Refrigerators Global Market Report 2024

Description

“Refrigerators Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on refrigerators market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for refrigerators? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The refrigerators market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Type: Single-Door; Double-Door; French-Door; Other Types
2) By Freezer Location: Freezer-on-Top; Freezer-on-Bottom; Freezer-Less
3) By Distribution Channel: Specialty Retailers; Department Stores; Mass Retailers/Hypermarkets/Supermarkets; Discount Stores; Online
4) By Application: Household; Commercial Use; Industrial Use
Companies Mentioned: Electrolux AB; Haier Group Corporation; LG Electronics Inc.; Samsung Electronics Co. Ltd.; Whirlpool Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

A refrigerator is an electrical appliance designed for the purpose of preserving food at low temperatures.

The primary categories of refrigerators include single-door, double-door, French-door, and other variations. A single-door refrigerator typically consists of a single outer door, with the freezer compartment accessible only through this main door. These refrigerators come in a range of sizes, starting from as small as 50 liters and going up to 250 liters or more. Freezers can be positioned at the top, bottom, or be entirely freezer-less, catering to various household, commercial, and industrial needs. Refrigerators are distributed through specialty retailers, department stores, mass retailers (including hypermarkets and supermarkets), discount stores, and online channels.

The refrigerators market research report is one of a series of new reports from The Business Research Company that provides refrigerators market statistics, including refrigerators industry global market size, regional shares, competitors with a refrigerators market share, detailed refrigerators market segments, market trends, and opportunities, and any further data you may need to thrive in the refrigerators industry. This refrigerators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The refrigerators market size has grown strongly in recent years. It will grow from $48.22 billion in 2023 to $51.19 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth observed during the historical period can be attributed to several factors, including an increasing demand for frozen and chilled food products, evolving lifestyles and dietary preferences, effective marketing and advertising strategies, urbanization trends, and the prevalence of smaller living spaces, which have driven the need for refrigeration appliances such as refrigerators.

The refrigerators market size is expected to see strong growth in the next few years. It will grow to $63.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be attributed to various factors, including a focus on energy efficiency and sustainability, the integration of smart home technologies, increased emphasis on health and wellness features, the demand for customization and aesthetic appeal, and the influence of an aging population on consumer preferences. Prominent trends in this forecast period include the popularity of French door refrigerators, the proliferation of Wi-Fi-connected refrigerators, the use of energy-efficient compressors, the incorporation of sustainable materials in refrigerator design, and the emergence of specialty refrigerators catering to specific needs.

The refrigerators market is experiencing growth driven by the increasing consumption of processed food products, including frozen meat, vegetables, and dairy items. This trend is further fueled by a shift in consumers' dietary habits. Busy lifestyles have led consumers to rely on processed foods and prepared meals, which necessitate the use of refrigerators for storage. Globally, the processed food industry is valued at $2 trillion, signifying a significant market for processed food products, and this is expected to contribute to the growth of the refrigerators market.

The refrigerators market is also expected to benefit from the increasing purchasing power of consumers. Consumer purchasing power is determined by factors such as income and prevailing price levels, influencing the demand for durable goods like refrigerators. For instance, according to the US Bureau of Economic Analysis in August 2022, personal income experienced a monthly growth of 0.2%, with a $47.0 billion increase, while consumer spending saw a 0.1% rise, representing a $23.7 billion increase. This increase in disposable income, coupled with a 6.3% rise in the Personal Consumption Expenditures (PCE) price index for July compared to the previous year, is driving the growth of the refrigerators market.

The refrigerators market faces challenges due to intense pricing pressure on manufacturers. With numerous players competing in terms of pricing, specifications, and other features, durable goods like refrigerators are particularly price-sensitive. Consumers tend to make purchase decisions based on price fluctuations, making pricing a critical factor in the market.

Manufacturers in the refrigerators market are actively incorporating advanced technologies such as IoT and embedded sensors to enhance the overall functionality of their products. This includes introducing innovative human-machine interface designs and developing refrigerators with the capability to automatically recognize the type and weight of the food stored, allowing for temperature adjustments and monitoring as needed.

Major companies operating in the refrigerators market are focusing on eco-friendly refrigeration systems to gain a competitive edge. These systems aim to reduce greenhouse gas emissions and minimize environmental impact by using environmentally friendly refrigerants and energy-efficient technologies. For example, MIRAI Intex s.r.o. introduced the MIRAI Cold 80 T in February 2021, an ultra-low temperature refrigeration system that uses air as its refrigerant and eliminates the need for oil lubrication, offering an ecologically sound solution.

In November 2021, CoolSys Inc., a US-based provider of refrigeration, HVAC, engineering, and energy solutions, acquired Triangle Refrigeration, a company operating in the refrigerator industry, with the aim of expanding its market presence in the Northeast and Mid-Atlantic regions.

