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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.