Refrigerator Market: Trends, Size, Share & Future Growth 2030

The Global Refrigerator Market has recently been analyzed and explored by Fortune Business Insights in their latest market research report. The team of dedicated analysts and researchers has gone to great lengths to provide a comprehensive overview of both current and future scenarios pertaining to the Refrigerator Market. As a result, this report is packed with valuable insights that will be highly advantageous for industry players looking to maintain a competitive edge.

The report encompasses a broad range of data, including market trends, growth drivers, challenges, and opportunities in the Global Refrigerator Market. With a meticulous analysis of the industry landscape, the report presents an accurate picture of the market, providing in-depth information on the key market players, their strategies, and the competitive landscape.

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Forecast Growth Projected:

The global refrigerator market size was valued at USD 71.55 billion in 2023 and is projected to grow to USD 103.96 billion by 2030, exhibiting a CAGR of 5.48% during the forecast period.

List of the Key Players in the Refrigerator Market

The major players in the market are

• Samsung (South Korea)
• LG Electronics Inc. (South Korea)
• Whirlpool Corporation (U.S.)
• Panasonic Corporation (Japan)
• Hitachi, Ltd. (Japan)
• Electrolux AB (Sweden)
• Godrej Group (India)
• Haier Group Corporation (China)
• Midea Group (China)
• Voltas Limited (India)
• GE Appliances (U.S.)

Some Common Elements of the Refrigerator Market Report May Include:

• Market size and growth rate
• Competitive landscape analysis
• SWOT analysis (strengths, weaknesses, opportunities, and threats)
• Key market trends and drivers
• Regulatory environment
• Market segmentation and customer demographics
• Future Outlook and Predictions

Competitors Landscape:

Key Players Focus on Product Launch Initiatives to Secure Competitive Edge

Pivotal companies are focused on the adoption of a series of initiatives for the consolidation of industry positions. These initiatives comprise acquisitions, partnership agreements, and the introduction of new products. For instance, in May 2022, Whirlpool Corporation established a new marketing office ‘WoW Studios’ in North America. The move was aimed at facilitating the display of brands including Maytag, KitchenAid, JennAir, and others.

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Segmentation:

Top Freezer Refrigerator Segment to Record Appreciable Expansion Due to Energy-efficient Features

On the basis of product type, the market is segmented into into top freezer refrigerator, bottom freezer refrigerator, side-by-side refrigerator, and French door refrigerator. The top freezer refrigerator segment is anticipated to dominate the market due to excellent features. These include the wide availability of products and savings in energy costs.

Offline Segment to Register Substantial Demand Impelled by Various Products in Retail Stores

Based on distribution channel, the market is categorized into online and offline. The offline segment is expected to grow at a considerable pace over the study period. The surge is due to an increase in supermarkets, hypermarkets, retail shops, and brand stores and the escalating availability of products.

Based on region, the market is subdivided into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.

Global Drivers and Restraints:

Escalation in Market Share Impelled by Rising Inclination Toward Smart Refrigerators

The refrigerator market growth is being propelled by the growing demand for smart refrigerators and various benefits such as in-built screen automation, command-based functioning, automatic temperature control, and others.

However, the product penetration is less in developing countries such as South Korea, India, Indonesia, and others. This could restrain industry expansion to a certain extent.

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