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Refrigerator market size to cross $200 bn by 2032
- Published Date: December 6, 2022
Refrigerator market size is anticipated to exceed USD 200 billion by 2023, according to the latest research report by Global Market Insights Inc.
The burgeoning demand for smart home products, including smart fridges, is increasing among consumers, as these products possess enhanced features and capabilities. The rising penetration of the internet and smartphones, coupled with the ever-expanding consumer electronics sector will also support the adoption of smart refrigerators.
The proliferation of the food & beverage industry, grocery stores, and retail food shops is fueling the deployment of commercial refrigerators across the globe. The requirement for cold storage in the medical & healthcare sector has also increased the reliance on medical-grade fridges, which will further drive refrigerator market growth.
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Growing network of residential complexes promotes sheet door refrigerator installation
The sheet door refrigerator industry is predicted to register more than 8% CAGR during 2023 to 2032. This type of refrigerator has a greater capacity than its counterparts to store food items for a longer time. Sheet door fridges also have a robust insulation design, which can keep users safe from accidents caused by uneven electricity supply. These features make these refrigerators suitable for use in residential applications. Market players such as LG, Samsung, HiSense, and Hitachi are also focusing on providing a wide range of sheet door refrigerators to keep up with the product demand.
Increasing need for refrigerators with built-in handles in modern kitchens
The global refrigerator market share from the built-in handle segment will be valued at over USD 150 billion by 2032. Several companies such as Midea, Frigidaire, RCA, and Kenmore are designing fridges with built-in handles for use in kitchens with limited space, to elevate the overall look of the kitchen. Additionally, while refrigerators with a handle require frequent cleaning to avoid germs and fingerprints, fridges with built-in handles need less cleaning and maintenance, which may further encourage users to opt for these systems.
Browse key industry insights spread across 600 pages with 1187 market data tables and 32 figures & charts from the report, “ 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), Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
No frost refrigerators gain traction due to energy-efficiency
The no-frost refrigerator industry is slated to witness nearly 5% growth through 2032. These refrigeration units are used extensively in commercial and residential settings owing to their benefits, such as low energy consumption, automatic defrost systems, and 360-degree cooling. These fridges also have lower maintenance requirements as compared to conventional systems and do not overwork the compressor, which increases their lifespan. Such features are playing a key role in boosting the sales of no-frost refrigerators.
Widespread availability of non-inverter refrigerators
Non-inverter refrigerator market shipments are projected to surpass 120 million units by 2032. These refrigerators are economical and have wider availability, which is a major factor propelling industry expansion. Leading participants, such as Godrej, Videocon, Kenmore, Frigidaire, and Samsung are providing a diverse range of non-inverter fridges. However, the inability to adjust temperature levels and high noise operation are affecting product revenues to some extent.
Development of commercial establishments to garner MEA industry
The Middle East & Africa refrigerator market is likely to reach USD 5 billion by 2032. Governments are increasing their investments in the progression of hypermarkets, supermarkets and restaurant chains to keep up with customer’s evolving shopping needs. The demand for ready-to-eat foods is also observing a robust rise every year, which is set to drive the usage of commercial refrigerators. A growing focus on the consumption of fresh foods to reduce wastage is also boosting regional sales of refrigerators for residential use.
Key leaders are Haier Smart Home Co., Ltd, BSH Hausgerate GmbH (BOSCH), Hitachi, Ltd, LG Electronics, Inc., Panasonic Corporation, Samsung Electronics, and Whirlpool Corporation, among several others. These firms are employing various strategies to establish a strong presence in the industry.