What is the global market size of Refrigerator Market?

Global Refrigerator Market size was valued at USD 93.46 billion in 2021 and is poised to grow from USD 100 billion in 2022 to USD 160.1 billion by 2030, growing at a CAGR of 7% in the forecast period (2023-2030).

Refrigerator Market Size, Share, Growth Analysis, By Technology (Inverter, Non - Inverter), By Product Type (Single Door, Double Door), By Freezer (Top Freezer, Convertibles), By Distribution Channel (Hypermarket/Supermarket, Online Sales Channel), By Region -Industry Forecast 2024-2031.

Report ID: SQMIG25H2034 | Region: Global | Published Date: July, 2036
Pages: 157 | Tables: 90 | Figures: 76

Refrigerator Market Insights

Global Refrigerator Market size was valued at USD 81.2 billion in 2022 and is poised to grow from USD 86.23 billion in 2023 to USD 139.53 billion by 2031, growing at a CAGR of 6.20% during the forecast period (2024-2031).

Refrigerators are commonly utilized in residential and commercial to provide a simple and safe method of food storage. They are classified into several types based on their size, characteristics, and applications. Manufacturers in the business are concentrating their efforts on introducing more luxurious and creative refrigeration goods in order to attract end-users. Several important industry players, including Haier, Samsung, LG, GE Appliances, and many more, are utilizing merger and acquisition tactics to increase their global market reach through retail stores. Companies in the home appliances business are now developing environmentally friendly refrigeration items that reduce carbon footprints and make green actions toward environmental sustainability easier. These factors are likely to encourage the growth of smart refrigerators market globally.

US Refrigerator Market is poised to grow at a sustainable CAGR for the next forecast year.

Refrigerator Market Report Snapshots

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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Haier', 'Whirlpool', 'Samsung', 'LG Electronics', 'Electrolux', 'Bosch', 'Panasonic', 'Sharp', 'Hitachi', 'Midea', 'Siemens', 'Godrej', 'Toshiba', 'Indesit', 'Liebherr', 'Smeg', 'Vestel', 'Arcelik', 'Fisher & Paykel', 'General Electric'

Refrigerator demand in India comes primarily from metropolitan areas, which account for the majority of sales volume. People who live in cities have quite different consuming habits than those who live in rural areas. Refrigerator penetration in the country is gradually increasing. Rising household incomes, improved technologies, increased urbanization, and environmental changes are all contributing to this growth. Consumers are expected to purchase a smart refrigerator due to rapid urbanization and lifestyle changes. The country's growing urban population, which is characterized by high-income individuals, is likely to fuel demand for refrigerators over the projection period.

Rising infrastructure developments for smart homes and buildings for business and residential uses increase people's need for highly efficient home appliance items. This boosts the development of new refrigeration products. Furthermore, notable firms' introduction of unique technological features such as IoT, digital connectivity, and custom interface with freezing products will encourage the purchase of smart refrigeration products. For example, in December 2019, Xiaomi released the Yunmi Internet Smart freezer, which includes high-end technologies like as IoT connectivity, AI voice control, and so on. At the same time, the Yunmi Internet Smart freezer is attempting to compete in the market with Samsung and LG.

In 2021, Asia-Pacific is expected to have the biggest refrigerators market share. Attributing to its enormous population and household base, Asia Pacific is likely to dominate the market. Furthermore, rising infrastructure demand in this region would lead to increased use of home appliance items. Other important drivers driving Asia-Pacific market expansion are strong replacement demand for traditional to smart appliances, rising disposable income, expanding urbanization, and the number of homes. China and India are Asia Pacific's largest refrigeration product markets.

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Refrigerator Market Size, Share, Growth Analysis, By Technology (Inverter, Non - Inverter), By Product Type (Single Door, Double Door), By Freezer (Top Freezer, Convertibles), By Distribution Channel (Hypermarket/Supermarket, Online Sales Channel), By Region -Industry Forecast 2024-2031.

Refrigerator Market Insights

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