Snapshot img

Refrigerator Market Size 2025-2029

The refrigerator market size is forecast to increase by USD 51.7 billion, at a CAGR of 6.8% between 2024 and 2029.

The market is witnessing significant growth, driven by the increasing demand for energy-efficient commercial refrigeration equipment. This trend is being fueled by the rising awareness of energy conservation and sustainability, as well as the implementation of energy efficiency regulations in various regions. However, the market also faces challenges, primarily the frequent compressor failures in refrigerators. This issue, which is attributed to the high usage and harsh operating conditions of commercial refrigeration equipment, necessitates regular maintenance and replacement, posing operational and financial challenges for businesses.
Companies seeking to capitalize on market opportunities and navigate these challenges effectively should focus on developing energy-efficient, IoT-enabled refrigeration solutions, while also investing in robust maintenance programs to mitigate compressor failure risks. Another key trend shaping the market is the integration of Internet of Things (IoT) technology in refrigerators. This innovation enables remote monitoring and management of refrigeration systems, enhancing operational efficiency and reducing maintenance costs.

What will be the Size of the Refrigerator Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

The market continues to evolve, driven by advancements in technology and shifting consumer preferences. Refrigerant leakage detection systems, for instance, are gaining traction as they ensure efficient cooling and reduce environmental impact. Thermostat settings and variable speed compressors allow for precise temperature control, while fan motor speed adjustments enhance air circulation. Internal lighting and insulation materials improve user experience and food preservation. Frost-free technology, digital temperature displays, and energy star ratings are now standard features, with energy consumption and compressor efficiency being key concerns. Condenser designs optimize cooling capacity, while defrost cycles and ice maker operations add convenience.
Cooling technology, humidity control, and smart home integration are emerging trends, with noise level and compressor type also influencing purchasing decisions. For instance, a leading appliance manufacturer reported a 15% increase in sales due to the introduction of a new refrigerator model featuring advanced temperature control and humidity control systems. Industry growth is expected to reach 5% annually, fueled by these innovations and consumer demand for energy-efficient and technologically advanced refrigeration solutions.

How is this Refrigerator Industry segmented?

The refrigerator industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product Specification

  Freezer on-top
  Freezer on-bottom
  Freezer-less


Type

  Single door refrigerator
  Double door refrigerator
  French door refrigerator
  Others


End-user

  Household
  Commercial


Geography

  North America

    US
    Canada
    Mexico


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan


  Rest of World (ROW)

By Product Specification Insights

The Freezer on-top segment is estimated to witness significant growth during the forecast period. Refrigerator technology continues to evolve, with several key trends shaping the market. Thermostat settings and refrigerant leakage detection are increasingly prioritized for energy efficiency and food preservation. Variable speed compressors and fan motor speeds optimize temperature control, while internal lighting and insulation materials enhance user experience. Frost-free technology and air circulation ensure consistent cooling, and door seal integrity reduces energy consumption. Condensers are redesigned for improved performance, and cooling capacity is a significant consideration for commercial applications. Digital temperature displays offer precise control, and power consumption is a growing concern. Evaporator performance and temperature sensors are essential components for maintaining optimal temperature levels. The integration of artificial intelligence and machine learning technologies could also provide a competitive edge, enabling personalized user experiences and optimizing energy consumption.

According to recent reports, energy-efficient refrigerators account for approximately 40% of total sales, and this figure is projected to reach 50% by 2025. Similarly, the adoption of smart home integration in refrigerators is expected to increase from 15% to 30% during the same period. The

The US refrigerator market is valued at USD 15.41 billion in 2023 and is projected to grow at a CAGR of 4.68% during the forecast period of 2024-2030. The growth of the market is attributed to the rising demand for energy-efficient and smart refrigerators, increasing disposable income, and expanding construction activities. A refrigerator, also known as a fridge, is a commercial and house appliance that stores your food and keeps it cool. It brings down the temperature by making flow of the liquid called refrigerant that gets converted to the vapor and draws away the heat from boxes. The gaseous refringent is now delivered through the coil located within the back of the refrigerator before it changes into liquid. Refrigerators are said to be one of the most usable tools to preserve food for future uses by minimizing the wastage of food. The industry including medical, chemical, food and beverages, logistics and transportation uses refrigerators on a large scale. For commercial uses the appliances are used to keep the temperature of medicine, chemical composition, and food products. Refrigerators mainly use four compression elements: the compressor, the evaporator, the expansion valve, and condenser. American corporations are more inclined in developing advanced refrigeration systems which will maintain the quality of food and another concept is IOT which will be used in smarter refrigerators. As for the preserved food, the larger quantities of bread, meat, milk, and vegetables need to be kept fresh and well-preserved during an extended period. Key drivers for this market are: Growing Demand for Bath Towels from End-use Industries to Propel the Market Growth. Notable trends are: Dental Spas to Add Impetus to Industry Growth .

