The refrigerator market is expected to exceed $220.6

According to a new report by Allied Market Research titled “Refrigerator Market”, the refrigerator market size was valued at $126.9 billion in 2022 and is expected to reach $220.6 billion by 2032, growing at a CAGR of 5.8% between 2023 and 2032.

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There are several trends in the refrigerator market that are steadily driving the growth of the refrigerator market and at the same time, the demand for refrigerators. The demand for smart refrigerators has increased significantly due to advancements in home appliance technology. Kitchens are the major producers of food waste and the second largest consumer of electricity in the home. Manufacturers are therefore improvising to improve refrigerators by combining them with smart technologies such as Wi-Fi connectivity, monitoring features, built-in hubs and displays, smart home compatibility, indoor cameras, and the app interface. For example, companies like Samsung, LG, GE, and Bosch have integrated Alexa, built-in cameras, and InstaView screens in their products, allowing customers to use refrigerators for different purposes and take a look inside the refrigerator without opening it completely. In addition, manufacturers have developed app interfaces, such as GE Appliances’ SmartHQ app, LG’s ThinQ app, Bosch’s Home Connect app, and Samsung’s Samsung Smart Things app, which allow customers to quickly monitor the temperature and receive relevant notifications. These factors significantly drive the market share of refrigerators during the forecast period.

Regulations and standards related to the environment and product quality are constantly changing, which could adversely affect the expansion of the refrigerator business. In addition, many countries outside the United States carefully regulate and manage production-related pollution generated by the manufacturing of electronic devices such as refrigerators, while environmental damage is poorly monitored and controlled. In addition, additional regulations are imposed on refrigerator manufacturers to reduce negative environmental impacts related to production as these companies expand their businesses in emerging markets. For example, countries such as China, South Korea, and India all have laws regulating e-waste, and these countries are increasingly regulating hazardous substances that are toxic. The introduction of stricter energy efficiency standards for refrigerators by regulators could hinder the expansion of the refrigerator market. Manufacturers are investing more in their production processes to achieve these standards, which could increase production costs. In addition, manufacturers could increase the cost of their freezers to cover these additional costs, which would ultimately affect customer demand. In addition, the increased product cost may make it harder for some people to afford or justify the purchase of a new refrigerator, delaying the expansion of the refrigerator market. The expansion of laws and regulations is likely to hamper the refrigerator market in the coming years.

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The advent of technological innovations and the rise of digitalization have created a whole new experience for both customers and vendors in online retail. Consumers’ continued enthusiasm for online shopping, which has surpassed their use of internet services and smartphones, has also significantly increased the overall demand for goods in e-commerce. In recent years, several merchants have entered into partnerships or launched their own websites where shoppers can learn more about their business and the products they offer. In addition, consumers’ ability to compare different products is facilitated by the availability of a wide range of product selections and price comparison tools on online shopping websites, which has led to a rise in the number of online shoppers in recent years. According to World Bank estimates, in 2021, over 92% of people in North America and around 86% of people in Europe and Central Asia used the internet regularly. Furthermore, consumers are provided with a platform where they can easily compare different types of refrigerators in terms of their features, advancements and prices before making an informed decision thanks to easy access to the internet and online refrigerator accessories. Some of the most popular online retailers in the refrigerator market include Amazon.com, Flipkart.com and Walmart.com.

The rapid spread of coronavirus has disrupted the supply chains in the Refrigerator market, causing the companies to face a slight decline in the initial phase of the COVID-19 pandemic. However, soon they managed to maintain the availability of their products in various supply channels of the market, which is clearly reflected in the Refrigerator market analysis.

The refrigerator market is segmented on the basis of product type, freezer, technology, application, distribution channel, and region. On the basis of product type, the refrigerator industry is categorized into single door, double door, side-by-side, French door, and others. On the basis of freezer, the market is segmented into top freezer, bottom freezer, and convertible. On the basis of technology, the market is segmented into inverter and non-inverter. On the basis of application, the market is segmented into household and commercial. On the basis of distribution channel, it is fragmented into supermarkets/hypermarkets, specialty stores, online distribution channels, and others. On a regional basis, the analysis is conducted for North America (US, Canada and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia, Sweden, Netherlands, Denmark, Poland and rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Singapore, Indonesia, New Zealand and rest of Asia Pacific) and LAMEA (Brazil, Argentina, South Africa, Middle East, Saudi Arabia, Egypt, Nigeria and rest of LAMEA).

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Key findings of the study

Based on product type, the French doors segment led in terms of market share in 2022. However, the double doors segment is the fastest growing segment during the forecast period.

Based on the freezer segment, the top freezer segment accounts for about two-fifths of the market share. However, the convertible segment is expected to gain traction during the forecast period.

On a technology basis, the non-inverter segment accounted for more than half of the market share in 2022. However, the inverter segment is expected to be the fastest growing segment during the forecast period.

Based on application, the household segment led in terms of market share in 2022 and is expected to gain importance during the forecast period.

Based on distribution channels, the hypermarket/supermarket segment holds more than one-third of the market share. However, the online distribution channels segment is expected to gain importance during the forecast period.

Regionally, Asia Pacific dominates the global refrigerator market and is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period.

The players in the global refrigerator market have adopted various development strategies including but not limited to, new product launches, geographical expansion, and acquisitions to increase their market share, achieve profitability, and remain competitive in the market. Some of the major players in the refrigerator market include LG Electronics, Panasonic Holdings Corporation, Robert Bosch GmbH, Hitachi, Ltd., Haier Inc., Samsung, Godrej, MIRC Electronics Limited, AB Electrolux, Whirlpool Corporation, Voltas Limited, Havells India Limited, Midea, Hisense International, and Liebherr.

Reasons to buy this Refrigerator Market report:

> Mergers and acquisitions should be well planned by identifying the best manufacturer.

> Sort new customers or potential partners by the demographic group you are looking for.

> Suitable for providing reliable and high-quality data and analysis to support your internal and external presentations.

> Develop tactical initiatives by gaining a better understanding of the areas where large companies can intervene.

> To increase and expand business potential and reach, develop and plan licensing and licensing strategies by finding potential partners with the most attractive projects.

> Identify newcomers with potentially strong product portfolios and develop effective counter strategies to gain a competitive advantage.

> To develop effective R&D strategies, collect information, analysis and strategic insights from competitors

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Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides unmatched quality “Market Research Reports” and “Business Intelligence Solutions” to global corporations as well as medium and small businesses. AMR has a targeted approach to provide its clients with business insights and consulting to help them make strategic business decisions and achieve sustainable growth in their respective market space.

Pawan Kumar, CEO, Allied Market Research, leads the company to provide high-quality data and insights. We have professional business relationships with various companies and this helps us in sourcing market data that helps us in preparing accurate research data tables and confirms the utmost accuracy in our market forecasts. All the data presented in the reports published by us is acquired through primary interviews with top officials of leading companies in the concerned industry. Our methodology for sourcing secondary data includes extensive online and offline research and discussions with knowledgeable professionals and analysts of the industry.

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