Global Refrigerator Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Single Door, Double Door, French Door, and Others), By Freezer (Top Freezer, Convertibles), By Distribution Channel (Offline and Online), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Global Refrigerator Insights Forecasts to 2033

• The Global Refrigerator Market Size was estimated at USD 70.33 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 6.23% from 2023 to 2033
• The Worldwide Refrigerator Market Size is Expected to Reach USD 128.74 Billion by 2033
• Europe is expected to grow the fastest during the forecast period.

The global refrigerator market was worth around USD 70.33 billion in 2023 and is predicted to grow to around USD 128.74 billion by 2033, with a compound annual growth rate (CAGR) of around 6.23% between 2023 and 2033. The growing popularity of modular kitchen locations, and changing dietary preferences are running the market. The refrigerators, mounted with the freezer, are equipped with heat pumps and thermal untouched compartments, which are made to keep food and beverages comparatively long and fresh.

Market Overview

The refrigerator market is the industry that sells refrigerators for residential and commercial use. This includes sales of single-door, double-door, side-by-side and French-door refrigerators. The refrigerator is usually used in residential and commercial to provide a simple and safe way of food storage. They are classified into many types based on their size, characteristics, and applications. Manufacturers in business are focusing their efforts on introducing more luxurious and creative refrigeration objects to attract end-users. Smart and Internet of Things (IoT)-Increasing demand for based home appliances, which is expected to promote market growth including intelligent refrigerators. Nowadays, consumers demand smart and innovative home appliances that will facilitate them and reduce their efforts in operating equipment. In addition, the increasing inclination of consumers towards frozen food products such as ready-to-eat snacks, vegetables, and fruits is also promoting the demand for products. In addition, the growing popularity of the e-commerce sector and the trading flourishing between different countries is also estimated to increase market growth during the forecast period.

 Report Coverage

This research report categorizes the refrigerator market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the refrigerator market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the refrigerator market.

Driving Factors

The demand for refrigerators in India comes mainly from metropolitan areas, which are responsible for the amount of most sales. Those who live in cities have a lot of different consumption than those living in rural areas. The penetration of the refrigerator in the country is increasing gradually. Rising domestic income, better technologies, increased urbanization, and environmental changes are all contributing to this development. Consumers are expected to buy smart refrigerators due to rapid urbanization and lifestyle changes. The growing urban population of the country, which is characterized by high-income individuals, is likely to fuel the demand for refrigerators in the launch period.

Restraining Factors

High repair and maintenance cost of high-end refrigeration products is expected for the growth of the refrigerator market from the low-income segment. In addition, a lack of home equipment maintenance services can prevent the purchase of smart refrigerators. In addition, the increase in rivalry in electrical equipment goods will increase admission obstacles for new entry into business.

Market Segmentation

The refrigerator market share is classified into product type, freezer, and distribution channel.

• The french door refrigerator segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period.

Based on the product type, the refrigerator market is segmented into single-door, double-door, french-door, and others. Among these, the french-door refrigerator segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period. The credit for the segmental dominance has become a very popular option among homes and designers as a result of its smooth and modern style. Their attraction is further enhanced by adjustable panel options, which enable them to mix easily with the contemporary design of the kitchen. In addition, customers today favor the food consuming food that is fresh and healthy, which has contributed significantly to an increase in the popularity of the refrigerator of the French door.

• The top freezer refrigerator segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period.

Based on the freezer, the refrigerator market is divided into top-freezer and convertibles. Among these, the top freezer refrigerator segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period. Development is attributed to the top freezer refrigerator, one of the most common and traditional types of freezer, which is accepted for its simplicity, dependence, and strength. Frozen foods can be easily accessed as they are appropriately deployed at eye level, making the foods simple to find and achieve. The flexibility of opening the freezer and refrigerator individually helps preserve the temperature stability of the refrigerator section when it reaches the freezer.

• The offline segment dominated the market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the distribution channel, the refrigerator market is classified into offline and online. Among these, the offline dominated the market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth is due to these businesses including brand stores, retail shops, hypermarkets, and supermarkets, which facilitates consumers to choose from a wide range of products and allow them to check and validate the reality of the refrigerator. In addition, offline channels offer many discounts and gift vouchers to consumers that attract individuals to buy from retail stores.

Regional Segment Analysis of the Refrigerator Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific is anticipated to hold the largest share of the refrigerator market over the predicted timeframe.

Asia-Pacific is anticipated to hold the largest share of the refrigerator market over the predicted timeframe. The rapid growth of the Asia-Pacific household appliance market is due to increased industry and product modernization. People with low and moderate income in Lamia prefer to invest in small-size freezers because they are cheap and use low energy. However, the concerns running with water and power supply create a need for energy-skilled products to deal with electricity challenges.

Europe is expected to grow at a rapid CAGR in the refrigerator market during the forecast period. The growing awareness of European consumers about the benefits of using intelligent refrigerators is advancing the development of the European market. Smart tools provide flexibility to consumers and save time for them in terms of operating equipment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the refrigerator market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Samsung
• Godrej
• Haier Group Corporation
• Midea Group
• Voltas Ltd
• GE Appliances
• Whirlpool Corporation
• Hitachi Ltd
• LG Electronics Inc
• Electrolux AB
• Panasonic Corporation
• Hisense International
• Havells Ltd
• Kenmore Appliances
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In January 2023, LG Electronics India invested to manufacture premium side-by-side refrigerators in the country in line with the Make in India initiative.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the refrigerator market based on the below-mentioned segments: 

Global Refrigerator Market, By Product Type

• Single Door
• Double Door
• French Door
• Others

Global Refrigerator Market By Freezer

• Top Freezer
• Convertibles

Global Refrigerator Market, By Distribution Channel

• Offline
• Online

Global Refrigerator Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa