Press release
Emerging Sub-Segments Transforming the Refrigerators Market Landscape
Refrigerators Market
Projected Growth Outlook for the Refrigerators Market by 2030
The refrigerators market is anticipated to experience notable growth, reaching a value of $66.47 billion by 2030. This expansion is forecasted at a compound annual growth rate (CAGR) of 5.4%. Several factors are driving this growth, including the increasing adoption of smart home technologies, a rise in online sales channels, growing interest in sustainable and eco-friendly appliances, and the integration of artificial intelligence (AI) and the Internet of Things (IoT) into refrigerator designs. Popular trends expected to influence the market during this period include energy-efficient models, smart refrigeration systems, AI-powered temperature regulation, IoT-enabled features, and the use of environmentally friendly materials.
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Prominent Companies Leading the Refrigerators Industry
The refrigerators market features a diverse group of leading manufacturers, such as 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.Ş.), 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., and Smeg S.p.A. These players are instrumental in shaping the competitive landscape of the market.
Strategic Acquisition Strengthening Haier Electronics' Global Reach
In October 2024, Haier Electronics Group Co., Ltd., a Chinese manufacturer specializing in small electrical appliances, completed the acquisition of Carrier Global Corporation for $775 million. This important move is aimed at expanding Haier's footprint in the global commercial refrigeration market. By incorporating Carrier's expertise and product lineup, Haier broadens its offerings to serve clients in industrial sectors, food retail, and cold storage. Carrier Global Corporation is a US-based company focused on advanced refrigeration solutions, encompassing various refrigerator models tailored for cold chain needs.
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Advanced Energy-Saving Technologies Shaping the Refrigerators Market
Leading refrigerator manufacturers are dedicating efforts to create cutting-edge energy-efficient technologies, such as AI-powered inverter compressors, designed to optimize power use while enhancing cooling performance. These compressors intelligently adjust their energy consumption to maintain ideal temperatures without unnecessary waste. For example, in May 2024, Samsung Electronics introduced three innovative refrigerator models equipped with next-generation AI inverter compressors tailored for Indian households. These models include an 809L 4-Door Flex French Door Bespoke Family Hub Refrigerator and two 650L convertible refrigerators, all operating with noise levels below 35 decibels. The advanced compressor technology dynamically responds to temperature changes and factors such as door opening to deliver efficient cooling with reduced energy consumption.
Segment Overview Highlighting the Largest Share in Refrigerators Market
This report segments the refrigerators market based on several categories:
1) By Type: Single-Door, Double-Door, French-Door, and Other Types
2) By Freezer Location: Freezer-on-Top, Freezer-on-Bottom, and Freezer-Less
3) By Distribution Channel: Specialty Retailers, Department Stores, Mass Retailers/Hypermarkets/Supermarkets, Discount Stores, and Online
4) By Application: Household, Commercial Use, and Industrial Use
Further subsegments include:
- Single-Door: Compact Refrigerators and Top-Freezer Refrigerators
- Double-Door: Top-Freezer Double-Door and Bottom-Freezer Double-Door
- French-Door: Side-by-Side French Door and Four-Door French Door
- Other Types: Mini Refrigerators, Smart Refrigerators, and Commercial Refrigerators
These classifications help provide a detailed understanding of the market dynamics and consumer preferences across different segments.
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