Authored By: Sarah
11 Jul 2024

 Refrigerator Market to grow by USD 49.08 billion between 2024-2028

According to a research report “ Refrigerator Market” by Product Specification (Freezer on-top refrigerators, Freezer on-bottom refrigerators, Freezer-less refrigerators) Type (Single door refrigerator, Double door refrigerator, French door refrigerators, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 49.08 billion at a CAGR of  6.91% during the forecast period. In the refrigerator market, vendors are prioritizing sustainability by offering eco-friendly commercial refrigerator cabinets and freezers. These innovations, which include optimized energy consumption systems and eco-friendly refrigerants, cater to the growing demand from energy-conscious businesses. Advanced components, such as energy-efficient compressors and intelligent controllers, are being utilized to enhance energy efficiency without compromising performance. This shift towards sustainable refrigeration solutions is driving the adoption of new equipment and upgrades among end-users..

Browse market data tables, figures, and in-depth TOC on “Refrigerator Market” by Product Specification (Freezer on-top refrigerators, Freezer on-bottom refrigerators, Freezer-less refrigerators) Type (Single door refrigerator, Double door refrigerator, French door refrigerators, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028.

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By Product Specification, the Freezer on-top refrigerators segment is projected to dominate the market size in 2024.

In the Refrigerator Market, single door models are a popular choice for small businesses and households, catering to families of 1-3 members. These units, characterized by their direct cooling technology and single door design, offer capacities ranging from 50 liters to 250 liters. Energy efficiency is a key selling point, with single door refrigerators consuming less power than their double-door counterparts. Space efficiency is another advantage, making them suitable for small commercial kitchens, apartments, or secondary refrigeration needs. Technological advancements, including inverter compressors, LED lighting, and enhanced insulation, further boost energy savings and cost reduction for businesses.

By Type, Single door refrigerator  segment is expected to hold the largest market size for the year 2024.

In the refrigerator market, top-mount or freezer-on-top models are a popular choice for larger families due to their generous storage capacity. These units, which feature a larger fresh food compartment below a smaller freezer compartment, boast sizes ranging from 30 to 33 inches in width. Their key advantage lies in their larger doors and increased inner storage space in the freezer section. Notably, the freezer's coldness is transferred to the refrigerator, with the denser cold air descending and warmer air ascending, resulting in efficient temperature management.

North America is forecasted to hold the largest market size by region in 2024.

The North American refrigerator market is projected to expand significantly during the forecast period, driven by the burgeoning demand for commercial refrigeration units in the food service sector, particularly in hotels, restaurants, and bakery outlets. Moreover, government incentives encouraging the adoption of energy-efficient refrigerators are further propelling market growth. The US and Canada represent major markets, with the US utilizing substantial refrigeration capacity for food preservation and the meat and poultry industry being a significant growth driver.

The Refrigerator Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AB Electrolux
  • Arcelik A.S.
  • FRIGIDAIRE
  • Godrej and Boyce Manufacturing Co. Ltd.
  • Gree Electric Appliances Inc. of Zhuhai
  • Haier Smart Home Co. Ltd.
  • Hisense International Co. Ltd.
  • Hitachi Ltd.
  • HOSHIZAKI Corp.
  • LG Electronics Inc.
  • MIDEA Group Co. Ltd.
  • Panasonic Holdings Corp.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • Sharp Corp.
  • Siemens AG
  • TCL Electronics Holdings Ltd.
  • Toshiba Corp.
  • Voltas Ltd.
  • Whirlpool Corp.
.

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Research Analysis Overview

In the dynamic realm of Online Shopping and E-commerce, the Online Retail Sectors have witnessed significant growth, particularly in the areas of Digitization and Technological Innovation. One such innovation is the emergence of Smart Refrigerators in the Electronic Appliance market. These advanced refrigerators, equipped with Magnetic Refrigerators, Energy-efficient, and Eco-friendly technologies, cater to the needs of Middle-class Families and Developing Economies. Meat Packaging and Packaged Food Consumption have driven the demand for these refrigerators, as they ensure the preservation of food and maintain optimal Temperature. The integration of App Interface, Interior Cameras, Monitoring Capabilities, and Wi-Fi Connectivity adds to their appeal. Smart Refrigerators are not just household essentials but also integral components of Smart Home Technologies. They enable Bulk Purchases and offer Styles and Sizes to cater to diverse customer preferences. The Refrigerator market is continually evolving, with advancements in Refrigerant, Evaporator, Condenser, and Compressor technologies, ensuring minimal Spoiling and enhancing the overall user experience.

Market Research Overview

In the dynamic world of consumer electronics, the Refrigerator Market continues to evolve, driven by Digitization and Technological Innovation. This market encompasses various Sales Channels, including Online Shopping through E-commerce platforms and Specialty Stores. Refrigerators come in various styles and sizes, such as Single Door, Double Door, Side by Side, Top Freezer, Bottom Freezer, and French Door. Energy-efficient and Eco-friendly options, like Magnetic Refrigerators and Inverter models, are increasingly popular among Internet Users with Disposable Income. Non-inverter models, Convertibles, and those with Wi-Fi Connectivity, App Interface, and Monitoring Capabilities are also gaining traction. The Refrigerator Market caters to both Household and Commercial Setups, with offerings for Middle-class Families in Developing Economies. Bulk Purchases are common in Rural Areas, where Electrification efforts are ongoing, and Smart Home Technologies are being adopted. Refrigerators are essential Electronic Appliances that help preserve Food, preventing Spoiling. They come with advanced features like Interior Cameras and are available in various Refrigerant types, with components like Evaporator, Condenser, and Compressor.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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