Major companies operating in the refrigerators market include Electrolux AB, Haier Group Corporation, LG Electronics Inc., Samsung Electronics Co. Ltd., Whirlpool Corporation, Hitachi Ltd., Bosch (Robert Bosch GmbH), Hisense Group Co. Ltd., Sharp Corporation, Siemens AG, TCL Corporation, Kinghome Electrical Appliance Co. Ltd., Midea Group Co. Ltd., Panasonic Corporation, Meiling (Guangdong Meiling Group Co. Ltd.), DIQUA, Frestec (Frestech Group), Casarte, Homa Appliances Co. Ltd., LittleSwan (Qingdao Haier Washing Machine Co. Ltd.), Konka Group Co. Ltd., Toshiba Corporation, Arcelik (Arcelik A.S.), Godrej Group, Mitsubishi Electric Corporation, General Electric Appliances (GE Appliances), Galanz Group Co. Ltd., Liebherr Group, Viking Range LLC, Sub-Zero Group Inc., Thermador (Bosch Thermotechnology), Dacor Inc., Fisher & Paykel Appliances Ltd., Gaggenau Hausgerate GmbH, Jenn-Air Corporation, KitchenAid Inc., Maytag Corporation, Kenmore Appliances, Amana (Amana Corporation), Frigidaire International, Hotpoint Appliances, Indesit Company S.p.A., Smeg S.p.A

Asia-Pacific was the largest region in the refrigerators market in 2023. Western Europe was the second-largest region in the refrigerators market. The regions covered in the refrigerators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the refrigerators market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The refrigerators market consists of sales of double-door refrigerators, french-door refrigerators, and single-door refrigerators. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r9225

1. Executive Summary

2. Refrigerators Market Characteristics

3. Refrigerators Market Trends And Strategies

4. Refrigerators Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Refrigerators Market Size and Growth

5.1. Global Refrigerators Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Refrigerators Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Refrigerators Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Refrigerators Market Segmentation

6.1. Global Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Single-Door
Double-Door
French-Door
Other Types
6.2. Global Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Freezer-on-Top
Freezer-on-Bottom
Freezer-Less
6.3. Global Refrigerators Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Specialty Retailers
Department Stores
Mass Retailers/Hypermarkets/Supermarkets
Discount Stores
Online
6.4. Global Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Household
Commercial Use
Industrial Use

7. Refrigerators Market Regional And Country Analysis

7.1. Global Refrigerators Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Refrigerators Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Refrigerators Market

8.1. Asia-Pacific Refrigerators Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Refrigerators Market

9.1. China Refrigerators Market Overview
9.2. China Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Refrigerators Market

10.1. India Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Refrigerators Market

11.1. Japan Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.2. Japan Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Refrigerators Market

12.1. Australia Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Refrigerators Market

13.1. Indonesia Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Refrigerators Market

14.1. South Korea Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.2. South Korea Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Refrigerators Market

15.1. Western Europe Refrigerators Market Overview
15.2. Western Europe Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Refrigerators Market

16.1. UK Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Refrigerators Market

17.1. Germany Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Refrigerators Market

18.5. France Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.6. France Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.7. France Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Refrigerators Market

19.9. Italy Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.10. Italy Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.11. Italy Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Refrigerators Market

20.13. Spain Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.14. Spain Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.15. Spain Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Refrigerators Market

21.1. Eastern Europe Refrigerators Market Overview
21.2. Eastern Europe Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Refrigerators Market

22.1. Russia Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Refrigerators Market

23.1. North America Refrigerators Market Overview
23.2. North America Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Refrigerators Market

24.1. USA Refrigerators Market Overview
24.2. USA Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Refrigerators Market

25.1. Canada Refrigerators Market Overview
25.2. Canada Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Refrigerators Market

26.1. South America Refrigerators Market Overview
26.2. South America Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Refrigerators Market

27.1. Brazil Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Refrigerators Market

28.1. Middle East Refrigerators Market Overview
28.2. Middle East Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Refrigerators Market

29.1. Africa Refrigerators Market Overview
29.2. Africa Refrigerators Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Refrigerators Market, Segmentation By Freezer Location, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Refrigerators Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Refrigerators Market Competitive Landscape And Company Profiles

30.1. Refrigerators Market Competitive Landscape
30.2. Refrigerators Market Company Profiles
- 30.2.1. Electrolux AB
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Haier Group Corporation
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. LG Electronics Inc.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Samsung Electronics Co. Ltd.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Whirlpool Corporation
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Refrigerators Market Competitive Benchmarking

32. Global Refrigerators Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Refrigerators Market

34. Refrigerators Market Future Outlook and Potential Analysis

34.1 Refrigerators Market In 2028 - Countries Offering Most New Opportunities
34.2 Refrigerators Market In 2028 - Segments Offering Most New Opportunities
34.3 Refrigerators Market In 2028 - Growth Strategies
34.3.1 Market Trend Based Strategies
34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer