Refrigerator Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Refrigerator Market size will register an 8.8% CAGR from 2024 to 2032, owing to rising disposable income and growing urbanization. As incomes increase, consumers are more willing to invest in advanced and premium refrigeration appliances, enhancing their living standards. Urbanization fosters demand for modern, space-efficient refrigerators tailored to smaller living spaces in cities.

Additionally, the shift towards modern living, characterized by a focus on convenience and smart home integration, accelerates the adoption of innovative refrigerator models, driving moderate growth in the market size. For example, in May 2024, Miele launched the K4000 collection, featuring seven new freestanding refrigerator models, including freezers, upright fridges, and combined units. This development represents the trend for design and usability, as manufacturers aim to enhance their offerings with similar advanced features.

The refrigerator industry is classified based on refrigerant, door handle type, application, sheet type, technology, door opening type, volume, product, door type, display type, control type, and region.

The inverter segment will undergo a significant uptick through 2032 due to its energy efficiency and advanced temperature control features. Inverter refrigerators adjust their compressor speed based on cooling needs, reducing energy consumption and operational costs. This technology extends the appliance's lifespan and offers consistent temperature management, enhancing food preservation. As consumers increasingly prioritize energy-saving solutions and eco-friendly appliances, the inverter segment's benefits align well with market demands, solidifying its leading position.

Industry share from the household segment will see a considerable surge by 2023, driven by the essential role refrigerators play in daily domestic life. With increasing urbanization and rising disposable incomes, more households are investing in modern and efficient refrigeration solutions. The demand for various types of refrigerators, from basic models to advanced smart units, drives this segment's growth. As households continue to prioritize convenience, energy efficiency, and advanced features, the household segment remains central to market expansion and innovation.

Europe refrigerator market will witness a remarkable expansion between 2024 and 2032, fueled by its high demand for energy-efficient and technologically advanced appliances. The regional focus on sustainability and stringent energy regulations should boost the adoption of modern refrigeration solutions. Besides, the growing trend of smart home appliances and increasing disposable incomes can contribute to market expansion. Europe's established infrastructure and consumer preference for premium and eco-friendly products make it a notable contributor to the refrigerator industry forecasts.

Product Code: 5111

Chapter 1 Methodology and Scope

1.1 Market scope and definitions
1.2 Research design
- 1.2.1 Research approach
- 1.2.2 Data collection methods
1.3 Base estimates and calculations
- 1.3.1 Base year calculation
- 1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
- 1.5.1 Primary sources
- 1.5.2 Data mining sources

Chapter 2 Executive Summary

2.1 Industry 360° synopsis

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Factor affecting the value chain
- 3.1.2 Profit margin analysis.
- 3.1.3 Disruptions
- 3.1.4 Future outlook
- 3.1.5 Manufacturers
- 3.1.6 Distributors
- 3.1.7 Retailers
3.2 Industry impact forces
- 3.2.1 Growth drivers
  - 3.2.1.1 Advancements in food preservation technology
  - 3.2.1.2 Smart refrigerator features and connectivity
  - 3.2.1.3 Energy efficiency and sustainability concerns
- 3.2.2 Industry pitfalls and challenges
  - 3.2.2.1 High cost of advanced features
  - 3.2.2.2 Repair challenges
3.3 Growth potential analysis
3.4 Porter's analysis
3.5 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Company market share analysis
4.2 Competitive positioning matrix
4.3 Strategic outlook matrix

Chapter 5 Refrigerator Market Estimates and Forecast, By Door Type, 2021-2032 (USD Billion)

5.1 Glass
5.2 Sheet

Chapter 6 Refrigerator Market Estimates and Forecast, By Sheet Type, 2021-2032 (USD Billion)

6.1 Key trends
6.2 PCM
6.3 VCM

Chapter 7 Refrigerator Market Estimates and Forecast, By Door Handle Type, 2021-2032 (USD Billion)

7.1 Key trends
7.2 External handle
7.3 Built-in handle
- 7.3.1 Sliding
- 7.3.2 Fixed

Chapter 8 Refrigerator Market Estimates and Forecast, By Door Opening Type, 2021-2032 (USD Billion)

8.1 Key trends
8.2 Reversible door
8.3 Single side opening door

Chapter 9 Refrigerator Market Estimates and Forecast, By Product, 2021-2032 (USD Billion)

9.1 Key trends
9.2 Frost
9.3 Non-frost

Chapter 10 Refrigerator Market Estimates and Forecast, By Refrigerant, 2021-2032 (USD Billion)

10.1 Key trends
10.2 HFC
10.3 HCFC
10.4 Others

Chapter 11 Refrigerator Market Estimates and Forecast, By Technology, 2021-2032 (USD Billion)

11.1 Key trends
11.2 Inverter
11.3 Non-Inverter

Chapter 12 Refrigerator Market Estimates and Forecast, By Volume, 2021-2032 (USD Billion)

12.1 Key trends
12.2 Below 50L
12.3 51l-100l
12.4 101L-500L
12.5 501L-750L
12.6 Above 750L

Chapter 13 Refrigerator Market Estimates and Forecast, By Display Type, 2021-2032 (USD Billion)

13.1 Key trends
13.2 7 Segment
13.3 LCD

Chapter 14 Refrigerator Market Estimates and Forecast, By Control Type, 2021-2032 (USD Billion)

14.1 Key trends
14.2 Manual
- 14.2.1 Induction motors
- 14.2.2 Regulators
14.3 Electronic
- 14.3.1 Control boards
- 14.3.2 Thermostats
- 14.3.3 Sensors
- 14.3.4 Others

Chapter 15 Refrigerator Market Estimates and Forecast, By Application, 2021-2032 (USD Billion)

15.1 Key trends
15.2 Commercial
15.3 Households

Chapter 16 Refrigerator Market Estimates and Forecast, By Region, 2021-2032 (USD Billion)

16.1 Key trends, by regions
16.2 North America
- 16.2.1 U.S.
- 16.2.2 Canada
16.3 Europe
- 16.3.1 Germany
- 16.3.2 UK
- 16.3.3 France
- 16.3.4 Italy
- 16.3.5 Spain
- 16.3.6 Rest of Europe
16.4 Asia Pacific
- 16.4.1 China
- 16.4.2 India
- 16.4.3 Japan
- 16.4.4 South Korea
- 16.4.5 Australia
- 16.4.6 Rest of Asia Pacific
16.5 Latin America
- 16.5.1 Brazil
- 16.5.2 Mexico
- 16.5.3 Argentina
- 16.5.4 Rest of Latin America
16.6 MEA
- 16.6.1 Saudi Arabia
- 16.6.2 UAE
- 16.6.3 South Africa
- 16.6.4 Rest of MEA

Chapter 17 Company Profiles

17.1 Broan-NuTone, LLC
17.2 AB Electrolux
17.3 Aucma Co.Ltd.
17.4 BSH Hausgerate GmBH
17.5 Danby Appliances Co
17.6 Dongbu DAEWOO Electronics
17.7 General Electrics (GE)
17.8 Green Electric Appliances
17.9 Haier Smart Home Co.Ltd.
17.10 Hisense Group
17.11 LG Electronics Inc.
17.12 Liebherr Group
17.13 Midea Group
17.14 Panasonic Corporation
17.15 Samsung Electronics Co. Ltd.
17.16 Whirlpool Corporation