Household Refrigerators & Freezers Market Size
| Study Period | 2019-2028 |
| Market Size (2023) | USD 128.64 Billion |
| Market Size (2028) | USD 148.94 Billion |
| CAGR (2023 - 2028) | 2.97 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Household Refrigerators & Freezers Market Analysis
The Household Refrigerators And Freezers Market size is estimated at USD 128.64 billion in 2023, and is expected to reach USD 148.94 billion by 2028, growing at a CAGR of 2.97% during the forecast period (2023-2028).
The pandemic at the start of 2020 altered the market's fundamental dynamics. Product sales fell in the first months of 2020 due to temporary production halts in the manufacturing industry and a slowdown in the logistics sector. However, enforcing stay-at-home rules to reduce the virus's communal spread presented prospects for company expansion. Several countries worldwide relaxed lockdown regulations in the last quarter of 2020, resulting in a reduction in refrigerator and freezer manufacturing. In addition, the restart of shipping operations and the relaunch of e-commerce websites resulted in steady appliance sales growth.
The appliance has become a daily need in many families throughout the world. Because of the fierce competition in the market, manufacturers have been forced to upgrade their goods to keep customers interested and urge them to replace their old refrigerators with contemporary ones. The unprecedented demand for refrigeration technology in the 1950s sparked innovations such as the automated defrost feature and more giant freezers. Since then, new technological and design developments have replaced traditional units, providing the market endless potential.
Over the last few years, product innovation has played a positive role in driving the market growth. Modern refrigeration technology blends design aesthetics, energy efficiency, and temperature control to keep food from deteriorating. Compressor technology advancements and more excellent insulation also aid in driving demand for cutting-edge refrigeration equipment. Furthermore, new developments allow for manual temperature adjustment in the refrigerator, as different commodities require different thermal conditions and humidity scales to extend their shelf life.
Household Refrigerators & Freezers Market Trends
This section covers the major market trends shaping the Household Refrigerators & Freezers Market according to our research experts:
Rapid Urbanization is Driving the Market
In 2021, 56.61% of the world's population will live in urban areas, a proportion expected to increase to 68% by 2050. Moreover, 2007 was when, for the first time, more people in the world lived in urban than rural areas.
Global refrigerator market growth has been attributed to rapid urbanization. The main factor driving urbanization's rapid growth is the demand for high-end electronics across several industries. The refrigerator model's efficiency and comfort have helped to expand the market. Rapid urbanization and lifestyle growth are estimated to attract consumers to buy refrigerators. The rising urban population across the world, characterized by high-income individuals, is expected to fuel the demand for refrigerators over the forecast period.
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North America Accounts for the Largest Market Share
North America accounted for a substantial share of the household refrigerators and freezers market. The factors contributing to the overall market growth are the rising demand for multiple refrigerator and freezer units from the food and beverage industries and a growing number of nuclear families. The United States and Canada are the major consumers of household refrigerators and freezers in this region. Europe and Asia-Pacific are also estimated to witness positive growth in the future. However, Asia-Pacific is estimated to grow at the highest rate during the forecast period, owing to the presence of key manufacturers in this region and increasing urbanization. The region is home to some major manufacturers, such as Samsung, Haier, Godrej, LG Electronics, and Panasonic Corporation.
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Household Refrigerators & Freezers Industry Overview
The report covers the major international players operating in the household refrigerators and freezers market. In terms of market share, few major players currently dominate the studied market. However, the demand is driven by consumer income. Large companies compete through volume purchasing, breadth of products, and effective merchandising and marketing. Small companies focus on market segments and compete through the depth of products and superior customer service.
Household Refrigerators & Freezers Market Leaders
Haier Group Corporation
Dacor Inc.
Philips Electronics
Whirlpool Corporation
Robert Bosch GmbH
*Disclaimer: Major Players sorted in no particular order
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Household Refrigerators & Freezers Market News
- September 2022: LG Electronics (LG) unveiled its groundbreaking MoodUP refrigerator with color-changing LED door panels at IFA 2022. The product features color-changing LED door panels and a built-in speaker to play music. Users can choose from 22 colors for the upper and 19 for the lower door panels.
- June 2022: Samsung announced its 2022 lineup of the company’s Curd Maestro and Digi Touch Cool refrigerators with an “India-centric design."
Household Refrigerators & Freezers Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights into Technological Advancements in the Industry
4.7 Impact of COVID 19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Top-freezer Refrigerators
5.1.2 Bottom-freezer Refrigerator
5.1.3 Side-by-Side Refrigerator
5.1.4 French Door Refrigerator
5.1.5 Others
5.2 By Distribution Channel
5.2.1 Multi-Branded Stores
5.2.2 Specialty Stores
5.2.3 Online
5.2.4 Other Distribution Channels
5.3 By Geography
5.3.1 North America
5.3.2 South America
5.3.3 Europe
5.3.4 Asia-Pacific
5.3.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Haier Group Corporation
6.2.2 Dacor Inc.
6.2.3 Dover Corporation
6.2.4 Godrej Industries
6.2.5 AB Electrolux
6.2.6 LG Electronics
6.2.7 Panasonic Corporation
6.2.8 Philips Electronics
6.2.9 Robert Bosch GmbH
6.2.10 Samsung Electronics
6.2.11 The Whirlpool Corporation
6.2.12 Kenmore*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Household Refrigerators & Freezers Industry Segmentation
A household refrigerator is primarily used for food storage and protecting food from contamination. A complete background analysis of the household refrigerators and freezers market, including the market overview, market size estimation for the key segments and emerging trends in the market segments, and market dynamics and insights, is covered in the report. The Household Refrigerators and Freezers Market is segmented by type (Top-freezer Refrigerators, Bottom-freezer Refrigerators, Side-by-Side Refrigerators, French Door Refrigerators), by distribution channel (Multi-Branded Stores, Specialty stores, Online, and Other Distribution Channels), and by geography (North America, South America, Europe, Asia Pacific, Middle East, and Africa). For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
| By Type | |
| Top-freezer Refrigerators | |
| Bottom-freezer Refrigerator | |
| Side-by-Side Refrigerator | |
| French Door Refrigerator | |
| Others |
| By Distribution Channel | |
| Multi-Branded Stores | |
| Specialty Stores | |
| Online | |
| Other Distribution Channels |
| By Geography | |
| North America | |
| South America | |
| Europe | |
| Asia-Pacific | |
| Middle East & Africa |
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Household Refrigerators & Freezers Market Research FAQs
How big is the Household Refrigerators and Freezers Market?
The Household Refrigerators and Freezers Market size is expected to reach USD 128.64 billion in 2023 and grow at a CAGR of 2.97% to reach USD 148.94 billion by 2028.
What is the current Household Refrigerators and Freezers Market size?
In 2023, the Household Refrigerators and Freezers Market size is expected to reach USD 128.64 billion.
Who are the key players in Household Refrigerators and Freezers Market?
Haier Group Corporation, Dacor Inc., Philips Electronics, Whirlpool Corporation and Robert Bosch GmbH are the major companies operating in the Household Refrigerators and Freezers Market.
Which is the fastest growing region in Household Refrigerators and Freezers Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Household Refrigerators and Freezers Market?
In 2023, the North America accounts for the largest market share in the Household Refrigerators and Freezers Market.
Household Refrigerators and Freezers Industry Report
Statistics for the 2023 Household Refrigerators And Freezers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Household Refrigerators And Freezers analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
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