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Press Release

Dec, 08 2023

Growing Inclination of Consumers Toward Frozen Foods is Expected to Drive the Growth for Global Household Refrigerator Market

A household refrigerator, colloquially fridge, is a common household appliance consisting of a thermally insulated compartment and a heat pump (mechanical, electronic, or chemical) that transfers heat from its inside to its external environment so that its inside is cooled to a temperature below the room temperature. Refrigeration is used to slow down food spoilage by preventing the growth of bacteria and other microorganisms. The market encompasses a range of refrigerator products, including different materials, sizes, and accessories, catering to the diverse needs of sectors such as Offices, Dormitories, Hotels, RVs, and boats.

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Data Bridge Market Research analyzes the Global Household Refrigerator Market is expected to reach USD 196,735.34 million by 2031 from USD 124,797.93 million in 2023, growing with a substantial CAGR of 5.9% in the forecast period of 2024 to 2031.

Key Findings of the Study

Household Refrigerator Market

Growing Inclination of Consumers toward Frozen Foods drives the Market Growth

The shift in consumer behavior is multifaceted, driven by changing lifestyles, increased urbanization, and the need for convenient yet nutritionally rich meals options. The demand for advanced household refrigeration solutions is experiencing a notable surge as consumers embrace the convenience of frozen foods. Furthermore, the COVID-19 pandemic has had a lasting impact on consumer behavior, with an increased focus on home cooking and reduced frequency of grocery shopping. As a result, the demand for frozen foods soared, and households required reliable refrigeration solutions to store these items for extended periods.

Thus, the above advantages for the businesses had them improve customer service as there is a rise in demand for improvement of customer services, which is driving the market growth.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016- 2021)

Quantitative Units

Revenue in USD Million, Volume in USD Thousand

Segments Covered

Type (Top Freezer Refrigerator, French Door Refrigerator, Bottom Freezer Refrigerator, Side-By-Side Refrigerator, Counter-Depth Refrigerator, and Mini Fridge), Cooling Technology (Compressor Refrigerators, Solar Refrigerators, Acoustic Refrigerators, Magnetic Refrigerators, and Others), Deployment Type (Free-Standing Refrigerators and Built Into Kitchen Refrigerators), Storage Capacity (Medium Storage Capacity Refrigerators (200 L-400 L), Large Storage Capacity Refrigerators (Above 400 L), and Small Storage Capacity Refrigerators (<200 L)), Type of Model (Single Compressor Based Model and Dual Compressor Based Model), Distribution Channel (Hypermarkets, Supermarkets, Specialty Retailers, Online, Mass Retailers, Discount Stores, and Department Stores)

Country  Covered

China, India, Japan, South Korea, Australia & New Zealand, Malaysia, Thailand, Singapore, Indonesia, Philippines, Rest of Asia-Pacific, U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Netherlands, Belgium, Switzerland, Turkey, Luxembourg, Rest of Europe, Saudi Arabia, Egypt, South Africa, U.A.E., Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America

Market Players Covered

Haier Inc. (China), Whirlpool Corporation (U.S.), Midea Group (China), Samsung (South Korea),  LG Electronics (South Korea),  Arçelik Hitachi Home Appliances (Turkey), Bosch GmbH (Germany), Dacor, Inc. (U.S.), Electrolux (Sweden), Godrej (Godrej & Boyce) (India), Havells India Ltd. (India), Hisense International (China), LIEBHERR (Germany), MIELE (Germany), Panasonic Holdings Corporation (Japan), Qingdao Smad Electric Appliances Co., Ltd. (China), Sharp Corporation (Japan), TLC (Hong Kong) and among others

Data Points Covered in the Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour.

Segment Analysis

The global household refrigerator market is segmented into six notable segments type, cooling technology, deployment type, storage capacity, type of model, and distribution channel.

  • On the basis of type, the market is segmented into top freezer refrigerator, french door refrigerator, bottom freezer refrigerator, side-by-side refrigerator, counter-depth refrigerator, and mini fridge

In 2024, the top freezer refrigerator segment is expected to dominate the global household refrigerator market

In 2024, the top freezer refrigerator segment is expected to dominate the market with the 37.28% market share due to its efficient use of space, ease of access to frequently used items, and lower energy consumption.

