Refrigerator Market to Exceed $232.6 Billion by 2029 at a Compound Annual Growth Rate of 7.5%: Exactitude Consultancy

The global refrigerator market was valued at US$ 121.32 billion in 2022 and is expected to reach US$ 232.6 billion by 2029, registering a CAGR of 7.5% during the forecast period.

Refrigerators Market Research Report 2023 covers clear information regarding development rate, market estimations, drivers and constraints, future demand and revenue over the forecast period. The report explores the current outlook in global and key regions from the perspectives of players, countries, product types and end industries.

Additionally, the Technology industry report provides insights into the regional analysis resorting to different regions, which contributes to the growth of the market. The global refrigerator market consists of data collected from many primary and secondary sources. This information has been verified and validated by industry analysts and thus provided important insights for researchers, analysts, managers, and other industry professionals. This document also supports understanding of market trends, applications, specifications, and market.

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Refrigerators Market by Product (Frost, Non-Frost), Refrigerant (HFC, HCFC), Technology (Inverter, Non-Inverter), Volume (Below 50L, 51-100L, 101-150L, 151-200L, 201-250L, 251-300L, 301-400L, 401-500L, 501-600L, 601-750L, above 750L), Application (Household, Commercial) and Region Global trends and forecast from 2022 to 2029

Who are the top Refrigerator market players?

Some of the major companies operating in the global refrigerator market are: Haier Group Corporation, Samsung Electronics, Siemens AG, Panasonic Corporation, LG Electronics Inc. , Whirlpool Corporation, Midea Group, Electrolux AB, Liebherr Group and Bosch Group and others.

• Haier Group Corporation is a Chinese multinational home appliance and consumer electronics company headquartered in Qingdao, Shandong. It designs, develops, manufactures and sells products including refrigerators, air conditioners, washing machines, microwave ovens, mobile phones, computers and televisions.
• Samsung, a South Korean company that is one of the largest producers of electronic devices in the world. Samsung specializes in producing a variety of consumer and industrial electronics, including devices, digital media devices, semiconductors, memory chips, and integrated systems.

Major Market Segments: Global Refrigerator Market

Refrigerator Market by Product, 2020-2029, ($ Million US) (Thousand Units)

frost

Non-Frost

Refrigerators Market by Refrigerants, 2020-2029, ($ Million USD) (Thousand Units)

HFC

Hydrochlorofluorocarbons

Refrigerator Market by Technology, 2020-2029, (US$ Million) (Thousand Units)

reflector

non-reflective

Refrigerators Market by Size, 2020-2029, ($ Million US) (Thousand Units)

less than 50 liters

51-100 liters

101-150 liters

151-200 liters

201-250L

From 251 to 300 liters

301-400 liters

401-500 liters

501-600 liters

601-750L

above 750 liters

Refrigerators Market by Application, 2020-2029, (Million USD) (Thousand Units)

family

commercial

Major trends in the market

The refrigerator, commonly known as a refrigerator, has become an essential household appliance used to store and preserve perishable food items. Tetrafluoroethane refrigerant is used in refrigerators that changes from a liquid to a gas and cools the surrounding area, creating a desirable environment. It has five major working parts including condenser, refrigerant, compressor, expansion valve, and evaporator.

• Technological advancements in refrigerators are a major trend that is increasing global market share of refrigerators. High-tech refrigerators are being developed with features such as bar codes to track food expiration and other important details. Moreover, it connects with smartphones and offers advanced services.

• Increased consumption of frozen food will stem from the increase in ice cream parlors and bars. In ice cream shops and bars, where cold drinks and ice creams are usually kept, refrigerators are essential to provide specific cooling range options in the freezer. Moreover, the demand for products that can be frozen is expected to rise due to the increased consumption of various frozen and processed food items worldwide.

• Glass doors are also becoming popular and gaining huge demand. These refrigerators allow anyone to see the food items kept inside without opening the refrigerator, ensuring that the doors are opened only, when necessary, thus keeping the food fresh for a longer period. This increases the refrigerator market size.

• The variety in the types of storage offered by refrigerators, including multiple compartments and sections dedicated to specific items, is a growing trend in the refrigerator market.

• The rapid adoption of smart infrastructure and cities is a major factor driving the smart refrigerator market size. The Internet of Things (IoT) market is expanding with smart home gadgets and devices, and due to new Internet-connected devices, homes are getting smarter. The Internet of Things (IoT) movement, which refers to the Internet-connected connection of common things, has been gaining more attention due to smart home devices such as Google Nest, Ring, and smart refrigerators. The smart refrigerator market is being driven by increasing corporate investments in the Internet of Things as a result of the increased interest in the smart home. This is driving the refrigerator market.

Regional insights into the refrigerator market

North America: The market in North America is expected to grow at a significant rate due to the heavy adoption of e-commerce and the growing use of IoT and artificial intelligence technologies. The United States and Canada are expected to be major contributors to the growth of the market.

Europe: The market in Europe is expected to grow at a significant rate due to the increasing adoption of e-commerce and the growing demand for contactless delivery options. The United Kingdom, Germany and France are expected to be major contributors to the growth of the market.

Asia Pacific: The market in the Asia Pacific region is expected to grow at a significant rate owing to the growing adoption of e-commerce and the growing demand for refrigerator market in countries like China, Japan and South Korea.

Latin America: The market in Latin America is expected to grow at a moderate rate due to increasing adoption of e-commerce and growing demand for refrigerators market in countries like Brazil and Mexico.

Middle East and Africa: The market in the Middle East and Africa is expected to grow at a moderate rate due to the increasing adoption of e-commerce and the growing demand for refrigerators market in countries such as Saudi Arabia, UAE and South Africa.

Inquiry about the Refrigerator Market Discount Report:

Refrigerators Market by Product (Frost, Non-Frost), Refrigerant (HFC, HCFC), Technology (Inverter, Non-Inverter), Volume (Below 50L, 51-100L, 101-150L, 151-200L, 201-250L, 251-300L, 301-400L, 401-500L, 501-600L, 601-750L, above 750L), Application (Household, Commercial) and Region Global trends and forecast from 2022 to 2029

table of contents

worldwide refrigerator market Research Report 2023 – 2029

Part 01: Executive summary

Part 02: Scope of the report

Part 03: Research Methodology

Part 04: Market View

Part 05: Pipeline analysis

Part 06: Market Sizing

Part 07: Five Forces Analysis

Part 08: Market Segmentation

Part 09: Customer View

Part X: Regional Landscapes

Part 11: Decision framework

Part 12: Drivers and Challenges

Part 13: Market Trends

Part 14: Vendor View

Part 15: Vendor Analysis

Part 16: Appendix

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