Household Refrigerators And Freezers Market Size, Share, Opportunities, And Trends By Structure (Built-in, Freestanding), By Capacity (Less Than 15 Cu. Ft., 16 Cu. Ft To 30 Cu. Ft., More Than 30 Cu. Ft.), By Door Type (Single Door, Double Door, Top Mounted Freezer, Side By Side, French Door), And By Geography - Forecasts From 2024 To 2029

The household refrigerators and freezers market is expected to show steady growth during the forecast period.

Household refrigerators and freezers are prevalent household appliances used for cooling and preserving perishable items. They are designed to keep food and beverages fresh and safe for an extended period by maintaining low temperatures inside compartments. These refrigerators operate by removing heat from the inside and releasing it outside via an electricity-powered cooling cycle. They usually have compartments with adjustable shelves for storing various types of food, such as fruits, vegetables, dairy products, and meats. It comes with advanced features such as ice makers, water dispensers, temperature controls, and energy-saving modes. Increasing awareness of food preservation. Rapid urbanization and technological advancement in refrigerators are major driving forces behind the significant household refrigerators and freezers market growth.

Market Drivers

• Rapid urbanization accelerated the household refrigerators and freezers market growth.

Rapid urbanization frequently leads to a significant increase in urban population. The demand for household refrigerators and freezers rises as more people move to cities and urban areas. This is primarily because urban lifestyles are more energetic, with people needing to store and preserve perishable food items for longer periods. Due to these factors, rapid urbanization contributed to the household refrigerators and freezers market growth. According to the World Bank, currently over 50% of the world's population lives in urban areas and the world's urban population will have increased by 1.5 times to 6 billion by 2045.

• Technological advancement in refrigerators and freezers bolsters the household refrigerator and freezer market.

Refrigerator and freezer technology advancements have resulted in the development of energy-efficient models with features such as smart sensors, improved cooling systems, frost-free operations, and advanced temperature control. These innovations attract customers which is expected to increase the household refrigerators and freezers market growth. For instance, in March 2022, Samsung Electronics announced the launch of the Bespoke French Door Refrigerator in the United States and will expand to other regions around the world. It consists of an advanced dual auto ice maker feature which makes 5.3 lbs (2.4kg) of ice per day and stores up to 9.9 lbs (4.5kg) twice the quantity as other ice makers.

• Increasing awareness of food safety and preservation drives the household refrigerator and freezer market growth.

The growth of household refrigerators and freezers can be attributed to the increasing awareness of food safety and preservation among consumers. Refrigerators and freezers provide a controlled environment that aids in the inhibition of bacterial growth and the extension of the shelf life of perishable items, lowering the risk of foodborne diseases. As a result, consumers are adopting refrigerators and freezers to protect themselves from foodborne diseases which bolsters the household refrigerator and freezers market growth.

Asia Pacific is expected to grow significantly

Asia Pacific is expected to account for a major share of the household refrigerator and freezer market. Rapid urbanization in the Asia Pacific region has brought about changes in living standards and lifestyles. As people shift from rural to urban areas, they often adopt modern appliances such as refrigerators and freezers which are considered essential appliances for urban households. For instance, according to the World Bank data, between 2020 to 2022, the urban population in China, increased from 61% to 64% and 35% to 36% in India,

Market Restraints

• High prices will restrain the growth of the household refrigerators and freezers market.

The high cost of refrigerators is a significant challenge for the household refrigerator and freezer market. They are usually more expensive to buy than older models, and they may necessitate more maintenance and repairs over time. This could limit the adoption of new household refrigerators, dropping market growth.

Market Development

• September 2023- Panasonic Life Solutions India (PLSIND), a leading diversified technology company, launched its latest line of Made-in-India refrigerators. The new refrigerators in Panasonic's proprietary Prime Convertible series have larger capacities and upgraded features such as a bottom-mounted freezer. The new Prime Convertible bottom-mounted freezers are available in 401 and 357-litre net capacities.
• September 2023- LG Electronics India launched its groundbreaking Wi-Fi Convertible Side-by-Side Refrigerator, which allows users to convert the freezer compartment to a fridge from anywhere using the LG ThinQ App. This cutting-edge appliance marks a new era in home appliance convenience and control. The new Wi-Fi Convertible Side by Side Refrigerator collection includes 9 models in Matt and Glass finishes, with chrome-finished door handles and outstanding metallic decorations on the inside as well as comes with a capacity of 650 liters.
• March 2023- Samsung Electronics announced the release of the Bespoke Top-Mounted Freezer (TMF) refrigerator with a stylish design, energy efficiency, and ultimate freshness. It is equipped with the most recent freshness technologies and energy-saving technologies, making food storage convenient, efficient, and flexible.

Company Products

• 529L UltimateTaste 500 Bottom Freezer Refrigerator- Electrolux offered a 529L UltimateTaste 500 bottom freezer refrigerator that keeps fruit and vegetables fresh and bursting with flavor for up to 7 days. Its large freezer allows for bulk storage of favorite foods as well as plenty of ice for refreshing cool drinks. It features a total capacity of 529 liters consume energy of 230 volts, and wattage of 85W.
• 651 Litres, Inverter French Door Smart Refrigerator- 651 Liters, Inverter French Door Smart Refrigerator offered by Haier, strengthens cooling and chilling for food with an advanced android-based smart refrigerator that has access to all preferred features and keeps an aerial view of everything stored inside. It featured dimensions of 905x697x1900 mm with twin inverter technology.
• KGN56XI40I Freestanding Bottom Freezer- KGN56XI40I Freestanding Bottom Freezer provided by BOSCH which provides additional space for storing food and vegetables. Its multi-airflow system minimizes temperature fluctuations in the fridge by ensuring optimal and uniform air circulation with the touch of a button super cool feature that quickly chills food and beverages. It comes with an appliance height of 1,930 mm and a freezer net capacity of 105 liters.

Segmentation

• By Structure
  • Built-in
  • Freestanding
• By Capacity
  • Less than 15 cu. Ft.
  • 16 cu. Ft to 30 cu. Ft.
  • More than 30 cu. Ft.
• By Door Type
  • Single Door
  • Double Door
  • Top Mounted Freezer
  • Side by Side
  • French Door
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Others