Refrigerator Market Size - By Door Type (Glass, Sheet), By Door Handle Type (External, Built-in), By Sheet Type, By Door Opening Type, By Product, By Refrigerant, By Technology, By Volume, Display Type, By Control Type, By Application Forecast 2024 – 2032

Refrigerator Market Size

Refrigerator Market was valued at approximately USD 116.4 billion in 2023 and is anticipated to register a CAGR of over 8.8% between 2024 and 2032. Consumers are increasingly health-conscious and prioritize fresh food storage. Innovations like humidity-controlled drawers, multi-gas systems for extended produce freshness, and built-in water filtration systems are driving demand for refrigerators with advanced food preservation capabilities.
 

The days of wilted greens and limp vegetables are over. Modern refrigerators come equipped with features like humidity-controlled drawers that simulate the perfect storage conditions for fruits and vegetables. Imagine a crisper drawer made just to keep your lettuce crisp and your berries plump. Multi-gas systems also slow down the natural ripening process of fruits and vegetables, extending their shelf life and cutting down on food waste.
 

Innovations extend beyond drawers. Built-in water filtration systems ensure clean, fresh water and crisp ice, while special compartments with UV light technology can help reduce the growth of bacteria on surfaces. These features give consumers more control over food safety and quality, allowing them to enjoy fresh and delicious food for longer. By offering advanced food preservation technology, refrigerator manufacturers are catering to a growing demand for keeping food fresher for longer. This focus on extending shelf life, reducing food waste, and promoting healthy eating habits is a major growth driver in the refrigerator market.
 

High-tech refrigerators with smart features and advanced food preservation technology can be expensive. This can limit their appeal to budget-conscious consumers and hinder market penetration in price-sensitive regions.
 

One of the main obstacles in the refrigerator industry is the high price of sophisticated features. Even if cutting-edge food preservation technology and smart networking are appealing, many consumers may find the associated prices to be an important barrier. For consumers on a tight budget, high-end refrigerators with the latest technology may be out of reach. This restricts the penetration of the market, particularly in areas where price sensitivity plays a significant role.
 

Refrigerator Market Trends

French door models and side-by-side configurations are gaining popularity due to their spacious interiors and ease of access. French door models offer wider shelves and drawers, while side-by-side designs provide clear compartmentalization for better organization. These styles cater to modern kitchen aesthetics and the desire for efficient storage solutions. This emphasis on design and space optimisation reflects a growing demand from consumers for refrigerators that fit in with modern kitchen aesthetics and efficiently meet food storage needs.
 

Adjustable shelving, built-in organisers, and spill-proof drawers are examples of smart interior design elements that are becoming more intelligent. Other features that improve functionality and user experience include water dispensers with integrated filtration systems or automatic ice makers with in-door dispensers, which also satisfy the desire of consumers for a sleek and clutter-free exterior.
 

Refrigerator Market Analysis

Based on door type, the sheet segment was worth over USD 90.1 billion in 2023 and is anticipated to grow at a CAGR of 9.2% through 2032. The sheet metal segment in the refrigerator industry refers to refrigerators where the exterior is primarily constructed from sheet metal, typically stainless steel. This is a popular choice for several reasons such as affordability compared to glass or custom panels, durability and scratch resistance, and a classic, modern look that complements many kitchens.
 

Based on door handle type, the built-in segment held 63% share of the refrigerator market in 2023 and is anticipated to grow at a CAGR of 9.6% during 2024 to 2032. Built-in refrigerators are seamlessly integrated into kitchen cabinetry, creating a sleek and modern look. They offer several advantages over freestanding models, which includes increased space efficiency, particularly in smaller kitchen and gives a more streamlined aesthetic that complements modern design trends, and often, larger storage capacity and more advanced features like humidity-controlled drawers and in-door ice dispensers.
 

Asia Pacific refrigerator market size crossed USD 61.4 billion in 2023 and is anticipated to register a CAGR of 9.4% between 2024 and 2032, driven by factors like rising disposable income, urbanization, and hot climates that necessitate efficient food storage. This region has a high demand for refrigerators, with a preference for models that cater to smaller living spaces and offer features like energy efficiency and strong performance in hot weather conditions.
 

Country level Analysis

North America: In terms of country, the U.S. dominated the market with a revenue of around USD 14.8 billion in 2023 and is expected to grow at a CAGR of 9% in the forecasted timeframe. In the U.S., the refrigerator market is substantial driven by a steady demand from households and advancements in technology. Factors contributing to the market growth include increasing disposable income, urbanization, and growing trend towards kitchen renovations and upgrades. Consumers in the US show a strong preference for energy efficient models boosted by both environmental concerns and the desire to save on electricity costs.
 

