Refrigerator Market Size By Door Type (Glass, Sheet [PCM, VCM]), By Door Handle Type (External, Built-in [Sliding Door, Swinging/Fixed Door]), By Door Opening Type (Reversible Door, Single Side Opening ), By Product (Frost, Non-Frost), By Refrigerant ( HFC, HCFC), By Technology ( Inverter, Non-Inverter), By Volume (Below 50L, 51-100L, 101-150L, 151-200L, 201-250L, 251-300L, 301-400L, 401-500L, 501-600L, 601-750L, Above 750L), By Display Type (7 Segment, LCD), By Control Type (Electronic, Manual), By Application (Household, Commercial), COVID19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2023 – 2032

Industry Statistics

Refrigerator Market size surpassed USD 100 billion in 2022 and is anticipated to register 7% CAGR during 2023 to 2032. OEMs are integrating a wide range of cutting-edge technologies, such as AI, smart home connectivity, and smart inverters to increase their production efficiency, further generating considerable industry sales.
 

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Although the production of refrigerators is growing at a steady pace due to the expanding network of residential complexes, the surging demand for a continuous electricity supply to keep these appliances running is one of the factors that may impede refrigerator market growth. More people are buying high-end television sets, washing machines, and refrigerators to suit their daily needs, which has heightened the need for a consistent supply of energy, particularly in emerging economies. The high electricity consumption associated with refrigerators may make customers reluctant to purchase, restricting industry expansion.
 

Expanding commercial sector to bolster glass door refrigerator sales

Refrigerator market revenues from the glass door segment is predicted to cross 50 million units by 2032. These products are witnessing strong demand from the commercial sector due to their high efficiency and productivity. Innovative technologies and features, such as low energy consumption, glass display with facial analytics tools, and large storage spaces are becoming a critical part of these refrigerators, as they can enhance a customer’s experience. Such strategies are expected to create several business opportunities for glass door fridge manufacturers.
 

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Convenience & customization potential to increase preference for external handles

The industry size from the external handle segment is slated to witness 5% growth from 2023 to 2032. Refrigerators that come with an external handle offer convenience to users while opening the door and also elevate their overall appearance. External handle refrigerators can be cleaned with ease by using antigerm and cleanser liquids, assisting users in reducing their cleaning efforts and downtime. Additionally, the handle can be customized as per the user’s convenience to enhance its performance and effectiveness, further contributing to product demand.
 

Quicker cooling capacity to garner sales of frost refrigerators

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The frost refrigerator market value was worth USD 50 million in 2022. These products are available at a lower cost as compared to non-frost refrigerators. They also have the capacity to cool stored foods quicker than non-frost fridges and can maintain airflow at a constant temperature while making efficient use of electricity. Several key players including GE, LG, Kenstar, and Panasonic Corporation are consistently introducing a diverse range of frost refrigerators, creating significant growth opportunities by 2032.
 

Low energy consumption to influence demand for inverter refrigerators

The inverter technology type accounted for more than 40% industry share in 2022. Refrigerator demonstrates several benefits, including low power consumption, the ability to adjust the cooling speed as per the user’s requirement, and low noise operation, which are key factors propelling necessity. Advanced technologies, such as IoT and AI are also being integrated into inverter refrigerators to assist the devices in analyzing a user’s preference for effective cooling, keeping the food items fresh for a longer time, and in turn, boosting product consumption.
 

European smart kitchen designs increase adoption of innovative refrigerators

Europe refrigerator market is projected to observe 7% growth rate through 2032. The popularity of modular and smart kitchens is increasing among the population, which has created the need for a wide range of cutting-edge refrigerators. Since the preferences and shopping patterns of consumers are changing constantly, refrigerator manufacturers in the region are offering a variety of products to cater to the demand of all price ranges and customers. In addition, the growing consumer demand for energy-efficient home appliances will also support regional industry progress.
 

Strategic product launch initiatives will help companies boost their portfolios

Some of the renowned manufacturers of refrigerators include BSH Hausgerate GmbH (BOSCH), Haier Smart Home Co., Ltd, Hitachi, Ltd, LG Electronics, Inc., Panasonic Corporation, Samsung Electronics, and Whirlpool Corporation, among others. These players are increasing their investments in R&D to encourage the integration of smart technologies and features in their products to extend their market share. Companies are also focusing on new product launches to enhance their global dealer and distributor network.
 

COVID-19 impact on industry trends

The outbreak of the COVID-19 disease in 2020 had an adverse effect on the production and sales of various consumer appliances such as refrigerators, as people chose to reduce their spending capacity and increased their focus on buying essential goods. The crisis also caused multiple supply chain disruptions, given the severe shortage of raw materials and labor when the pandemic was at its peak, further hampering the manufacturing of these products. However, the growing need for medical cooling and storage solutions amid a rise in vaccine manufacturing may have recovered refrigerator demand. Also, the increased propensity of consumers toward packaged and frozen foods may bolster the refrigerator market outlook over the forthcoming years.
 

This market research report on refrigerator includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

Market, By Door Type

• Glass
• Sheet
• PCM
• VCM

Market, By Door Handle Type

• External
  • Built-in
  • Sliding
• Swinging/Fixed

Market, By Door Opening Type

• Reversible
• Single Side Opening

 Market, By Product Type

• Frost
• Non-Frost

Market, By Refrigerant

• HFC
• HCFC
• Others

Market, By Technology

• Inverter
• Non-Inverter

Market, By Volume

• Below 50L
• 51L-100L
• 101L-150L
• 151L-200L
• 201L-250L
• 251L-300L
• 301L-400L
• 401L-500L
• 501L-600L
• 601L-750L
• Above 750L

Market, By Display Type

• 7 Segment
• LCD

Market, By Control Type

• Manual
• Electronic

Market, By Application

• Household
• Commercial

The above information has been provided for the following regions and countries:

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Italy
• Russia

Asia Pacific

• China
• India
• Japan
• South Korea
• Australia

Latin America

• Brazil
• Mexico

MEA

• UAE
• Saudi Arabia
• South Africa