Refrigerators Global Market Report 2024

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 observed during the historical period can be attributed to several factors, including an increasing demand for frozen and chilled food products, evolving lifestyles and dietary preferences, effective marketing and advertising strategies, urbanization trends, and the prevalence of smaller living spaces, which have driven the need for refrigeration appliances such as refrigerators.

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 anticipated growth in the forecast period can be attributed to various factors, including a focus on energy efficiency and sustainability, the integration of smart home technologies, increased emphasis on health and wellness features, the demand for customization and aesthetic appeal, and the influence of an aging population on consumer preferences. Prominent trends in this forecast period include the popularity of French door refrigerators, the proliferation of Wi-Fi-connected refrigerators, the use of energy-efficient compressors, the incorporation of sustainable materials in refrigerator design, and the emergence of specialty refrigerators catering to specific needs.

The refrigerators market is experiencing growth driven by the increasing consumption of processed food products, including frozen meat, vegetables, and dairy items. This trend is further fueled by a shift in consumers' dietary habits. Busy lifestyles have led consumers to rely on processed foods and prepared meals, which necessitate the use of refrigerators for storage. Globally, the processed food industry is valued at $2 trillion, signifying a significant market for processed food products, and this is expected to contribute to the growth of the refrigerators market.

The primary categories of refrigerators include single-door, double-door, French-door, and other variations. A single-door refrigerator typically consists of a single outer door, with the freezer compartment accessible only through this main door. These refrigerators come in a range of sizes, starting from as small as 50 liters and going up to 250 liters or more. Freezers can be positioned at the top, bottom, or be entirely freezer-less, catering to various household, commercial, and industrial needs. Refrigerators are distributed through specialty retailers, department stores, mass retailers (including hypermarkets and supermarkets), discount stores, and online channels.

The refrigerators market research report is one of a series of new reports that provides refrigerators market statistics, including refrigerators industry global market size, regional shares, competitors with a refrigerators market share, detailed refrigerators market segments, market trends, and opportunities, and any further data you may need to thrive in the refrigerators industry. This refrigerators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The refrigerators market is also expected to benefit from the increasing purchasing power of consumers. Consumer purchasing power is determined by factors such as income and prevailing price levels, influencing the demand for durable goods like refrigerators. For instance, according to the US Bureau of Economic Analysis in August 2022, personal income experienced a monthly growth of 0.2%, with a $47.0 billion increase, while consumer spending saw a 0.1% rise, representing a $23.7 billion increase. This increase in disposable income, coupled with a 6.3% rise in the Personal Consumption Expenditures (PCE) price index for July compared to the previous year, is driving the growth of the refrigerators market.

The refrigerators market faces challenges due to intense pricing pressure on manufacturers. With numerous players competing in terms of pricing, specifications, and other features, durable goods like refrigerators are particularly price-sensitive. Consumers tend to make purchase decisions based on price fluctuations, making pricing a critical factor in the market.

Manufacturers in the refrigerators market are actively incorporating advanced technologies such as IoT and embedded sensors to enhance the overall functionality of their products. This includes introducing innovative human-machine interface designs and developing refrigerators with the capability to automatically recognize the type and weight of the food stored, allowing for temperature adjustments and monitoring as needed.

Major companies operating in the refrigerators market are focusing on eco-friendly refrigeration systems to gain a competitive edge. These systems aim to reduce greenhouse gas emissions and minimize environmental impact by using environmentally friendly refrigerants and energy-efficient technologies. For example, MIRAI Intex s.r.o. introduced the MIRAI Cold 80 T in February 2021, an ultra-low temperature refrigeration system that uses air as its refrigerant and eliminates the need for oil lubrication, offering an ecologically sound solution.

In November 2021, CoolSys Inc., a US-based provider of refrigeration, HVAC, engineering, and energy solutions, acquired Triangle Refrigeration, a company operating in the refrigerator industry, with the aim of expanding its market presence in the Northeast and Mid-Atlantic regions.

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.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., Smeg S.p.A

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

The countries covered in the refrigerators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The refrigerators market consists of sales of double-door refrigerators, french-door refrigerators, and single-door refrigerators. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.