  • On the basis of cooling technology, the market is segmented into compressor refrigerators, solar refrigerators, acoustic refrigerators, magnetic refrigerators, and others

In 2024, the compressor refrigerators segment is expected to dominate the global household refrigerator market

In 2024, the compressor refrigerators segment is expected to dominate the market with the 87.81% market share as they are more energy-efficient and last longer than other types of refrigerators.

  • On the basis of deployment type, the market is segmented into free-standing refrigerators and built into kitchen refrigerators. In 2024, the free-standing refrigerators segment is expected to dominate the market share of 77.52%
  • On the basis of storage capacity, the market is segmented into medium storage capacity refrigerators (200 L-400 L), large storage capacity refrigerators (above 400 L), and small storage capacity refrigerators (<200 L). In 2024, the medium storage capacity refrigerators (200 L-400 L) segment is expected to dominate the market share of 56.29%
  • On the basis of type of model, the market is segmented into single compressor based model and dual compressor based model. In 2024, the single compressor based model segment is expected to dominate the market share of 83.14%
  • On the basis of distribution channel, the market is segmented into hypermarkets, supermarkets, specialty retailers, online, mass retailers, discount stores, and department stores. In 2024, the hypermarkets segment is expected to dominate the market share of 28.17%

Major Players

Data Bridge Market Research analyzes Haier Inc. (china), Whirlpool Corporation (U.S.), Midea Group (China), Samsung (South Korea), LG Electronics (South Korea) as the major market players in global household refrigerator market.

Household Refrigerator Market

Market Developments

  • In November 2023, Whirlpool Corporation unveiled SlimTech insulation, the Vacuum Insulated Structure (VIS) technology, in the North American refrigerator market. Departing from traditional bulky polyurethane foam, this innovation utilizes a proprietary material vacuum-sealed within the refrigerator's door or sides. This design enables a remarkable 66% reduction in wall thickness, providing up to 25% more internal capacity. This benefits the company to increase by increasing the capacity of their product and attracting more customers, thus resulting in revenue
  • In November 2023, Midea Group introduced its largest refrigerator, the MRF29D6AST Standard Depth French Door, offering a jumbo-sized 29.3 Cu. Ft. internal storage to reduce grocery trips. Packed with user-friendly features like dual ice makers and smart home connectivity, Midea prioritizes convenience and organization. The Click & Glide Bin enhances customization, reflecting Midea's commitment to combining functional excellence with practical everyday needs
  • In August 2023, Haier Inc. invested USD 34 million to enhance refrigeration manufacturing at its subsidiary, Monogram Refrigeration LLC (MRO), in Selmer, Tennessee. This expansion has successfully created 150 new jobs and involved the addition of space, fabrication equipment, and an assembly line dedicated to building Monogram and Café brand integrated bottom-freezer refrigerators
  • In October 2023, LG Electronics unveiled a game-changing Wi-Fi Convertible Side by Side Refrigerator, reshaping refrigeration experiences. This enables users to convert the freezer into a fridge via LG ThinQ App remotely. Furthermore, this product comes in 9 different models with Matt and Glass finishes, featuring chrome door handles and 650-liter capacity. This benefits the company by demonstrating its commitment to innovation and convenience in home appliances, and it gives the company an edge over competitors in the Household Refrigerator Market
  • In May 2023, SAMSUNG achieved remarkable success with 80 wins at the IF Design Awards 2023, including a Gold Award for the Bespoke Infinite Line refrigerator. Recognized for its customizable experiences and premium design, Samsung continues to lead in innovative technology and meaningful user-centric designs

Regional Analysis

Geographically, the market is segmented into China, India, Japan, South Korea, Australia & New Zealand, Malaysia, Thailand, Singapore, Indonesia, Philippines, Rest of Asia-Pacific, U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Netherlands, Belgium, Switzerland, Turkey, Luxembourg, Rest of Europe, Saudi Arabia, Egypt, South Africa, U.A.E., Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.

As per Data Bridge Market Research analysis:

Asia-Pacific is estimated to be dominate and fastest growing region in global household refrigerator market

Asia-Pacific is expected to be dominate and fastest growing in the market due to rising disposable incomes. Apart from this, urbanization is leading to an increase in demand for household appliances, as people in cities are more likely to live in apartments and condominiums, which typically do not have enough space for a full-sized kitchen.

For more detailed information about the global household refrigerator market report, click here – https://www.databridgemarketresearch.com/reports/global-household-refrigerator-market


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