Overview and Scope
A refrigerator is defined as an electrical appliance used to preserve food at cold temperatures.
Sizing and Forecast
The refrigerators market size has grown strongly in recent years. It will grow from $48.22 billion in 2023 to $51.19 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to growing demand for frozen and chilled food products, changing lifestyles and food habits, marketing and advertising, urbanization and smaller living spaces, .
The refrigerators market size is expected to see strong growth in the next few years. It will grow to $63.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to energy efficiency and sustainability, smart home integration,health and wellness, customization and aesthetics, aging population. Major trends in the forecast period include french door refrigerators, wi-fi-connected refrigerators, energy-efficient compressors, sustainable materials, specialty refrigerators.
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Segmentation & Regional Insights
The refrigerators market covered in this report is segmented –
1) By Type: Single-Door, Double-Door, French-Door, Other Types
2) By Freezer Location: Freezer-on-Top, Freezer-on-Bottom, Freezer-Less
3) By Distribution Channel: Specialty Retailers, Department Stores, Mass Retailers/Hypermarkets/Supermarkets, Discount Stores, Online
4) By Application: Household, Commercial Use, Industrial Use
Asia-Pacific was the largest region in the refrigerators market in 2023. Western Europe was the second-largest region in the refrigerators market. The regions covered in the refrigerators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing consumption of processed food products such as frozen meat, vegetables, and dairy products as well as change in the dietary habits of consumers is driving the refrigerators market growth. Due to busy lifestyles, consumers are increasingly relying on processed food and prepared meals that require refrigerators for storage. According to Rentokil, the processed food industries are valued at $2 trillion globally. The huge market for processed food products is expected to drive the growth of the refrigerators market.
Key Industry Players
Major companies operating in the refrigerators market include Electrolux AB, Haier Group Corporation, LG Electronics Inc., Samsung Electronics Co. Ltd., Whirlpool Corporation, Hitachi Ltd., Bosch (Robert Bosch GmbH), Hisense Group Co. Ltd., Sharp Corporation, Siemens AG, TCL Corporation, Kinghome Electrical Appliance Co. Ltd., Midea Group Co. Ltd., Panasonic Corporation, Meiling (Guangdong Meiling Group Co. Ltd.), DIQUA, Frestec (Frestech Group), Casarte, Homa Appliances Co. Ltd., LittleSwan (Qingdao Haier Washing Machine Co. Ltd.), Konka Group Co. Ltd., Toshiba Corporation, Arçelik (Arçelik A.Ş.), Godrej Group, Mitsubishi Electric Corporation, General Electric Appliances (GE Appliances), Galanz Group Co. Ltd., Liebherr Group, Viking Range LLC, Sub-Zero Group Inc., Thermador (Bosch Thermotechnology), Dacor Inc., Fisher & Paykel Appliances Ltd., Gaggenau Hausgeräte GmbH, Jenn-Air Corporation, KitchenAid Inc., Maytag Corporation, Kenmore Appliances, Amana (Amana Corporation), Frigidaire International, Hotpoint Appliances, Indesit Company S.p.A., Smeg S.p.A
The refrigerators market report table of contents includes:
1. Executive Summary
2.Refrigerators Market Characteristics
3.Refrigerators Market Trends And Strategies
4.Refrigerators Market analysis
5.Refrigerators Market Size And Growth
6.Refrigerators Segmentation
7.Refrigerators Regional And Country Analysis
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27.Refrigerators Competitive Landscape And Company Profiles
28.Refrigerators Key Mergers And Acquisitions
29.Refrigerators Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Electrolux AB
- Haier Group Corporation
- LG Electronics Inc.
- Samsung Electronics Co. Ltd.
- Whirlpool Corporation
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