What Is The Current and Historic Market Size Analysis Of The Refrigerators Market?
The refrigerators market has seen considerable growth due to a variety of factors.
• Strong growth has been observed in the refrigerator market's dimension in the recent past. The market, which was valued at $51 billion in 2024, is anticipated to expand to $54.15 billion in 2025, indicating a Compound Annual Growth Rate (CAGR) of 6.2%.
Increased preference for frozen and chilled food items, evolving lifestyles and eating habits, effective marketing and advertising strategies, urban development, and compact living spaces are significant contributors to the historical growth of this market.
What Are The Predictions for The Refrigerators Market in the Coming Years?
The refrigerators market is expected to maintain its strong growth trajectory in upcoming years.
• Experts anticipate a powerful surge in the refrigerators market in the upcoming years, with a projected increase to $67.11 billion in 2029, maintaining a compound annual growth rate (CAGR) of 5.5%.
Various factors fueling the growth during the forecast period include energy efficiency and sustainability, smart home integration, health and wellness, customization and aesthetics, and the aging population. Additionally, the forecast period is likely to witness several prominent trends such as french door refrigerators, wi-fi-connected refrigerators, energy-efficient compressors, sustainable materials, as well as specialty refrigerators.
Which Drivers Are Accelerating Growth In The Refrigerators Market?
The growth of the refrigerators market is fuelled by rising consumption trends of processed food items like frozen meat, vegetables and dairy products, as the dietary habits of consumers evolve. Owing to hectic schedules, there's an escalating dependence on processed food and ready-to-eat meals, necessitating refrigeration for preservation. As per Rentokil, the worldwide worth of processed food industries stands at $2 trillion. This gigantic market for processed food items is predicted to boost the expansion of the refrigerators market.
What Are The Core Segments Of The Global Refrigerators Market?
The refrigerators market covered in this report is segmented –
1) By Type: Single-Door, Double-Door, French-Door, Other Types
2) By Freezer Location: Freezer-on-Top, Freezer-on-Bottom, Freezer-Less
3) By Distribution Channel: Specialty Retailers, Department Stores, Mass Retailers/Hyper markets/Super markets, Discount Stores, Online
4) By Application: Household, Commercial Use, Industrial Use
Subsegments:
1) By Single-Door: Compact Refrigerators, Top-Freezer Refrigerators
2) By Double-Door: Top-Freezer Double-Door, Bottom-Freezer Double-Door
3) By French-Door: Side-by-Side French Door, Four-Door French Door
4) By Other Types: Mini Refrigerators, Smart Refrigerators, Commercial Refrigerators
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What Trends Are Shaping The Refrigerators Market?
Makers of refrigerators are adopting technologies like IoT and integrated sensors to enhance their products' performance. They are unveiling superior human-machine interface models in refrigerators and producing refrigerators that can autonomously identify the food's type and weight that's being stored, and can regulate and scrutinize the temperature accordingly.
Who Are the Key Players In The Refrigerators Market?
Major companies operating in the refrigerators market include:
• Electrolux AB
• Haier Group Corporation
• LG Electronics Inc.
• Samsung Electronics Co. Ltd.
• Whirlpool Corporation
• Hitachi Ltd.
• Bosch (Robert Bosch GmbH)
• Hisense Group Co. Ltd.
• Sharp Corporation
• Siemens AG
• TCL Corporation
• Kinghome Electrical Appliance Co. Ltd.
• Midea Group Co. Ltd.
• Panasonic Corporation
• Meiling (Guangdong Meiling Group Co. Ltd.)
• DIQUA
• Frestec (Frestech Group)
• Casarte
• Homa Appliances Co. Ltd.
• LittleSwan (Qingdao Haier Washing Machine Co. Ltd.)
• Konka Group Co. Ltd.
• Toshiba Corporation
• Arçelik (Arçelik A.S.)
• Godrej Group
• Mitsubishi Electric Corporation
• General Electric Appliances (GE Appliances)
• Galanz Group Co. Ltd.
• Liebherr Group
• Viking Range LLC
• Sub-Zero Group Inc.
• Thermador (Bosch Thermotechnology)
• Dacor Inc.
• Fisher & Paykel Appliances Ltd.
• Gaggenau Hausgeräte GmbH
• Jenn-Air Corporation
• KitchenAid Inc.
• Maytag Corporation
• Kenmore Appliances
• Amana (Amana Corporation)
• Frigidaire International
• Hotpoint Appliances
• Indesit Company S.p.A.
• Smeg S.p.A
What Are The Regional Insights Into The Refrigerators Market?
Asia-Pacific was the largest region in the refrigerators market in 2023. Western Europe was the second-largest region in the refrigerators market. The regions covered in the refrigerators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
