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The refrigerator market size is estimated to grow by USD 49.08 billion at a CAGR of 6.91% between 2023 and 2028. The market is propelled by a shift towards more sophisticated refrigerators, including various product types like side by side models. Consumers seek advanced technology features and smart home technologies integrated into appliances. Furthermore, there's a rising demand for energy-efficient options, often featuring non-inverter compressors. These fridges also cater to the food and beverage business needs, with features such as built-in hubs and displays facilitating inventory management. Additionally, refrigerators with magnetic properties are gaining traction. As packaged food consumption increases, so does the need for refrigeration, especially for exported food and beverages. The market sees diverse distribution channels catering to these demands, with refrigerants, compressors, condensers, and evaporators playing vital roles in ensuring optimal performance.
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The freezers on top refrigerators segment is estimated to witness significant growth during the forecast period. Freezers on top refrigerators are often found in traditional fridges. It is also known as top-mount refrigerators. The refrigerator's coldness comes from the freezer. The cold air produced by the freezer is denser than the warmer air in the bottom when it is placed on top. As cold air is thick, it descends, forcing warm air to ascend, and the warm air rises, becoming cold in the freezer.
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The freezers on top refrigerators segment was the largest segment and was valued at USD 38.44 billion in 2018. Freezer on top fridge usually come at a lower price point compared to other configurations, making them an attractive option for budget-conscious consumers. Manufacturers are introducing technological innovations to improve the functionality and appeal of freezer on top refrigerators. Consequently, the segments versatility and ongoing technological enhancements will further drive the growth of the freezer on top refrigerator segment of the market during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is expected to grow owing to the rising demand for commercial refrigerators from the food service industry across hotels, restaurants, and bakery outlets.
Furthermore, government initiatives to encourage the use of energy-efficient refrigerators are driving the growth of the market in North America. In addition, the US and Canada are the key countries in the North American market. Moreover, some market players such as Master-Bilt and Kolpak, are offering refrigerators for commercial purposes in North America to meet the rising demand for preserving meat and other frozen food items. Thus, such factors are driving the growth of the market in the region during the forecast period.
The Refrigerator Market is driven by consumers' inclination towards more sophisticated and advanced models, prioritizing features such as energy efficiency and smart technologies. This trend is evident in both household and commercial setups, where the need to preserve food and prevent spoilage remains paramount. Despite the challenges posed by the high average lifespan of refrigerators, manufacturers focus on innovation to drive replacement needs through product differentiation and enhanced functionalities.
An emerging trend in the market is the increasing integration of IoT in refrigerators, enabling features like Wi-Fi connectivity and monitoring capabilities. This aligns with the growing adoption of smart home technologies and electrification, catering to diverse customer preferences and lifestyles. However, challenges persist in rural areas where access to electricity may be limited, hindering market penetration. Nonetheless, the Refrigerator Market continues to evolve, driven by advancements in technology and the food and beverages industry's changing demands.
The inclination toward more sophisticated and advanced models of refrigerators is the key factor driving market growth. New purchases of refrigerators are particularly made for other kinds of fridge, such as double- and multiple-door refrigerators. Furthermore, the creation of more shelves and storage space in an energy-efficient manner is attaining popularity across the globe. A further option of top or bottom freezer locations provides ease of use, keeping in mind daily usage patterns. This shows an overall transformation in consumers' attitudes and buying behavior toward refrigerators.
In addition, market players like LG Electronics are coming up with refrigerators that have features, including a ColdSaver Panel (a barrier between the interior compartment and the rest of the refrigerator, which reduces cold air loss and keeps food fresh). Consequently, advanced and sophisticated features are earning momentum among consumers and encouraging them to replace their old single-door fridges, which will drive the growth of the market during the forecast period.
Increasing integration of IoT in refrigerators is one of the primary market trends. The new Family Hub refrigerator provides features such as monitoring what is inside the fridge from anywhere, leaving messages on the White Board, checking who is at the front door via an attached doorbell, adjusting the temperature, watching surveillance videos, and reading recommendations for cooking or grocery shopping.
For instance, in September 2023, LG Electronics Inc. revealed the launch of a new range of Wi-Fi-enabled side-by-side convertible refrigerators to convert the freezer section to a fridge from anywhere using the LG ThinQ App. This advanced appliance creates a new era of convenience and control in home appliances. Hence, the rising integration of IoT in fridges is expected to drive market growth during the forecast period.
Low replacement needs due to high average lifespan of refrigerators is a challenge that affects market growth. The purchase of fridges is usually made only when people are moving into a new place, or they replace an old refrigerator with one that's in good condition. Fridges are meant for long-term use (8-9 years) and generally do not require frequent replacement. Besides, it costs money and is regarded as a one-time investment by most people. The majority of refrigerator brands are durable and of superior quality.
Moreover, customers only need to spend on maintenance and cleaning costs over the years, which are usually minimal. This lowers the need for frequent buys of the appliance and acts as a significant growth barrier for the market. Furthermore, as consumers do not buy these frequently, marketers find it difficult to build brand loyalty. Hence, such factors are expected to impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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Commercial Refrigeration Equipment Market: Commercial Refrigeration Equipment Market Analysis APAC, Europe, North America, Middle East and Africa, South America - China, US, Japan, Germany, UK - Size and Forecast
Portable Mini Fridge Market: Portable Mini Fridge Market - North America, Europe, EMEA, APAC: US, Canada, China, Germany, UK - Forecast
In the realm of electronic appliances, commercial setups rely heavily on refrigeration systems to preserve perishable goods, but issues like compressor failure can lead to spoiling. Components like the condenser, evaporator, and refrigerant play crucial roles in maintaining optimal temperatures. With various sizes and styles available, bulk purchases are common in the food and beverages industry, especially for meat packaging.
Moreover, smart refrigerators have gained traction, offering compatibility with smart homes through interior cameras and an intuitive app interface. This innovation caters to developing economies and middle-class families with disposable income, facilitating online shopping in the e-commerce and online retail sectors. Top freezer and convertible models, equipped with inverter technology, are popular choices in hypermarkets/supermarkets and specialty stores. As technology advances, eco-friendly and magnetic refrigerators are emerging, contributing to digitization and technological innovation in the refrigeration industry. Online sales channels further expand accessibility to consumers, reflecting the evolving landscape of consumer preferences and convenience.
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Market Scope |
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Market Report Coverage |
Details |
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Page number |
184 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.91% |
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Market growth 2024-2028 |
USD 49.08 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.43 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 37% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
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., and Whirlpool Corp. |
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Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Specification
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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