The global refrigerator market is expected to reach USD87.39 billion by 2027F, with a CAGR of 4.88% during the forecast period. The increasing population, disposable income, and technological advancements mainly drive the global refrigerator market in urban areas. The refrigerator has been one of the essential home appliance innovations over the years. The rising demand for refrigerators moved the makers to think of new technologies to improve the utility of refrigerators around the globe.
The global refrigerator market is vast, and it is the market that has the highest number of innovations. Every market leader wants to provide their users with a new and innovative refrigerator. The refrigerator can be segmented into side-by-side, top freezer, french door, bottom freezer, and single door based on their types. With the emergence of the e-commerce business and rising internet penetration rates worldwide, manufacturers now have new ways to reach their customers. The online sales channel has enabled companies to expand their distribution reach and serve customers in even the most remote areas, supporting the global refrigerator market's growth. One of the primary drivers of the global refrigerator market is rising GDP per capita income. It denotes increased consumer purchasing power and a higher standard of living. With increasing GDP per capita income worldwide, demand for refrigerators is expected to rise during the forecast period.
Rise in Adoption of Smart Infrastructure and Increasing Use of IoT Technologies
Advancements in technology and higher market competition are fueling the demand for refrigerators among the consumers. The usage of IoT has been developing in refrigerators owing to which it is possible for the user to remotely control the functions inside the refrigerator. With smart home devices and appliances, the home is getting smarter with new gadgets that are accessible with internet connections which empower convenience and comfort to carry out all the functions easily. The new inverter innovation controls the energy and power utilization according to the customer's necessities so that the consumers will not have to pay very high bills. This is because there are numerous different improvements in refrigerators, such as advanced features, cost, energy efficiency, etc., which lead to increased demand for refrigerators in the Indian market.
Rising Demand of Refrigerators for Residential and Commercial Purposes
The global refrigerator market is expected to grow due to infrastructural development in both, residential and commercial sector, which will consequently lead to an increase in demand for refrigerators. Additionally, high cooling feature refrigerators are utilized in hotels and restaurants to provide speedy service and prevent food from going stale. Therefore, as demand for the hospitality industry grows, so does the need for refrigerators. Moreover, the demand for refrigerators is being fueled by the increasing consumption of various frozen and processed goods worldwide.
Government Initiative Promoting Energy Efficient Home Appliances to Drive Growth
Governments across the world are developing new regulations to reduce residential appliances' energy usage. Energy-efficient home appliances are produced and consumed with the help of policies, which also make it easier to contribute to environmental sustainability. For instance, according to the United for Efficiency (U4E) organization article titled "Accelerating the Global Adoption of Climate Friendly and Energy Efficient Refrigerators," the Brazilian Government has provided a supportive policy to offer a mandatory Brazilian comparison label which would help to enable consumers to decide on purchasing under the consideration of the energy efficiency of the refrigerator. Additionally, incentive schemes such as coupons, discounts, and vouchers offered by the companies would entice customers to buy electrical appliances and help to grow the market.
Market Segmentation
The global refrigerator market is segmented based on type, distribution channel, region, and competition. Based on type, the market is segmented into side-by-side, top freezer, french door, bottom freezer, and single door. Based on distribution channel, the market is segmented into multi-branded stores, supermarkets/hypermarkets, online, and others. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among Asia-Pacific, North America, Europe, South America, and Middle East & Africa. In terms of country, the United States refrigerator market is forecast to grow at a faster rate and is expected to reach around USD8.54 billion during the forecast period.
Company Profiles
Samsung Electronics Co., Ltd, Whirlpool Corporation, Robert Bosch GmbH, LG Electronics Inc., AB Electrolux, Panasonic Corporation, Haier Smart Home Co., Ltd., Midea Group Co., Ltd., Hitachi Ltd., Godrej & Boyce Manufacturing Company Limited, and others are among the major market players in the refrigerator industry that led the market growth of the global refrigerator market.
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