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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.

Refrigerator Market

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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.

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 Size, By Door Type

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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.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of refrigerator surpassed USD 100 billion in 2022 and is predicted to witness 5% CAGR during 2023 to 2032, given the integration of sophisticated technologies such as AI in modern refrigeration units.

Glass door refrigerator industry size is predicted to cross 50 million units by 2032, on account of growing product use among commercial customers due to their high efficiency, productivity and the integration of innovative technologies and features.

Europe market is projected to attain 7% CAGR gains between 2023 and 2032, due to the budding popularity of modular and smart kitchens and the rising demand for energy-efficient home appliances among Europeans.

Some of the prominent suppliers 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.

Refrigerator Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 13
  • Tables & Figures: 1219
  • Countries covered: 17
  • Pages: 600
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