Global Refrigerator Market is Expected to Reach USD 87.39 Billion by 2027, with a CAGR of 4.88%

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Oct 12, 2022, 08:45 ET

DUBLIN, Oct. 12, 2022 /PRNewswire/ -- The "Global Refrigerator Market By Type (Side-by-Side, Top Freezer, French Door, Bottom Freezer, Single Door), By Distribution Channel (Multi-Branded Stores, Supermarkets/Hypermarkets, Online and Others), By Region, Competition Forecast and Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.

The global refrigerator market is expected to reach USD87.39 billion by 2027, 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.

Rising Demand for 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.

Report Scope:

In this report, global refrigerator market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Global Refrigerator Market, By Type:

Side-by-Side
Top Freezer
French door
Bottom freezer
Single Door

Global Refrigerator Market, By Distribution Channel:

Multi-Branded Stores
Supermarkets/Hypermarkets
Online
Others

Global Refrigerator Market, By Region:

Asia-Pacific
China
Indonesia
Japan
India
South Korea
Australia
North America
United States
Mexico
Canada
Europe
Germany
United Kingdom
France
Spain
Italy
Poland
Netherlands
South America
Brazil
Colombia
Argentina
Chile
Middle East & Africa
Egypt
Turkey
South Africa
Saudi Arabia
UAE

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Impact of COVID-19 on Global Refrigerator Market

5. Voice of Customer

6. Global Refrigerator Market Outlook

7. Asia-Pacific Refrigerator Market Outlook

8. North America Refrigerator Market Outlook

9. Europe Refrigerator Market Outlook

10. South America Refrigerator Market Outlook

11. Middle East & Africa Refrigerator Market Outlook

12. Market Dynamics

13. Market Trends & Developments

14. Competitive Landscape

15. Strategic Recommendations

Companies Mentioned