Increasing consumption of processed foods and technological advancements are expected to drive the growth of the global refrigerator market.
According to TechSci Research report, “Refrigerator Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027” The global refrigerator market is expected to reach USD87.39 billion by 2027F with a CAGR of 4.88% during the forecast period. Refrigerator sales are expected to increase during the forecast period owing to increasing consumer preference toward purchasing smart refrigerator, rising per capita income, and increasing global population. However, the businesses give customers installment options, encouraging more people to buy refrigerators and boosting sales. Two primary refrigerator types trending in the global market are side-by-side refrigerators and french-door refrigerators. Several refrigerators such as LG, Samsung Hitachi, etc., have introduced smart refrigerators which are connectable to your smartphone through Wi-Fi. In the coming decades, there is expected to be an increase in demand for more significant cooling options because of rising temperatures, increasing heatwaves, expanding urbanization, and other effects of climate change. Refrigerator manufacturers expect that the innovative technology of refrigerators will ignite a trend of increased sales, allowing the industry to reclaim sales statistics in the years ahead.
Global demand for electronic-controlled refrigerators is expected to soar due to its many advantages, including wireless monitoring and accurate temperature management. Due to the increasing demand, businesses are concentrating on releasing cutting-edge, electronically controlled refrigerators to boost their market position. The smart refrigerator demand is also increased by the consumer preferences towards connected home appliances with improved capabilities and features. Meanwhile, the rising smartphone and internet penetration is anticipated to support the adoption of smart refrigerators in households. The global refrigerator market is segmented into type, distribution channel, region, and company. The market can be segregated into the single door, top freezer, bottom freezer, side-by-side, and french door, in terms of type. Out of these, the side-by-side market had registered the highest market share of around 25% among all refrigerator’s products in 2021, followed by the top freezer. With rising awareness among customers, they seek “value options” that balance the characteristics of price, quality, convenience, consistency, and innovation. The demand for refrigerators is expected to increase in the forecast years.
Furthermore, refrigerator companies across the world are now focusing on innovative products to attract end-users. Nowadays, refrigerators are coming up with eco-friendly refrigerators that do not release harmful compounds. The sector’s rise has been fueled by new technology such as door configuration, convertible, edge-to-edge shelves, smart inverter technology, auto smart connect, and Wi-Fi connectivity, etc.
Browse over 17 market data Figures spread through 70 Pages and an in-depth TOC on “REFRIGERATOR MARKET”
The global refrigerator market is segmented into Asia-Pacific, Europe, North America, South America, and the Middle East & Africa in terms of the regional analysis. The Asia-Pacific region dominates the global refrigerator market, followed by North America in 2021. Refrigerators are in high demand in countries with large populations, such as China, Japan, India, etc. Changing consumer preferences toward advanced features, more storage, and rising disposable income have fueled the growth of the Asia-Pacific refrigerator market over the years. In 2021, North America became the world’s second-largest market for refrigerators. An increase in Refrigerator demand in North America can be attributed to an increasing population base, rising consumer purchasing power, and growing urbanization.
Key market players in the global refrigerator market include:
- Samsung Electronics Co., Ltd.
- Whirlpool Corporation
- Robert Bosch GmbH
- LG Electronics Inc.
- AB Electrolux
- Panasonic Corporation
- Haier Smart Home Co., Ltd.
- Midea Group Co., Ltd.
- Hitachi Ltd.
- Godrej & Boyce Manufacturing Company Limited
For instance, Samsung Electronics launched the 4-Door Flex refrigerator series. The most recent array comprises the Family Hub, Bespoke, and Stainless Steel, which serve as the latest bid of Samsung for catering to consumers in the unprecedented new norms of the day.
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“Rising disposable income, growing urbanization, technological advancements and increase convenience at low prices are some of the reasons for generating demand for refrigerators. Additionally, market leaders are constantly advancing the technology of their products to meet the growing demand expected to drive the global refrigerator market over the next few years. The smart refrigerator connected to your smartphone through Wi-Fi will become mainstream in the coming years. The Internet of Things market has been developing with smart home devices and appliances; the home is getting smarter with new gadgets that are accessible with internet connections which empower convenience as well as comfortability to carry out all the functions easily.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Refrigerator Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027 Segmented By Type (Side-by-Side, Top Freezer, French Door, Bottom Freezer, Single Door), By Distribution Channel (Multi-Branded Stores, Supermarkets/Hypermarkets, Online and Others (Institutional Sales, Exclusive Stores)), By Region”, has evaluated the future growth potential of refrigerator in global market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global refrigerator market.
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