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Refrigerator Market - By Door Type (Glass, Sheet), By Door Handle Type (External, Built-in), By Door Opening Type (Reversible Door, Single Side Opening), By Product, Refrigerant, Technology, Volume, Display Type, Control Type, Application & Forecast, 2023-2032
- Report ID: GMI5111
- Published Date: Mar 2023
- Report Format: PDF
Refrigerator Market Size
Refrigerator Market size exceeded USD 100 billion in 2022 and is expected to witness 7% CAGR from 2023 to 2032. This market growth can be attributed to rising consumer preferences for connected home appliances with enhanced features & capabilities. The growing internet & smartphone penetration coupled with the growing consumer electronics industry is also contributing to the adoption of smart refrigerators.
High initial purchase costs and long product lifecycles discourage consumers from replacing their old refrigerators with new ones, thereby limiting market growth. The longer shelf life of products often restricts people from making frequent purchases of durable products. The easy availability of spare parts for refrigerators in retail stores and on e-commerce platforms encourages consumers to replace broken components instead of purchasing new refrigerators. This is a major factor hampering market growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Refrigerator Market Size in 2022: | USD 100 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 5% |
| 2032 Value Projection: | USD 200 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 600 |
| Tables, Charts & Figures: | 1,219 |
| Segments covered: | Door Type, Door Handle Type, Door Opening Type, Product, Refrigerant, Technology, Volume, Display Type, Control Type, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Refrigerator Market Analysis
The sheet door type refrigerator market was worth USD 85 billion in 2022. The segment growth can be attributed to the refrigerator’s greater capacity to store food for a longer time and robust insulation design, which are driving market growth, specifically in residential applications. Also, market players including LG, Samsung, HiSense, and Hitachi are providing a wide range of innovative sheet-type door refrigerators to cater to the growing demand of sheet door refrigerators.
Refrigerator market from reversible door segment holds a business share of 72.2% in 2022 and is expected to generate revenue of over USD 160 billion by 2032. Due to the high demand for products with multiple shelves, door bins, and adjustable freshness & temperature control features for freezing compartments, the reversible door opening segment accounted for high market demand. The automatic frost-free cooling technology, which is a key feature of reversible door designs, also augments segment demand. Furthermore, with the systematic partitioning of compartments according to food and beverage items, reversible door opening refrigerators provide more storage space, making them more convenient & efficient. Reversible door opening refrigerators have separate spaces for storing groceries, beverages, and other food items as well as bottom-mounted freezers that provide extra shelf space and wide door bins compared to other refrigerators.
Refrigerator market volume from 151L to 200L will cross 25 million units in 2022 and is expected to grow at a CAGR of over 9% during the forecast time period. When purchasing household refrigerators & freezers, storage capacity is one of the most important factors to consider. Refrigerators with built-in freezers in the mid-capacity ranges are preferred for home usage due to the rising global trend of a nuclear family as the average family consists of three to four people. On the other hand, higher usable capacity is frequently associated with increased energy consumption patterns, which have a direct impact on electricity bills. Manufacturers are incorporating energy-efficiency features with larger capacities to avoid these drawbacks.
The demand for refrigerators with advanced technologies has significantly increased owing to India's rising urbanization and the need for larger & more effective models to store food & beverages. The shifting lifestyles of Indian customers, who are increasingly spending on smarter & feature-rich refrigerators, provide additional support to this trend. Consumers are being enticed to purchase refrigerators with higher capacities with the advent of smart refrigerators with features including temperature sensors, energy-saving systems, touch displays, and Wi-Fi connectivity. The rising demand for high-capacity refrigerators is also being fueled by product advancements to improve efficiency and gain a competitive edge over others.
Asia Pacific refrigerator market surpassed USD 58 billion in 2022 and is projected to register over 8% CAGR between 2023 and 2032, due to its large population and increase in individual households. The region's growing infrastructure needs will drive up the demand for home appliance products. The strong demand for smart appliances to replace traditional appliances, rising disposable incomes, rapid urbanization, and an increasing number of households are driving market growth in Asia Pacific. Furthermore, the region is a manufacturing hotspot with the presence of many major industry players such as Panasonic Corp., LG Electronics, Samsung, and Haier Group. Government programs to electrify rural areas in the developing countries of Bangladesh, India, Nepal, Indonesia, and the Philippines will fuel the regional market statistics.
Refrigerator Market Share
The refrigerator market is moderately consolidated and is witnessing a high demand owing to the increasing population & urbanization. The rising demand has encouraged various market players to launch new models and expand their product portfolios. Key players in the market include:
- Haier Smart Home Co., Ltd.
- Hitachi, Ltd.
- LG Electronics, Inc.
- Panasonic Corporation,
- Samsung Electronics
- Whirlpool Corporation.
For instance, in January 2023, Samsung Electronics Co., Ltd. announced its plans to launch the Bespoke Infinite Line Refrigerator in five European countries. The new refrigerator is available with various options including fridge, freezer or wine cellar and has a modular design. It also has simple lines as well as high-quality materials & features to increase convenience and food storage.
The refrigerator market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in Thousand Units from 2018 to 2032 for the following segments:
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By Type
- Glass
- Sheet
- PCM
- VCM
By Door Handle Type
- External
- Built-in
- Sliding
- Swinging/Fixed
By Door Opening Type
- Reversible
- Single Side Opening
By Product Type
- Frost
- Non-Frost
By Refrigerant
- HFC
- HCFC
- Others
By Technology
- Inverter
- Non-Inverter
By Volume
- Below 50L
- 51L - 100L
- 101L - 150L
- 151L - 200L
- 201L - 250L
- 251L - 300L
- 301L - 400L
- 401L - 500L
- 501L - 600L
- 601L - 750L
- Above 750L
Display Type
- 7 Segment
- LCD
By Control Type
- Manual
- Electronic
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
Frequently Asked Questions (FAQ) :
Refrigerator Market Scope
