In 2023, the market for refrigerators worldwide was valued at USD 71.55 billion. The market is expected to grow at a compound annual growth rate (CAGR) of 5.48% to reach USD 103.96 billion by 2030. The surge is a result of the growing demand for smart home appliances and Internet of Things devices.
This information is provided by Fortune Business Insights™ in its research report, titled “Refrigerator Market, 2024–2030.”
Information Source: https://www.fortunebusinessinsights.com/refrigerator-market-102686
List of Key Players Mentioned in the Report:
- Samsung (South Korea)
- LG Electronics Inc. (South Korea)
- Whirlpool Corporation (U.S.)
- Panasonic Corporation (Japan)
- Hitachi, Ltd. (Japan)
- Electrolux AB (Sweden)
- Godrej Group (India)
- Haier Group Corporation (China)
- Midea Group (China)
- Voltas Limited (India)
- GE Appliances (U.S.)
Segments:
Top Freezer Refrigerator Segment to Record Appreciable Expansion Due to Energy-efficient Features
The market is divided into four segments based on product type: side-by-side refrigerators, French door refrigerators, bottom freezer refrigerators, and top freezer refrigerators. Because of its superior characteristics, the top freezer refrigerator sector is expected to dominate the market. These consist of lower energy expenses and a wide range of products.
Offline Segment: Register Substantial Demand Impelled by Various Products in Retail Stores
Based on the distribution channel, the market is categorized into online and offline. The offline segment is expected to grow at a considerable pace over the study period. The surge is due to an increase in supermarkets, hypermarkets, retail shops, and brand stores, as well as the escalating availability of products.
Based on region, the market is subdivided into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.
Report Coverage:
The report offers substantial coverage of the significant trends impelling the global business landscape over the coming years. It also gives an account of the pivotal initiatives undertaken by key market participants to strengthening their market positions. Additional insights include the vital factors driving industry expansion across various regions.
Drivers and restraints:
Escalation in Market Share Impelled by Rising Inclination Toward Smart Refrigerators
The growth of the growth of the refrigerator market is being propelled by the growing demand for smart refrigerators and various benefits such as in-built screen automation, command-based functioning, automatic temperature control, and others.
However, product penetration is lower in developing countries such as South Korea, India, Indonesia, and others. This could restrain industry expansion to a certain extent.
Regional Insights:
Asia-Pacific to Emerge Prominent Owing to Rising Population
Asia Pacific held the largest refrigerator market share and is anticipated to exhibit lucrative growth over the anticipated period. The expansion can be credited to the growing population level in countries such as Singapore, China, India, and others.
Europe accounts for the second-largest value in the global market. The region is slated to exhibit considerable expansion throughout the forecast period.
Furthermore, the North American market is expected to grow at a substantial pace over the analysis period. The surge is due to the escalating presence of renowned manufacturers in the region.
Competitive Landscape:
Key Players Focus on Product Launch Initiatives to Secure Competitive Edge
Pivotal companies are focused on the adoption of a series of initiatives for the consolidation of industry positions. These initiatives comprise acquisitions, partnership agreements, and the introduction of new products. For instance, in May 2022, Whirlpool Corporation established a new marketing office, ‘WoW Studios’ in North America. The move was aimed at facilitating the display of brands including Maytag, KitchenAid, JennAir, and others.
Key Industry Development:
November 2021: Midea Group added new products to its portfolio via the rollout of a new kitchen appliances suite. The launched products included front and side door refrigerators.
