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Global Refrigerators Market Comprehensive Study: Forecasted Market Size And Growth Rate
Refrigerators Market
The Business Research Company offers in-depth market insights through Refrigerators Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The refrigerators market size has grown strongly in recent years. It will grow from $48.22 billion in 2023 to $51.19 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to growing demand for frozen and chilled food products, changing lifestyles and food habits, marketing and advertising, urbanization and smaller living spaces, .
The refrigerators market size is expected to see strong growth in the next few years. It will grow to $63.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to energy efficiency and sustainability, smart home integration,health and wellness, customization and aesthetics, aging population. Major trends in the forecast period include french door refrigerators, wi-fi-connected refrigerators, energy-efficient compressors, sustainable materials, specialty refrigerators.
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Market Segmentation:
The main types of refrigerators are single-door, double-door, French-door, and others. A single-door refrigerator has only one outer door, the freezer also has a door, but it can be reached only through the outer door. Also, they are usually available in sizes as small as 50 liters and can go up to 250 liters. The various freezer locations, including freezer-on-top, freezer-on-bottom, and freezer-less, are used for household, commercial, and industrial applications. The refrigerators are distributed through specialty retailers, department stores, mass retailers/hypermarkets/supermarkets, discount stores, and online channels.
Major Driver - Processed Food Consumption And Changing Dietary Habits Fuel Refrigerators Market Growth
The increasing consumption of processed food products such as frozen meat, vegetables, and dairy products as well as change in the dietary habits of consumers is driving the refrigerators market growth. Due to busy lifestyles, consumers are increasingly relying on processed food and prepared meals that require refrigerators for storage. According to Rentokil, the processed food industries are valued at $2 trillion globally. The huge market for processed food products is expected to drive the growth of the refrigerators market.
Competitive Landscape:
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
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Top Trend - Implementation Of IOT And Embedded Sensors For Enhanced Refrigerator Functionality
Refrigerators manufacturers are implementing technologies such as IoT and embedded sensors in their products to improve overall functionality. Manufacturers are introducing advanced human-machine interface designs in refrigerators and also manufacturing refrigerators that can automatically recognize the type and weight of the food stored in the refrigerators, and adjust and monitor the temperature as required.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Refrigerators Market Characteristics
3. Refrigerators Market Trends And Strategies
4. Refrigerators Market - Macro Economic Scenario
5. Refrigerators Market Size And Growth
…..
27. Refrigerators Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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