The Smart Refrigerator Market is Segmented by Product (Single-Door Refrigerator, Double-Door Refrigerator, and More), Connectivity (Wi-Fi Enabled, Voice-Assistant & AI-Integrated, and More), Capacity (Less Than 300 L, 300 – 500 L, and More), End-User (Residential, and Commercial), Distribution Channel (B2C, and B2B), and Geography (North America, South America, and More). The Market Forecasts are Provided in Terms of Value (USD).

The market is projected to surpass USD 1,86,086.364 Million by 2035, growing at a CAGR of 6.3% during the forecast period.

Metric	Value
Market Size in 2025	USD 1,01,014.078 Million
Projected Market Size in 2035	USD 1,86,086.364 Million
CAGR (2025 to 2035)	6.3%

Country-wise Outlook

Country	CAGR (2025 to 2035)
United States	9.7%

Country	CAGR (2025 to 2035)
United Kingdom	9.8%

Region	CAGR (2025 to 2035)
European Union	10.0%

Country	CAGR (2025 to 2035)
South Korea	9.9%

Segmentation Outlook

Product Type	Market Share (2025)
Top Freezer Refrigerator	39.2%

End-User	Market Share (2025)
Residential	52.8%

Competitive Outlook

Company Name	Estimated Market Share (%)
Whirlpool Corporation	18-22%
Haier Group	14-18%
Samsung Electronics	12-16%
LG Electronics	10-14%
Bosch Home Appliances	6-10%
Other Companies (combined)	30-40%

The United States Household Side-By-Side Refrigerator Market is Segmented On the Basis of Type (under 15 Cu. Ft., 15-20 Cu. Ft., 20-25 Cu. Ft., and Above 25 Cu. Ft. ) and Distribution Channel (hypermarkets/Supermarkets, Specialty Stores, Online, and Offline). The Market Size and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The French Door Refrigerator Market report segments the industry into Door Type (French 3-Door, French 4-Door, Quad Door), Capacity (Super 30-31 Cubic Feet, Ultra-large 25-29 Cubic Feet, Large 20-24 Cubic Feet, Under 19 Cubic Feet), End User Type (Residential, Commercial), Distribution Channel (Specialty Stores/Exclusive Stores, Multi-Branded Stores, Online, and more), and Geography (North America, Europe, Asia Pacific, and more).

Global Refrigerators market size 2021 was recorded $66.339 Billion whereas by the end of 2025 it will reach $85.6 Billion. According to the author, by 2033 Refrigerators market size will become $142.521. Refrigerators market will be growing at a CAGR of 6.58% during 2025 to 2033.

The global smart refrigerator market is valued at around **** billion U.S. dollars today, with some forecasts putting the market at a significantly lower value. There is consensus though that the smart refrigerator market is set for double-digit growth over the next few years.

The Household Side By Side Refrigerator Market report segments the industry into By Type (Under 15 cu.ft., 15-20 cu. ft., 20-25 cu.ft., Above 25 cu. ft.), By End Users (Commercial, Residential), By Distribution Channel (Multi Branded Stores, Supermarkets/ Hypermarkets, Exclusive Stores, Online, Others), and By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

According to Cognitive Market Research, the global Domestic Refrigerator market size is USD 82541.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 33016.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 24762.36 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 18984.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Latin America had a market share for more than 5% of the global revenue with a market size of USD 4127.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1650.82 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
The Top Freezer Refrigerators held the highest Domestic Refrigerator market revenue share in 2024.

Market Dynamics of Domestic Refrigerator Market

Key Drivers of Domestic Refrigerator Market

Increasing Income and Urbanization

The rise in disposable incomes, particularly in developing countries, along with swift urbanization, is driving the demand for refrigerators. Contemporary models provide compact and energy-efficient designs that are ideal for urban living, facilitating improved food storage, minimizing waste, and enhancing convenience for small households in cities.

Emphasis on Convenience and Food Preservation

The demands of busy lifestyles are fueling the need for refrigerators that prolong food freshness, decrease spoilage, and lessen the frequency of shopping trips. Innovative features such as temperature control and humidity management are essential for preserving nutritional value, thereby promoting healthier eating habits and increasing household efficiency.

Restraint Factor for the Domestic Refrigerator Market

Sensitivity to Pricing

In regions where cost is a significant concern, the affordability of refrigerators restricts their adoption, particularly among first-time buyers. Financial limitations often overshadow the perceived advantages, compelling manufacturers to provide basic features at reduced prices or to implement flexible financing options to enhance accessibility.

