Global Refrigerator Market Valued at $124.76 Billion in 2023, Expected to Grow at a 5.51% CAGR

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Refrigerator Market Overviews

Refrigerator Market was valued at USD 124.76 billion in 2023. Global Refrigerator Market size is estimated to grow at a CAGR of 5.51 % over the forecast period.

Refrigerators are commonly utilized in both homes and businesses to provide a handy and safe way of preserving food. They come in a variety of shapes and sizes, as well as features and uses. To attract end-users, Refrigerator Market players are working on introducing a higher level of luxury and new refrigeration products.

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Refrigerator Market Scope and Methodology:

To avoid food spoiling and have an effective food storage system, hotels and quick-service restaurants typically employ freezers with high cooling features. The demand for hotel and hospitality items grows, so will sales of high-end refrigeration products. The rising number of ice cream parlors and bars would result in growth of refrigerator market. Refrigerators are necessary for giving specific chilling range options in the freezer, which are mostly used to store cold drinks and ice creams at ice cream parlors and bars. The increasing consumption of various frozen and processed food items around the world is expected to increase the need for freezing products. In 2019, housing accounted for the highest value of new orders of USD 24 billion, which is 36 % of the total construction orders in the U.K.

Refrigerator Market Regional Insights

Asia Pacific region dominated the refrigerator market with 37.8 % through the forecast period. Because of its enormous population and households and rising infrastructure demand in this region will lead to increased use of home appliance items. Other major drivers driving market expansion in Asia-Pacific are strong demand for smart appliances to replace traditional appliances, rising disposable income, expanding urbanization, and the number of homes. In the Asia Pacific, the major markets for refrigeration products are China and India.

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Refrigerator Market Segmentation

By Product, the Top Freezer segment dominated the refrigerator market with a 40 % share in 2023. Due to its characteristic of having a combined freezer and shelf size in a single unit. This eliminates the need to purchase a separate chest freezer or locate a separate room for food storage.

Compared to other types of containers, such items give more useful storage space. The side by side segment is expected to grow at a CAGR of 6.1 % through the forecast period, as customers can simply and quickly locate the required food items in these refrigerators thanks to their open side shelf sections, which also give additional shelf space for consumer use

Refrigerator Market Key Players

Haier (Qingdao, China)
L.G. (Seoul, South Korea)
Samsung (Suwon-si, South Korea)
Whirlpool (Benton Harbor, Michigan, United States)
Voltas (Mumbai, India)
Electrolux (Stockholm, Sweden)
Panasonic (Kadoma, Osaka, Japan)
Sharp (Sakai, Osaka, Japan)
Hitachi (Chiyoda City, Tokyo, Japan)

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Key questions answered in the Refrigerator Market are:

What is Refrigerator ?
What was the Refrigerator market size in 2023?
What is the growth rate of the Refrigerator Market?
Which are the factors expected to drive the Refrigerator market growth?
What are the different segments of the Refrigerator Market?
What growth strategies are the players considering to increase their presence in Refrigerator ?
What are the upcoming industry applications and trends for the Refrigerator Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Refrigerator Market?
Who are the leading companies and what are their portfolios in Refrigerator Market?
What segments are covered in the Refrigerator Market?
Who are the key players in the Refrigerator market?

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by Different Segment | 2024−2030
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
Lucrative business opportunities with SWOT analysis
Recommendations

About Stellar Market Research:

Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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