Household Refrigerators Freezers Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast 2024-2028

Household Refrigerators Freezers Market Size 2024-2028

The household refrigerators freezers market size is estimated to increase by USD 24.5 billion and grow at a CAGR of 4.6% between 2023 and 2028. The growth of the market depends on several factors, such as the high demand for energy-efficient appliances, the high disposable income of consumers, and frequent innovative product launches. Progress in refrigeration technology has resulted in the creation of appliances incorporating energy-efficient attributes like automatic defrost, upscale front panels, and temperature control features. These characteristics not only improve storage capacity but also lead to decreased electricity expenses and environmental footprint. In light of government regulations and increasing environmental consciousness, the demand for such innovations is on the rise.

What will be the Size of the Household Refrigerators Freezers Market During the Forecast Period?

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Segmentation

This market report extensively covers market segmentation by type (double door and single door), capacity (15 cu ft to 30 cu ft, less than 15 cu ft, and more than 15 cu ft), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

By Type

The double door segment will account for a major share of the market's growth during the forecast period. In 2022, the double door segment dominated the global household refrigerators and freezers market, with the highest market share. Moreover, the double door refrigerators also offer an attractive and modern design, such factors will increase the segment growth during the forecast period.

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The double-door segment was valued at USD 63.40 billion in 2018. In this segment, the French door style, with two doors side by side for the fresh food section, delivers easy access to often-used items without having to open the entire refrigerator. The fresh food compartment in double-door refrigerators is generally larger compared to conventional top or bottom freezer refrigerators. However, this provides ample space for storing fresh produce, beverages, and various food items. The overall market for kitchen appliances has been growing steadily, with consumers willing to invest in modern and feature-rich refrigerators that meet their lifestyle and convenience needs. Such factors are expected to boost the market growth during the forecast period.

By Region

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APAC is estimated to account for 45% of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is home to some of the world's most populous countries, such as China and India. Rapid population growth and urbanization contribute to the high demand for household refrigerators and freezers to meet the needs of growing households. In APAC, the region has experienced economic growth and an increase in disposable income. The development of residential properties has led to increased demand for household appliances, including refrigerators and freezers, in urban areas. As lifestyles change and people increasingly opt for convenience, the demand for large refrigerator freezers to store perishable and frozen foods has grown. Therefore, the regional household refrigerators and freezers market is anticipated to witness growth during the forecast period.

Market Dynamics and Customer Landscape

The consumer appliance industry continues to innovate with household fridges and freezers that prioritize energy-efficient operations and use eco-friendly refrigerants to reduce environmental impact. These appliances cater to storing food and drinks while incorporating features like automatic defrost and varied freezer sizes to meet diverse consumer needs. Advancements in refrigerator and freezer technology include remote monitoring and integration with virtual assistants, enhancing user convenience in smart home environments. Online sales and Internet shopping portals offer accessible avenues for purchasing, reflecting a shift towards digital retail and catering to modern consumer preferences. Efforts towards energy conservation align with directives from the European Commission (EC), promoting circular economy principles and emphasizing insulation improvements in kitchen remodeling and home remodeling projects. The household refrigerator and freezers market thrives on innovation, balancing technological advancements with sustainability to meet the evolving demands of environmentally conscious consumers.

Key Market Driver

The market is witnessing significant growth, driven primarily by the high demand for energy-efficient appliances. As smart equipment becomes increasingly integrated into households, the focus on optimizing food storage tasks has become paramount, particularly among nuclear families with modular kitchen spaces. Consumer preferences, including dietary considerations, are shaping the design and functionality of refrigerators and freezers, emphasizing the need for thermally insulated compartments to preserve food and beverage items, which are considered an everyday necessity.

Moreover, advancements in refrigeration technology have led to the development of appliances with energy-efficiency features such as automatic defrost, upscale front panels, and temperature control features. These features not only enhance storage capacity but also contribute to reduced electricity bills and environmental impact. With government regulations and growing environmental awareness, consumers are increasingly inclined towards energy-efficient options, driving market growth. The market's trajectory is further influenced by technological advancements, including automatic frost-free cooling technology and top-mounted freezers, catering to evolving consumer needs and preferences.

Significant Market Trends

Robust demand for smart appliances is an emerging trend shaping market growth. In recent years, smart household freezers, equipped with advanced technology and connectivity features, have been witnessing increasing demand. The growing popularity of smart household freezers is driven by several factors that cater to consumers' evolving needs and preferences. Smart household freezers deliver improved convenience through connectivity attributes.

In addition, with Wi-Fi or Bluetooth capabilities, users can remotely monitor and control the freezer's settings, check inventory, and receive real-time notifications on their smartphones or other smart devices. The rising adoption of Internet of Things (IoT) technology has increased the demand for smart appliances, including freezers introducing new concepts of smart homes. Smart freezers may have adaptive cooling capabilities that adjust temperatures based on usage patterns and environmental conditions, assuring optimal food preservation while minimizing energy usage. As smart home technology becomes more prevalent and consumers seek innovative ways to enhance their day-to-day activities. Such factors are expected to drive market growth during the forecast period.

Major Market Challenge

Low replacement needs due to a high average lifespan are a significant factor hindering market growth. Generally, refrigerators are meant for long-term use (8-9 years) and do not require frequent replacement. Furthermore, they are expensive and considered a one-time investment by many.

Moreover, most branded refrigerators are durable and of superior quality but consumers need to spend on maintenance and cleaning costs over the years, which are usually minimal. This lowers the need for frequent purchases of the appliance and acts as a significant growth barrier for the market. As consumers do not buy these frequently, marketers find it hard to build brand loyalty. Such factors are expected to hinder the growth of the global market during the forecast period.

Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Who are the Major Household Refrigerators Freezers Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Arcelik A.S. - The company offers household refrigerators freezers under the brand Dawlance.

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• Arcelik A.S.
• Aucma Co. Ltd
• Dover Corp.
• Electrolux AB
• General Electric Co.
• Godrej and Boyce Manufacturing Co. Ltd.
• Haier Smart Home Co. Ltd.
• Hisense International Co. Ltd.
• Hitachi Ltd.
• Honeywell International Inc.
• LG Electronics Inc.
• MIDEA Group
• Miele and Cie. KG
• Panasonic Holdings Corp.
• Robert Bosch GmbH
• Samsung Electronics Co. Ltd.
• Sharp Corp.
• Siemens AG
• Toshiba Corp.
• Whirlpool Corp.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments. 

• Type Outlook
  • Double door
  • Single door

• CapacityOutlook 
  • 15 cu ft to 30 cu ft
  • Less than 15 cu ft
  • More than 15 cu ft
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • South America
    • Brazil
    • Peru
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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Market Analyst Overview

In today's consumer landscape, online retailers are reshaping how consumers purchase smart home equipment such as refrigerators and freezers. These appliances often boast automatic defrost features and are designed to minimize energy consumption and electricity costs, thereby reducing Greenhouse Gas (GHG) emissions. Advanced compressor technologies contribute to efficiency, catering to varying needs with options like freestanding or built-in models suitable for different family sizes. Design choices like door type—whether side-by-side or French doors—and integration with smart home automation products enhance functionality and convenience. Strategic considerations such as freezer location and refrigerator door type influence usability and space optimization in kitchens adapting to trends like online grocery shopping and home delivery services. Manufacturers focus on extending replacement cycles through durability and reliability, aligning with sustainability goals and consumer preferences for long-term value in household appliances.

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What are the Key Data Covered in this Market Forecast Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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