(MENAFN- Ameliorate Digital Consultancy) The global Refrigerator Market Size was valued at USD 121.32 billion in 2022 and is projected to reach USD 232.6 billion by 2029, exhibiting a CAGR of 7.5% during the forecast period.
refrigerators Market 2023 research report covers obvious information regarding the development rate, market estimates, drivers, limitations, future-based demand, and revenue during the forecast period. The report explores the current outlook in global and key regions from the outlook of players, countries, product types and end industries.
Additionally, technology industry the report provides insights into the regional analysis that refuges different regions, contributing to the growth of the market. The Global Refrigerators Market consists of data collected from numerous primary and secondary sources. This information has been verified and validated by the industry analysts, thus provided that significant insights to the researchers, analysts, managers, and other industry professionals. This document further supports in understanding market trends, applications, specifications, and market.
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Who are the Top Players Refrigerators Market?
Some of the major companies operating in the global Refrigerators market is Haier Group Corporation, Samsung Electronics, Siemens AG, Panasonic Corporation, LG Electronics Inc., Whirlpool Corporation, Midea Group, Electrolux AB, Liebherr Group, and Bosch Group and Others.
Haier Group Corporation is a Chinese multinational home appliances and consumer electronics company headquartered in Qingdao, Shandong. It designs, develops, manufactures and sells products including refrigerators, air conditioners, washing machines, microwave ovens, mobile phones, computers, and televisions. Samsung, South Korean company that is one of the world's largest producers of electronic devices. Samsung specializes in the production of a wide variety of consumer and industry electronics, including appliances, digital media devices, semiconductors, memory chips, and integrated systems.
Key Market Segments: Global Refrigerators Market
Refrigerators Market by Product, 2020-2029, (USD Million) (Thousand Units)
Frost
Non-Frost
Refrigerators Market by Refrigerant, 2020-2029, (USD Million) (Thousand Units)
HFC
HCFC
Refrigerators Market by Technology, 2020-2029, (USD Million) (Thousand Units)
Inverter
Non-Inverter
Refrigerators Market by Volume, 2020-2029, (USD Million) (Thousand Units)
Below 50L
51-100L
101-150L
151-200L
201-250L
251-300L
301-400L
401-500L
501-600L
601-750L
Above 750L
Refrigerators Market by Application, 2020-2029, (USD Million) (Thousand Units)
Household
Commercial
Key Trends in the Market
A refrigerator, commonly known as a fridge, has become an essential home appliance used to store and preserve food items that are perishable. Refrigerant tetrafluoroethane is used in refrigerators which changes from liquid to gas and cools the surrounding area, creating a desirable surrounding. It has five main working parts including a condenser, refrigerant, compressor, expansion valve, and evaporator.
Technological advancements in refrigerators are a key trend that is upsurging the global refrigerator market share. High-tech refrigerators are being developed with features such as barcodes to keep track of the food's expiry and other important details. Moreover, it connects with smartphones and provides advanced services.
Increased freezer consumption would arise from the increase in ice cream shops and bars. In ice cream shops and bars, where cold drinks and ice cream are typically kept, refrigerators are essential for providing specific chilling range options in the freezer. Furthermore, it is anticipated that the demand for products that can be frozen would rise due to the rising consumption of various frozen and processed food items worldwide.
Glass doors are also becoming popular and are garnering great demand. These refrigerators allow anyone to see the food items kept inside without opening the refrigerator, ensuring that the doors open only, when necessary, thus keeping the food fresh for longer. This is increasing the refrigerator market size.
Variety in the types of storage offered by refrigerators, including multiple sections and dedicated sections for specific items, are a growing trend in the refrigerator market.
The rapid adoption of smart infrastructure and cities is a key factor increasing the smart refrigerator market size. The Internet of Things (IoT) market has been expanding with smart home gadgets and appliances, and due to new internet-connected devices, houses are getting smarter. The Internet of Things (IoT) movement, which refers to the Internet-connected connection of common objects, has gained more attention owing to smart home appliances like Google Nest, Ring, and smart refrigerators. The market for smart refrigerators is being driven by enterprises' increased IoT investments as a result of the rise in interest in the smart home. This is driving the refrigerator market.
Refrigerators Market Regional Insights
North America: The market in North America is expected to grow at a significant rate due to the high adoption of e-commerce and the increasing use of IoT and AI technologies. The U.S. and Canada are expected to be major contributors to the market growth.
Europe: The market in Europe is expected to grow at a significant rate due to the increasing adoption of e-commerce and the growing demand for contactless delivery options. The UK, Germany, and France are expected to be major contributors to the market growth.
Asia Pacific: The market in Asia Pacific is expected to grow at a significant rate due to the increasing adoption of e-commerce and the growing demand for Refrigerators Market in countries such as China, Japan, and South Korea.
Latin America: The market in Latin America is expected to grow at a moderate rate due to the increasing adoption of e-commerce and the growing demand for Refrigerators Market in countries such as Brazil and Mexico.
Middle East and Africa: The market in Middle East and Africa is expected to grow at a moderate rate due to the increasing adoption of e-commerce and the growing demand for Refrigerators Market in countries such as Saudi Arabia, UAE, and South Africa.
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TABLE OF CONTENTS
Global Refrigerators Market Research Report 2023 – 2029
Part 01: Executive Summary
Part 02: Scope of the Report
Part 03: Research Methodology
Part 04: Market Landscape
Part 05: Pipeline Analysis
Part 06: Market Sizing
Part 07: Five Forces Analysis
Part 08: Market Segmentation
Part 09: Customer Landscape
Part 10: Regional Landscape
Part 11: Decision Framework
Part 12: Drivers and Challenges
Part 13: Market Trends
Part 14: Vendor Landscape
Part 15: Vendor Analysis
Part 16: Appendix
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