Concerns Over High Energy Consumption

Escalating electricity prices and growing environmental awareness are deterring some consumers from buying or upgrading their refrigerators. Models that consume a lot of energy can hinder adoption, leading to a demand for highly efficient and eco-friendly alternatives that can reduce utility expenses and carbon emissions.

Key Trends of Domestic Refrigerator Market

Smart Refrigeration Technologies

The incorporation of IoT and AI technologies enables functionalities such as inventory management, energy usage tracking, and remote temperature adjustments. These smart refrigerators attract tech-oriented consumers who value convenience, efficiency, and integration within smart home environments.

Eco-Friendly and Energy-Efficient Designs

Manufacturers are prioritizing the development of low-energy compressors, natural refrigerants, and recyclable materials. These environmentally sustainable designs appeal to eco-conscious consumers while adhering to increasingly stringent global energy efficiency standards.

Impact of Covid-19 on the Domestic Refrigerator Market

The COVID-19 pandemic substantially impacted the home refrigerator marketplace. With lockdowns and extended time spent at domestic, the call for for refrigerators surged as human beings prioritized meals in garages and minimized grocery journeys. This shift boosted sales, mainly for fashions with large capacities and superior functions like better temperature manipulation. Supply chain disruptions posed challenges, inflicting delays in production and transport. The financial uncertainty additionally encouraged consumer behavior, with a few choosing greater affordable fashions. Despite those challenges, the refrigerator market noticed a good-sized increase, driven by the heigh...

The size of the European Built-in Refrigerator Market market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of > 3.59% during the forecast period.A refrigerator, or fridge, is a home appliance that maintains a temperature lower than that of the room by operation in the refrigeration cycle. It prohibits the proliferation of germs that would ruin food by halting the process of growth. Built-in refrigerators are one of the popular types seen in European kitchens. They are available as a minimalist style with integrated cabinetry, ensuring streamlined and sleek looks. These appliances also balance functionality with style, often featuring advanced features such as temperature control zones, ice makers, and water dispensers.The European built-in refrigerators market emphasis is on design and energy efficiency. European manufacturers are known to create a highly quality appliance matching the aesthetic of modern kitchens. The refrigerators used premium materials such as stainless steel and glass, and they have clean lines and minimalist designs. In addition to its aesthetic appeal, European-built-in refrigerators are normally known for their energy efficiency, which is highly below the general Recent developments include: In March 2022, the EU's new energy label requirements were enacted. All white goods sold in EU countries from this time will need to feature an updated sticker communicating their energy rating, with the current classifications of 'A+,' 'A++,' and 'A+++' replaced by a new scale of lettering from A to G, with 'A' being the most ecologically friendly. This could entail manufacturers undertaking significant work to bring their models up to the desired rating., In February 2022, Samsung Electronics Italia launched the Family Hub smart refrigeration appliance with a 'View Inside' (three internal cameras) function. The novelty was introduced to coincide with the 'National Day Against Food Waste.'. Key drivers for this market are: Growing Consumption of Frozen Food Products is Driving the Market. Potential restraints include: Rising Awareness on Environmental Protection to Hinder the Market Growth. Notable trends are: Increase in Online Purchase of Household Appliances.

Snapshot img

Smart Refrigerator Market Size 2025-2029

The smart refrigerator market size is forecast to increase by USD 7.93 billion at a CAGR of 22.4% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing adoption of Internet of Things (IoT) technology and the proliferation of connected devices in households. New product launches, featuring advanced features such as touchscreens, voice control, and remote monitoring, are further fueling market expansion. However, the market is not without challenges. Cyber-attacks pose a significant threat due to the Internet connectivity of these devices, raising concerns around data security and privacy. As global investors, it is crucial to closely monitor these trends and challenges to capitalize on the market's opportunities and navigate potential risks effectively. Companies seeking to enter or expand in this market should focus on developing security measures and innovative features to differentiate themselves from competitors. The integration of artificial intelligence and machine learning technologies could also provide a competitive edge, enabling personalized user experiences and optimizing energy consumption. Overall, the market presents a compelling investment opportunity, with strong growth potential and a strategic landscape that rewards innovation and security.

What will be the Size of the Smart Refrigerator Market during the forecast period?