In Canada, the refrigerator market share similarities with the US but also has distinct characteristics influenced by countries unique demographics and environmental policies. Canadian consumers prioritise energy efficiency and advanced features in their refrigerators driven by both cost saving and environmental concern. The harsh winter climate in many parts of Canada also impacts refrigerator design and usage with robust insulation and efficient cooling systems being particularly important.
 

Europe: The European refrigerator market accounted for a CAGR of around 7.2% in the forecasted timeframe.  The market in the region is diverse and characterised by wearing consumer preferences across different countries. There is a strong emphasis on energy efficiency and environmental sustainability driven by stringent EU regulations and directives aimed at reducing energy consumption and carbon emissions.
 

In Germany, the refrigerator market is the largest market in Europe and exhibits play strong demand for high quality and energy efficient refrigerators. German consumers are known for their preferences for durable and technologically advanced appliances reflecting the country's engineering and manufacturing heritage.
 

Asia Pacific: In terms of country, China refrigerator market is one of the largest in the world driven by rapidly growing middle-class, urbanization and increasing disposable incomes. Chinese consumers have a strong preference for modern feature rich refrigerators that offer advanced cooling technology energy efficiency and smart connectivity. The demand for multi door and large capacity refrigerators is particularly high reflecting the trend towards larger households and the need for more storage space.
 

In India, the refrigerator market is growing rapidly fuelled by rising incomes improving living standards and increasing electrification in rural areas. Indian consumers are becoming more aware of the benefits of energy efficient appliances leading to a growing demand for refrigerators with features such as inverter technology which ensures efficient energy consumption.
 

Refrigerator Market Share

Key players in the refrigerator industry are Whirlpool Corporation, LG Electronics, Samsung Electronics, Haier Smart Home Co.Ltd., Bosch Group. Together these companies have a market share of 55%-60% of the total market with strong competition in this market and driving continuous advancements and the introduction of new features to meet the evolving demands. These companies are known for their wide range of refrigerator products from basic models to advanced smart refrigerators with innovative features.
 

Refrigerator Market Companies

Major companies operating in the refrigerator industry include:

• AB Electrolux
• Aucma Co.Ltd.
• Bosch Group
• BSH Hausgeräte GmBH
• Danby Appliances Co
• Dongbu DAEWOO Electronics
• General Electrics (GE)
• Green Electric Appliances
• Haier Smart Home Co.Ltd.
• Hisense Group
• LG Electronics Inc.
• Liebherr Group
• Midea Group
• Panasonic Corporation
• Samsung Electronics Co. Ltd.
• Whirlpool Corporation
   

Refrigerator Industry News

• In March 2023, Whirlpool introduced a new 3-star inverter, frost free, double door refrigerator, aimed at providing long lasting cooling. This model is designed to cater to energy efficiency and enhance user experience in the refrigerator market.
   
• In July 2023, Samsung Electronics released and intelligent inverter freeze featuring a double door facility with unique features like door alarm, power cool and stabiliser free operation and it also includes a camera and a speaker and 21-inch touch display enhancing the smart home experience for users.
   
• In April 2024, LG Electronics introduced the Insta-view refrigerator which features door panels that can change colours. This innovation allows users to customise the appearance of their refrigerators offering up to 1,90,000 colour combination to match their mood or kitchen decor.
   

This refrigerator market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD billion) from 2021 to 2032, for the following segments:

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Market, By Door Type

• Glass
• Sheet

 Market, By Sheet Type

• PCM
• VCM

Market, By Door Handle Type

• External handle
• Built-in handle 
  • Sliding
  • Fixed

Market, By Door Opening Type

• Reversible door
• Single side opening door

Market, By Product

• Frost
• Non-Frost

Market, By Refrigerant

• HFC
• HCFC
• Others

Market, By Technology

• Inverter
• Non-Inverter

Market, By Volume

• Below 50L
• 51l-100l
• 101L-500L
• 501L-750L
• Above 750L

Market, By Display Type

• 7 Segment
• LCD

Market, By Control Type

• Manual 
  • Induction motors
  • Regulators
• Electronic 
  • Control Boards
  • Thermostats
  • Sensors
  • Others

Market, By Application

• Commercial
• Household

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA