Global refrigerator market share is set to proliferate at a rapid pace over 2021-2027, due to the rise in consumerism and standard of living, creating robust demand for fresh food products. Likewise, the increasing need for fridges to maintain the shelf life of perishable food items, cosmetics, medicines, and milk products during transportation will further amplify the market growth.
With an aim to curb the emission levels, industry players are emphasizing on the production of environment-friendly refrigerants, including R290 and R600a, which have low GWP (Global Warming Potential). Food retailers, for example, have been transitioning to climate-friendly natural refrigerants, due to increasing regulatory pressures, which could also augment the industry outlook in the years ahead.
As per Global Market Insights, Inc. estimates, the global refrigerator market size is projected to surpass over $150 billion by 2027.
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In terms of segmentation by door type, the VCM sheet segment will account for a major share of the refrigerator market by 2027, as a result of its fingerprint resistive coating and superior finish. Rapid increase in the introduction of new VCM sheet refrigerators to cater to growing demand will further drive industry expansion from the segment over the estimated timeline.
The global refrigerator market from the reversible door segment is poised to depict a strong growth rate through 2027. This is driven mainly by the myriad benefits associated with this door type, such as ease of use and high aesthetic appeal.
With regards to the control type, the refrigerator industry from the electronic-controlled segment will record considerable revenue by 2027. This is a result of the advantages of using electronic-controlled refrigerators, including wireless monitoring and precise temperature control, along with the innovative product launches. In October 2020, for example, Motorola unveiled its smart refrigerators with a capacity of over 592L, designed to serve the rising demand for smart household appliances.
Based on application, the household segment will account for a remarkable share of the refrigerator market by 2027, considering the growing smartphone and internet penetration. Increasing consumer preference for connected home appliances with enhanced capabilities and features will further boost the deployment of smart fridges across the household sector.
The novel coronavirus pandemic has created massive disruptions in the global supply chain, leading to the temporary shutdown of electronics manufacturing industries. These logistics challenges resulted in reduced demand for refrigerator parts and components in 2020, thereby influencing companies to consistently monitor product development strategies to mitigate risks.
From a regional perspective, the Europe refrigerator industry will witness a significant growth rate through 2027, on account of the robust presence of refrigerator manufacturers like Liebherr Group. These regional market participants are also making heavy investments in research and development activities to deploy advanced technologies in their products and gain enhanced market share.
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Prominent players operating in the global refrigerator market include Samsung Electronics, Haier Group Corporation, Bosch Group, Liebherr Group, Siemens AG, Midea Group, Panasonic Corporation, Whirlpool Corporation, LG Electronics Inc., and Electrolux AB, among others.
Strategic product launches and business expansions are among the key initiatives being employed by these companies to expand their presence across the global market. To illustrate, LG Electronics and Electrolux AB inked a patent licensing deal in October 2020, with an objective to enable Electrolux to manufacture and sell French-door refrigerators using LG’s patented ice-making technologies.
Refrigerators are increasingly emerging as one of the most valuable and common appliances used to maintain the shelf life of perishable food products, cosmetics, and even medicines. The increasing spending power, the strong demand for fresh foods, and rapid technological innovation are therefore likely to generate opportunities for refrigerator brands to gain popularity over the upcoming years.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Scope & definitions
1.2 Methodology and forecast parameters
1.3 Region-wise COVID-19 impact analysis
1.3.1 North America
1.3.3 Asia Pacific
1.3.4 Latin America
1.3.5 Middle East & Africa
1.4 Data Sources
Chapter 2 Executive Summary
2.1 Refrigerator market 3600 synopsis, 2017 - 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Door type trends
2.1.4 Door handle type trends
2.1.5 Door opening type trends
2.1.6 Product trends
2.1.7 Refrigerant trends
2.1.8 Technology trends
2.1.9 Volume trends
2.1.10 Display type trends
2.1.11 Control type trends
2.1.12 Application trends
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