Published Date : 14 Nov 2022
The global household refrigerators and freezers market size accounted for USD 93.2 billion in 2022 and is projected to be worth around USD 124.6 billion by 2030 with a registered CAGR of 3.6% during the forecast period 2022 to 2030.
Refrigerators and freezers are one of the most popular types of white goods, commonly used in households to store food and beverage items cool and fresh for an extended time period. The constant development and upgrade in refrigeration technologies have played a crucial role in the increased adoption of refrigerators in the household. Further, the rising popularity of modular kitchen spaces and the easy availability of space-efficient refrigerators have propelled the demand for refrigerators and freezers among middle-class households. Furthermore, the integration of the latest technologies such as the internet of things (IoT) and the development of smart refrigerators equipped with screens and speakers are expected to fuel the growth of household refrigerators and freezers during the forecast period.
Crucial factors accountable for market growth are:
Household Refrigerators and Freezers Market Report Scope
|Market Size In 2022||USD 93.2 Billion|
|Market Size By 2030||USD 124.6 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 3.6%
|Forecast Period||2022 to 2030|
North America dominated the global household refrigerators and freezers market in 2020, closely followed by Europe. North America is characterized by increased disposable income, increased penetration of smart home appliances, increased consumption of frozen and canned food products, high urban population, increased demand for the premium home products, and high number of households. The growing demand for the energy efficient refrigerators is pumping the market growth in this region. Further, increased consumer awareness regarding the harmful effect of refrigerators on the environment is significantly boosting the production of sustainable refrigerator across the region.
Asia Pacific is estimated to be the fastest-growing region during the forecast period. Asia Pacific is the home to the prominent refrigerator and freezers manufacturers such as LG Electronics, Samsung, Haier, Panasonic, and Godrej. Further, nations like China, Japan, and South Korea are specialists in the production of various electronic products at low cost. Asia Pacific is the manufacturing hub for the refrigerators and freezers owing to the easy availability of essential raw materials and cheap labor. Further, the government policies attracts FDIs in the region, which has significantly contributed towards the development of this region.
The global household refrigerators and freezers market is primarily driven by the growing need for storing different food and beverages items for longer period and prevent any contamination of food in the households. Rising disposable income coupled with the growing expenditure on the home improvement products is significantly driving the market growth across the globe.
The low penetration of smart home appliances in the rural areas and lack of proper electrification in underdeveloped areas is a major retraining factor that may hamper the growth of the global household refrigerators and freezers market during the forecast period.
The latest innovative features installed in the refrigerators such as Wi-Fi connectivity, Bluetooth connectivity, internet of things, convertible refrigerators, and many more developments are the various factors that seems to provide lucrative growth opportunities to the market players in the forthcoming years.
The introduction of innovative technologies is beneficial for the market, but however, these latest refrigerators involves high cost, which may restrict the consumers to buy these appliances.
In July 2020, Samsung launched SpaceMax Family Hub Refrigerator to expand it internet of things (IoT) portfolio that can be connected with the smartphone and smart TVs. It has features like food management, the family connection, and home control.
Some of the prominent players
By Door Type
By Distribution Channel
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