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Refrigerators Market Expected to Achieve 5.1% CAGR by 2029: Growth Forecast Insights
Refrigerators
How Large Will the Refrigerators Market Size By 2025?
The steady expansion of the refrigerators market has been observed in the past few years. Its size is set to increase from $49.65 billion in 2024 to $51.64 billion in 2025, meaning an annual compound growth rate (CAGR) of 4.0%. Factors contributing to this growth during the historic period can be traced back to the rising demand for chilled and frozen food items, evolving lifestyle and eating habits, marketing strategies, increasing urbanization, and compact living conditions.
How Big Is the Refrigerators Market Size Expected to Grow by 2029?
In the coming years, the refrigerators market is projected to experience robust growth, anticipated to reach $63.03 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 5.1%. The projected growth during the forecast period is ascribable to factors such as energy efficiency and sustainability, smart home integration, health and wellness focus, customization and aesthetics, and an aging population. The forecast period will also witness major trends like the popularity of french door refrigerators, wi-fi-connected refrigerators, energy-efficient compressors, the use of sustainable materials, and the demand for specialty refrigerators.
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Which Key Market Drivers Powering Refrigerators Market Expansion and Growth?
The rise in the refrigerators market is largely influenced by the growing demand for processed food items like frozen meat, vegetables, dairy products, and the alteration in consumers' eating habits. Due to hectic schedules, more people are turning to processed food and ready-to-eat meals, creating a greater need for refrigerated storage. As stated by Rentokil, the processed food sector has a global worth of $2 trillion. This substantial processed food market is predicted to further propel the advancement of the refrigerators market.
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Which Fast-Growing Trends Are Poised to Disrupt the Refrigerators Market?
Manufacturers of refrigerators are incorporating features such as embedded sensors and the Internet of Things (IoT) to enhance the product's overall performance. They are integrating sophisticated human-machine interface designs into their refrigerators and also producing fridges that have the capacity to autonomously determine the variety and weight of the food stored within them, subsequently adjusting and maintaining the required temperature.
What Are the Emerging Segments in the 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/Hypermarkets/Supermarkets, 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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the Refrigerators Industry?
Asia-Pacific was the largest region in the refrigerators market in 2024. 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
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