Rising Inclination of Consumers Toward Frozen Foods Drives Refrigerators Market, With a Projected 5.8% CAGR from 2023 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global Refrigerators Market” that contains information from 2018 to 2032. The Refrigerator market is estimated to register a CAGR of 5.8% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Refrigerators market— Samsung, LG Electronics Inc., Whirlpool Corporation, Panasonic Corporation, Hitachi, Ltd., Electrolux AB, Godrej Group, Haier Group Corporation, Midea Group, Voltas Limited, and GE Appliances (U.S.).

Refrigerators Market Highlights

The global Refrigerators market is expected to register a CAGR of 5.8% during the forecast period and is estimated to reach USD 114.4 billion by 2032.

The fundamental forces that propel an industry ahead are known as market drivers. The growing consumer desire for eco-friendly and sustainable products and activities is a major market driver. Customers are selecting businesses that prioritize sustainability as they make decisions that are more in line with their values as environmental worries grow. This trend is compelling businesses to implement greener procedures and create environmentally friendly products, such as recyclable packaging and energy-efficient equipment. Businesses need to adapt to this trend in consumer expectations and strive for more sustainable and environmentally conscious operations if they want to stay competitive.

Segment Analysis

The global Refrigerators market has been segmented based on product type and distribution channel.

Based on product type, the market is segmented into top freezer refrigerators, bottom freezer refrigerators, side-by-side refrigerators, and French door refrigerators. The French door segment was attributed to holding the largest market share in 2022. The segment's growth is driven by several factors. To begin with, French door refrigerators are well known for their spacious, flexible interiors that cater to shifting customer needs. Secondly, they usually offer state-of-the-art convenience amenities like ice and water dispensers.

Based on distribution channels, the global Refrigerators market has been segmented into online and offline. The offline segment was expected to hold the largest market share in 2022. Many reasons have contributed to its remarkable ascent. First off, the convenience of shopping from home has become more and more popular, particularly in the wake of the COVID-19 pandemic. Second, they visit websites that provide a wider range of products at reasonable prices.

Regional Analysis

The global Refrigerators market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The European refrigerator market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Refrigerator market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World refrigerator market comprises the Middle East, Africa, and Latin America.

North America has a thriving and diverse market that is fueled by high consumer demand and the widespread use of cutting-edge technologies. Leading nations, the US and Canada have a diverse range of industries, such as technology, automotive, and healthcare. With Silicon Valley serving as a tech hub, the area promotes innovation and entrepreneurship. On the other hand, regulatory complexity is significant. Innovation and sustainability are prioritized in the consumer-driven economy.

Europe is seen as a developed market with a robust infrastructure, stringent laws, and a strong emphasis on sustainability. Important economic forces that are well-known for manufacturing and banking, respectively, are Germany and the United Kingdom. Environmentally conscious policies that influence industry and product development are supported by the European Union. Technological improvements, a broad consumer base, and economic stability characterize the European market.

With China and India at the forefront, the Asia-Pacific market is vibrant and expanding quickly. It has a huge population and a growing middle class, which present countless prospects. With developed economies like Japan and rising markets in Southeast Asia, the area is diversified. Technology, manufacturing, and e-commerce innovations are developing quickly. Asian markets are known for their flexibility and receptivity to emerging styles.

There are a variety of marketplaces in the rest of the world, including those in Latin America, the Middle East, and Africa. With resource-rich economies in the Middle East and developing markets in Latin America, these regions show different stages of economic development. Infrastructure deficiencies and political instability are problems. They do, however, present growth opportunities in industries including mining, telecommunications, and energy. Successful localization and comprehension of local quirks are essential in these markets.

Key Findings of the Study

• The global Refrigerators market is expected to reach USD 114.4 billion by 2032, at a CAGR of 5.8% during the forecast period.


• The North American region accounted for the highest growing global market due to high consumer demand and widespread use of cutting-edge technologies.


• Based on product type, the french door refrigerator segment was attributed to holding the largest market in 2022, with an approximate market share of 35–45%.


• Samsung, LG Electronics Inc., Whirlpool Corporation, Panasonic Corporation, Hitachi, Ltd., Electrolux AB, Godrej Group, Haier Group Corporation, Midea Group, Voltas Limited, and GE Appliances (U.S.).