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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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021-2027

  • Report ID: GMI5111
  • Published Date: Aug 2021
  • Report Format: PDF

Industry Trends

Refrigerator Market size exceeded USD 100 billion in 2020 and is anticipated to grow at a CAGR of over 7% between 2021 and 2027. The improving economic conditions coupled with the rising disposable income have resulted in a high market demand for major consumer appliances including conventional and smart refrigerators globally.

Refrigerator Market Overview

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The advances in Artificial Intelligence (AI), Internet of Thing (IoT), and Machine learning (ML) have revolutionized the market and created ample market opportunities for manufacturers. Refrigerators integrated with AI and IoT offer several benefits such as improved efficiency & quality and reduced operating cost. These refrigerators also offer enhanced control and data-oriented predictive maintenance services, positively influencing the industry revenue.

One of the major factors challenging the growth of market is the high electricity consumption associated with it. For instance, according to the All-India Air conditioning & Refrigeration Association, a double door refrigerator of 235 to 295 liters capacity consumes around 30–40% electricity. The lower consumer awareness about the benefits of energy-efficient refrigerators in underdeveloped & emerging economies is limiting the market expansion. Government agencies are working toward promoting energy-efficient household appliances through campaigns in emerging economies.

The refrigerator market suffered a decline in the first half of 2020 credited to challenges in the supply & demand chain due to the coronavirus pandemic. Slow growth in the industry caused a widespread concern and economic hardship for manufacturers in the first two quarters of 2020. Some segments in the society including the upper middle and high-income class generated a demand for refrigerators in the third & fourth quarter of 2020. This market trend can be attributed to the growing inclination toward home renovation during the lockdown.

High demand for glass door refrigerators in the commercial sector

The glass door refrigerator held for 20% of revenue share in 2020. Features of glass door refrigerators, such as aesthetic looks and transparency, are driving the industry growth. Various market players, such as Hoshizaki, Farshu, and New Air, are launching new products to augment the industry expansion.

Proliferation of non-frost refrigerators owing to low power consumption and automatic defrost

Non-frost refrigerators are expected to witness 5% growth rate through 2027 led by their various benefits such as low energy consumption, automatic defrost systems, and 360-degree cooling. These appliances have lower maintenance than conventional refrigerators and minimize the compressor efforts, thereby increasing the product life expectancy.

Growing popularity of environment-friendly refrigerants

Hydrofluorocarbon (HFC) refrigerant dominated more than 77% of the refrigerator market share in 2020. HFC refrigerants, such as R134a and R404a, are chlorine free, providing advantages over HCFC refrigerants. HFC refrigerants are less harmful to the Ozone layer than HCFC, however they possess major threats to cause global warming. Due to their high Global Warning Potential (GWP), these refrigerants can act as a catalyst to increase the greenhouse gases emission. This is credited to the HFC refrigerants are on the verge of phasing out and will showcase a very low demand during the forecast timeframe.

Low energy consumption and silent operation are contributing to the market revenue for inverter refrigerators

Refrigerator Market Size

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The inverter technology segment was valued at USD 40 billion in 2020. Inverter refrigerators have several benefits, such as low power consumption, low noise operation, and ability to adjust the cooling speed, as per the user’s requirement.

Rapid urbanization and changing consumer lifestyles will propel residential application growth

The household segment is estimated to attain a CAGR of 7% through 2027. The rising population & urbanization across the globe is playing an important role in creating a significant industry demand. The growing infrastructure development and safety concerns regarding food preservation are boosting the demand in the residential sector.

The upward trend of modular kitchens will spur the market value in APAC region

APAC Refrigerator Market

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Asia Pacific refrigerator market size was over USD 50 billion in 2020 impelled by the rapid growth of food service sector, high demand for modular kitchens, and increased consumer awareness. The urban areas of several countries, including India, China, South Korea, and Japan, are experiencing a market demand for advanced kitchen equipment, supporting the regional growth. The strong presence of major manufacturers, such as Samsung Electronics, LG Electronics, Inc., and Haier Group Corporation in the Asia Pacific region aids the industry statistics.

High focus of players on launching smart and energy-efficient refrigerators

The prominent companies functioning in the market are Haier Group Corporation, Samsung Electronics, Siemens AG, Panasonic Corporation, LG Electronics Inc., Whirlpool Corporation, Midea Group, Electrolux AB, Liebherr Group, and Bosch Group. Manufacturers are investing a huge amount in R&D for developing technologically advanced refrigerators that consume lesser energy and provide more benefits to their customers.

Leaders are focusing on launching new energy-efficient refrigerators to meet the growing consumer demand. For instance, in May 2021, Whirlpool Corporation launched its inverter refrigerator in the U.S. market with high energy-efficiency ratings and cost-saving capabilities. 

The refrigerator market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2021 to 2027 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
Authors: Preeti Wadhwani, Prasenjit Saha

Frequently Asked Questions (FAQ) :

Market size of refrigerator had exceeded USD 100 billion in 2020 and will witness a CAGR of over 7% through 2027.

Glass door refrigerator segment had captured 20% of revenue share in 2020 owing to increasing consumer preference for aesthetic looks and transparency.

Household segment will register a CAGR of 7% through 2027 with rising infrastructure development and safety concerns regarding food preservation in the residential sector.

Hydrofluorocarbon (HFC) refrigerant segment had held over 77% share in 2020 as it is less harmful to the ozone layer.

Asia Pacific market size was recorded at over USD 50 billion in 2020 on account of the rapid growth of food service sector, high demand for modular kitchens, and increased consumer awareness.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 14
  • Tables & Figures: 1219
  • Countries covered: 17
  • Pages: 630

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