Pune, India, July 17, 2023 (GLOBE NEWSWIRE) -- The global refrigerator market size was USD 68.72 billion in 2022 and is poised to expand from USD 71.55 billion in 2023 to USD 103.96 billion by 2030, exhibiting a CAGR of 5.48% over the study period. The rise is due to the increasing demand for IoT-based and smart home appliances.
This information is provided by Fortune Business Insights™ in its research report, titled “Refrigerator Market, 2023-2030”.
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List of Key Players Profiled in the Refrigerator Market Report:
- Samsung (South Korea)
- LG Electronics Inc. (South Korea)
- Whirlpool Corporation (U.S.)
- Panasonic Corporation (Japan)
- Hitachi, Ltd. (Japan)
- Electrolux AB (Sweden)
- Godrej Group (India)
- Haier Group Corporation (China)
- Midea Group (China)
- Voltas Limited (India)
- GE Appliances (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.48% |
| 2030 Value Projection | USD 103.96 Billion |
| Market Size in 2022 | USD 68.72 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 156 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Refrigerator Market Growth Drivers | Positive Outlook Toward Smart Refrigerators to Amplify Market Growth |
| Growing Inclination of Consumers Toward Frozen Foods to Drive Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/refrigerator-market-102686
Report Coverage:
The report offers substantial coverage of the significant trends impelling the global business landscape over the coming years. It also gives an account of the pivotal initiatives undertaken by key market participants for strengthening their market positions. Additional insights include the vital factors driving industry expansion across various regions.
Drivers and Restraints:
Escalation in Market Share Impelled by Rising Inclination Toward Smart Refrigerators
The refrigerator market growth is being propelled by the growing demand for smart refrigerators and various benefits such as in-built screen automation, command-based functioning, automatic temperature control, and others.
However, product penetration is less in developing countries such as South Korea, India, Indonesia, and others. This could restrain industry expansion to a certain extent.
COVID-19 Impact:
Decline in Market Value Driven by Closure of Supermarkets and Other Electrical Stores
The pandemic period affected market expansion driven by the closure of hypermarkets and supermarkets and the shutdown of electronics stores. The uncertainty in raw material distribution stalled the production of electronic goods. The market was further affected by the lack of labor in manufacturing facilities.
Segments:
Top Freezer Refrigerator Segment to Record Appreciable Expansion Due to Energy-efficient Features
On the basis of product type, the market is segmented into into top freezer refrigerator, bottom freezer refrigerator, side-by-side refrigerator, and French door refrigerator. The top freezer refrigerator segment is anticipated to dominate the market due to excellent features. These include the wide availability of products and savings in energy costs.
Offline Segment to Register Substantial Demand Impelled by Various Products in Retail Stores
Based on distribution channel, the market is categorized into online and offline. The offline segment is expected to grow at a considerable pace over the study period. The surge is due to an increase in supermarkets, hypermarkets, retail shops, and brand stores and the escalating availability of products.
Based on region, the market is subdivided into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.
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Regional Insights:
Asia Pacific to Emerge Prominent Owing to Rising Population
Asia Pacific held the largest refrigerator market share and is anticipated to exhibit lucrative growth over the anticipated period. The expansion can be credited to the growing population level in countries such as Singapore, China, India, and others.
Europe accounts for the second largest value in the global market. The region is slated to depict considerable expansion throughout the forecast period.
Furthermore, the North America market is expected to grow at a substantial pace over the analysis period. The surge is due to the escalating presence of renowned manufacturers in the region.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities to Support the Market during the Global Crisis
- Global Refrigerator Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type (Value)
- Top Freezer Refrigerator
- Bottom Freezer Refrigerator
- Side by Side Refrigerator
- French Door Refrigerator
- By Distribution Channel (Value)
- Offline
- Online
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type (Value)
TOC Continued...!
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Competitive Landscape:
Key Players Focus on Product Launch Initiatives to Secure Competitive Edge
Pivotal companies are focused on the adoption of a series of initiatives for the consolidation of industry positions. These initiatives comprise acquisitions, partnership agreements, and the introduction of new products. For instance, in May 2022, Whirlpool Corporation established a new marketing office ‘WoW Studios’ in North America. The move was aimed at facilitating the display of brands including Maytag, KitchenAid, JennAir, and others.
Key Industry Development:
- November 2021 – Midea Group added new products to its portfolio via the rollout of a new kitchen appliances suite. The launched products included front and side door refrigerators.
Read Related Insights:
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