Portland, OR, July 05, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report titled, "Refrigerator Market by Product Type (Single Door, Double Door, Side by Side, French Door, Others), Freezer (Top Freezer, Bottom Freezer, Convertibles), Technology (Inverter, Non-Inverter), Application (Household, Commercial), Distribution Channel (Hypermarket/Supermarket, Specialty Stores, Online Sales Channel, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global refrigerator market was valued at $126.9 billion in 2022 and is projected to reach $220.6 billion by 2032, registering a CAGR of 5.8% from 2023 to 2032.
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Prime Determinants of Growth:
The global refrigerator market is driven by factors like the rise in the use of smart home technology, an increase in access to electricity in rural areas, and the expansion of the food and beverage industry. However, one of the main restraints on the refrigerator market is stringent regulation and energy efficiency standards implemented by the government. On the other hand, increasing customer preferences for environmentally friendly and energy-efficient refrigerators are creating lucrative opportunities for market growth.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $126.9 Billion |
| Market Size in 2032 | $220.6 Billion |
| CAGR | 5.8% |
| No. of Pages in Report | 529 |
| Segments Covered | Product Type, Freezer, Technology, Application, Distribution Channel, and Region. |
| Drivers | Rise in the use of smart home technology |
| Increase in access to electricity in rural areas | |
| Expansion of the food and beverage industry | |
| Opportunities | Increasing preferences for environment-friendly and energy-efficient refrigerators |
| Growth in e-commerce sales in retail | |
| Restraints | Implementation of energy efficiency standards and regulations by governments |
| Excessive use of secondhand refrigerators among developing nations |
The double door product segment to maintain its leadership status throughout the forecast period-
By product type, the double door segment held the highest market share in 2022, accounting for more than one fourth of the global refrigerator market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment would also showcase the fastest CAGR of 7.5% from 2023 to 2032. A wide range of double door refrigerators are now available in the market, coupled with new technologies and creativity to cater to customer demand. Innovative designs, superior textures, and the combination of the latest technology are constantly being introduced by manufacturers in refrigerators.
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The inverter segment to maintain its lead position throughout the forecast period-
By technology, the non-inverter segment held the highest market share in 2022, accounting for more than half of the global refrigerator market revenue. The non-inverter segment caters to the demand of the wider mass due to its affordability and a sense of familiarity owing to a long-time presence in the market. On the other hand, the inverter segment is expected to maintain its lead position throughout the forecast period. The same segment would also display the fastest CAGR of 6.8% during the forecast period. Consumers currently prefer to purchase inverter refrigerators owing to the energy efficient product preferences.
The household segment to maintain its leadership status throughout the forecast period-
By application, the household segment held the highest market share in 2022, accounting for around half of the global refrigerator market, and is estimated to maintain its leadership status throughout the forecast period. The same segment would cite the fastest CAGR of 6.5% during the forecast period. The household segment is gaining traction due to the increasing population and households along with the changing lifestyles of people. The increase in disposable income and shift towards modern housing have boosted the growth of refrigerators in the residential segment.
The hypermarket/supermarket distribution channel segment to rule the roost by 2032-
By distribution channel, the hypermarket/supermarket segment held the highest market share in 2022, accounting for more than one-third of the global refrigerator market, and is projected to rule the roost in terms of revenue by 2032. The hypermarket/supermarket stores' ability to provide products at the convenience of customers under one roof, along with different brands and varieties, has boosted the sale of refrigerators. However, the online sales channel segment would portray the fastest CAGR of 8.5% from 2023 to 2032. Consumers currently prefer to purchase refrigerators online since it is easy and offers a wide variety of brands that are not accessible in stores.
Asia-Pacific to maintain its dominance by 2032-
By region, Asia-Pacific held the highest market share in 2022, garnering more than one-third of the global refrigerator market revenue, and is likely to dominate the market during the forecast period. The same region is estimated to register the fastest CAGR of 7.0% from 2023 to 2032. The population in Asia-Pacific region is significantly increasing, which has further driven the demand for refrigerators. Consumer demand for refrigerators has significantly increased in Asia-Pacific. The growth of manufacturing units in the region and the rapid rise in middle-class consumers are some of the elements that are driving this trend.
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Leading Market Players: -
- LG Electronics
- Panasonic Holdings Corporation
- Robert Bosch GmbH
- Hitachi Ltd.
- Haier Inc.
- Samsung
Godrej
- MIRC Electronics Limited
- AB Electrolux
- Whirlpool Corporation
- Voltas Limited
- Havells India Limited
- Midea
- Hisense International
- Liebherr
The report provides a detailed analysis of these key players in the global refrigerator market. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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