Honeywell International Inc
- Godrej & Boyce Manufacturing Company Limited
- Sharp Electronics Corporation
- Others
Market Share by Distribution Channels
According to refrigerator market research, speciality retailers give a full demo before selling the product which tends to satisfy concerns of customers and are hence preferred by many consumers. Refrigerators are easily available at supermarkets and buyers can check every detail giving a sense of satisfaction while buying the product. Online stores have also gained popularity because of the offers and discounts that are provided with return options available too. The wide range of purchasing options available are surging the global refrigerator market size. With increasing availability and accessibility of refrigerators across various distribution channels, consumers are more likely to purchase new and improved models of refrigerators.
Market Share by Region
Asia Pacific is projected to dominate the market with a larger refrigerator market share due to its vast population and increase in individual households. The region's growing need for infrastructure will enhance the demand for home appliance products. Strong demand for smart appliances to replace traditional appliances, rising disposable income, rapid urbanisation, and the growing number of households are additional key factors propelling market expansion in the Asia Pacific.
Additionally, the region is a manufacturing hub with the headquarters of many top industry players, including Panasonic Corp., LG Electronics, Samsung, and Haier Group. Programmes by governments in developing nations like Bangladesh, India, Nepal, Indonesia, and the Philippines to electrify rural areas would help the regional market expand. The commercial refrigeration market share is also expected to expand in the Asia Pacific, with an increasing number of restaurants and food service businesses opening in the region.
North America is projected to hold a significant portion of the market due to the rise in disposable income in countries like the United States and Canada. The US refrigerator market share is relatively large as families tend to buy groceries in bulk, utilising large refrigerators for high volume grocery storage. Additionally, factors like the region's massive metropolitan population base will encourage more people to use such equipment. This will likely increase the US refrigerator market size. The growing trend of meal planning in the United States, with working people preparing meals in advance and freezing them for instant use, is also expanding the U.S. refrigerator market size.
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Competitive Landscape
LG Electronics Inc. founded in 1958 has its headquarter in Seoul, South Korea. It is known worldwide and is a global leader in manufacturing commercial products including TVs, monitors, home appliances, service robots, and air solutions.
Haier Group is a leading producer of daily use appliances and was founded in 1984 with headquarters in China. With continued collaborations with ecosystem partners, the group has a vision to build IoT ecosystems for customers globally.
Whirlpool Corporation is known for developing appliances such as ACs, refrigerators, washing machines, and microwaves. It was established in 1911 and has its headquarters in Michigan, in the United States.
Other market players include Samsung Electronics Co., Ltd., Hitachi Ltd., Electrolux AB, Panasonic Corporation, BSH Home Appliances Corporation, Miele & Cie. KG, Arçelik A.Åž, Toshiba Corporation, Midea Group, Honeywell International Inc, Godrej & Boyce Manufacturing Company Limited, and Sharp Electronics Corporation, among others.
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:
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| Breakup by Technology |
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| Breakup by Product Type |
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| Breakup by Weight |
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| Breakup by Distribution Channels |
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| Breakup by Region |
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| Market Dynamics |
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| Trade Data Analysis |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
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
The global market size for refrigerators reached a value of more than USD 126.30 billion in 2023.
The market is expected to reach a value of USD 207.94 billion by 2032.
The market is expected to grow at a CAGR of 5.70% between 2024 and 2032.
The major market drivers are longer durations between grocery shopping trips, smarter features, and versatile storage options.
Major trends of the market include technological advancements, and glass doors.
The major regional markets are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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.
A refrigerator, commonly known as a fridge, is an common home appliance used to store and preserve food items that are perishable.
The market is segmented based on product type, technology, weight, distribution channel and region.
Tetrafluoroethane gas is commonly used in refrigerators.
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