Refrigerator Market Introduction and Overview
According to SPER Market Research, the Global Refrigerator Market is estimated to reach USD 136.27 billion by 2034 with a CAGR of 6.56%.
The report includes an in-depth analysis of the Global Refrigerator Market, including market size and trends, product mix, Applications, and supplier analysis. The rising demand for smart and IoT-based home appliances, like intelligent refrigerators, is expected to drive market growth. Consumers are increasingly seeking innovative, convenient devices that reduce effort in daily tasks. Additionally, the growing preference for frozen food products, such as ready-to-eat meals, vegetables, and fruits, is boosting demand. The expansion of e-commerce and international trade is also likely to support market growth. However, in developing countries with lower disposable incomes, such as Indonesia, India, and South Korea, limited access to smart appliances and high energy consumption costs may hinder demand for these products.
By Product: The top freezer refrigerator segment is expected to dominate the market due to its energy-efficient features and wide product availability. These refrigerators are highly regarded for helping to reduce energy costs, making them a popular choice among consumers. As a result, this segment is expected to continue growing in the coming years, maintaining a strong position in the market.
By Distribution Channel: Online and offline distribution channels make up the market. Offline channels, such as supermarkets, retail stores, hypermarkets, and brand stores, give customers access to a large selection of goods and let them check and evaluate refrigerators before making a purchase. Discounts and gift cards are another way that these stores draw customers. However, because of their ease of use, dependable delivery, and adaptable installation services, online marketplaces such as Flipkart, Amazon, and corporate e-retail websites have experienced consistent growth.
By Regional Insights: Asia Pacific has the most market share for refrigerators. Throughout the projection period, the region is anticipated to increase at a significant rate. Refrigerators and other home appliances are in high demand due to the growing populations of China, India, Singapore, and other Asian nations. Furthermore, the Asia Pacific market has grown as a result of the creation of several supermarkets and hypermarkets in the area brought about by the region's growing urbanization.
Market Competitive Landscape:
The market is highly consolidated. Some of the market key players are Electrolux AB, GE Appliances, Godrej Group, Haier Group Corporation, Hitachi Ltd., LG Electronics Inc., Midea Group, Panasonic Corporation, Samsung, Voltas Limited, Whirlpool Corporation, and others.
Recent Developments:
- In May 2022, Whirlpool Corporation opened "WoW Studios," a new marketing office in North America, to showcase its brands, which include JennAir, KitchenAid, Maytag, and others.
- At IFA 2022 in September 2022, LG Electronics unveiled their latest refrigerator set, the "MoodUP" series, which features color-changing LED displays.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Product, By Distribution Channel. |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa. |
| Companies Covered | Electrolux AB, GE Appliances, Godrej Group, Haier Group Corporation, Hitachi Ltd., LG Electronics Inc., Midea Group, Panasonic Corporation, Samsung, Voltas Limited, Whirlpool Corporation, and others. |
Key Topics Covered in the Report:
- Global Refrigerator Market Size (FY’2021-FY’2034)
- Overview of Global Refrigerator Market
- Segmentation of Global Refrigerator Market By Product Type (Top Freezer Refrigerator, Bottom Freezer Refrigerator, Side by Side Refrigerator, French Door Refrigerator)
- Segmentation of Global Refrigerator Market By Distribution Channel, (Online, Offline)
- Statistical Snap of Global Refrigerator Market
- Expansion Analysis of Global Refrigerator Market
- Problems and Obstacles in Global Refrigerator Market
- Competitive Landscape in the Global Refrigerator Market
- Details on Current Investment in Global Refrigerator Market
- Competitive Analysis of Global Refrigerator Market
- Prominent Players in the Global Refrigerator Market
- SWOT Analysis of Global Refrigerator Market
- Global Refrigerator Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Refrigerator Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Refrigerator Market
7. Global Refrigerator Market, By Product Type, (USD Million) 2021-2034
7.1. Top Freezer Refrigerator
7.2. Bottom Freezer Refrigerator
7.3. Side by Side Refrigerator
7.4. French Door Refrigerator
8. Global Refrigerator Market, By Distribution Channel, (USD Million) 2021-2034
8.1. Online
8.2. Offline
9. Global Refrigerator Market, (USD Million) 2021-2034
9.1. Global Refrigerator Market Size and Market Share
10. Global Refrigerator Market, By Region, (USD Million) 2021-2034
10.1. Asia-Pacific
10.1.1. Australia
10.1.2. China
10.1.3. India
10.1.4. Japan
10.1.5. South Korea
10.1.6. Rest of Asia-Pacific
10.2. Europe
10.2.1. France
10.2.2. Germany
10.2.3. Italy
10.2.4. Spain
10.2.5. United Kingdom
10.2.6. Rest of Europe
10.3. Middle East and Africa
10.3.1. Kingdom of Saudi Arabia
10.3.2. United Arab Emirates
10.3.3. Qatar
10.3.4. South Africa
10.3.5. Egypt
10.3.6. Morocco
10.3.7. Nigeria
10.3.8. Rest of Middle-East and Africa
10.4. North America
10.4.1. Canada
10.4.2. Mexico
10.4.3. United States
10.5. Latin America
10.5.1. Argentina
10.5.2. Brazil
10.5.3. Rest of Latin America
11. Company Profile
11.1. Electrolux AB
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. GE Appliances
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. Godrej Group
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. Haier Group Corporation
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. Hitachi, Ltd.
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. LG Electronics Inc.
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. Midea Group
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. Panasonic Corporation
11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments
11.9. Samsung
11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments
11.10. Voltas Limited
11.10.1. Company details
11.10.2. Financial outlook
11.10.3. Product summary
11.10.4. Recent developments
11.11. Whirlpool Corporation
11.11.1. Company details
11.11.2. Financial outlook
11.11.3. Product summary
11.11.4. Recent developments
11.12. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