Request Free SampleThe market is experiencing significant growth as consumers increasingly embrace tech-enabled living and seek to optimize their kitchens for convenience, energy savings, and food management. Connected home devices, including smart refrigerators, are transforming the way we store and manage food, with features such as remote access, voice assistant integration, and AI-powered appliances. These innovations offer benefits beyond traditional refrigeration, including food waste management, recipe databases, and energy savings through automation and optimization. Smart refrigerators are part of a larger ecosystem of smart home solutions, integrating with smart home hubs and other connected devices to create a seamless and efficient living experience. Consumer behavior trends indicate a preference for devices that offer convenience, connectivity, and enhanced functionality, driving demand for advanced features such as food storage optimization, refrigerator maintenance alerts, and cybersecurity protections. As the market continues to evolve, we can expect to see further innovation in areas such as smart kitchen design, recipe databases, and voice assistant integration, as well as new applications and use cases for smart refrigerators in both residential and commercial settings. The overall size of the market is projected to grow steadily, driven by increasing consumer adoption and advancements in technology.

How is this Smart Refrigerator Industry segmented?

The smart refrigerator industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. Distribution ChannelOfflineOnlineEnd-userResidentialCommercialGeographyNorth AmericaUSCanadaEuropeGermanyItalyUKAPACChinaIndiaJapanSouth AmericaBrazilMiddle East and AfricaUAE

By Distribution Channel Insights

The offline segment is estimated to witness significant growth during the forecast period.The market is witnessing significant growth, driven by the integration of advanced technologies such as Cloud Service Providers, Machine Learning, Artificial Intelligence (AI), and Data Analytics. Premium Appliance Manufacturers are focusing on Ecosystem Development, collaborating with Software Developers to create innovative features like Smart Displays, Freshness Preservation, and Food Expiration Tracking. High-Income Households are increasingly adopting these technologies for their Smart Kitchens, which offer Family Sharing, App Control, and Smart Home Integration. Moreover, Smart Refrigerators come with Camera Integration, Humidity Control, and Remote Monitoring, enabling Food Waste Reduction and Inventory Management. Cloud Storage and Automatic Ordering are additional features that add convenience for Tech-Savvy Consumers, especially Gen Z. Energy Consumption Monitoring and Temperature Control contribute to Energy Efficiency, making these appliances an attractive investment. However, concerns around Data Security and Privacy are emerging as significant challenges in the market. As the market evolves, we can expect the integration of Emerging Technologies like Voice Control, Smart Lighting, and Home Automation to further enhance the user experience. The integration of these features will create a seamless, connected ecosystem of Smart Devices, offering significant benefits to consumers.

Get a glance at the market report of

The revenue in the 'Refrigerators' segment of the household appliances market worldwide was modeled to amount to ************** U.S. dollars in 2024. Following a continuous upward trend, the revenue has risen by ************* U.S. dollars since 2018. Between 2024 and 2030, the revenue will rise by ************ U.S. dollars, continuing its consistent upward trajectory.Further information about the methodology, more market segments, and metrics can be found on the dedicated Market Insights page on Refrigerators.

Refrigerator Market was valued at USD 74.58 Billion in 2024 and is expected to grow to USD 101.12 Billion by 2030 with a CAGR of 5.20%.

Pages	180
Market Size	2024: USD 74.58 Billion
Forecast Market Size	2030: USD 101.12 Billion
CAGR	2025-2030: 5.20%
Fastest Growing Segment	Online
Largest Market	Asia Pacific
Key Players	1. Samsung Electronics Co., Ltd 2. Whirlpool Corporation 3. Robert Bosch GmbH 4. LG Electronics Inc. 5. AB Electrolux 6. Panasonic Corporation 7. Haier Smart Home Co., Ltd. 8. Midea Group Co., Ltd. 9. Hitachi Ltd. 10. Godrej & Boyce Manufacturing Company Limited

The India refrigerators market size reached USD 3.68 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 8.33 Billion by 2033, exhibiting a growth rate (CAGR) of 9.50% during 2025-2033. The market is driven by rising demand for energy-efficient, smart, and health-focused appliances, the market is expanding across urban and rural areas, fueled by urbanization, evolving lifestyles, and sustainability concerns.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 3.68 Billion
Market Forecast in 2033	USD 8.33 Billion
Market Growth Rate 2025-2033	9.50%

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region level for 2025-2033. Our report has categorized the market based on product and distribution channel.

The global refrigerator market is booming, projected to reach [estimate a value based on extrapolation of CAGR from 2033 value] by [year]. Discover key market trends, leading companies, and segment analysis in this comprehensive report, covering energy-efficient models, smart features, and regional variations.

Smart Refrigerator Market size is expected to be worth around USD 7.7 Billion by 2034, from USD 3.9 Billion in 2024, at a CAGR of 7.0%.

The Industrial Refrigeration Market size is expected to reach USD 41.7 billion in 2034 growing at a CAGR of 6.4%. Comprehensive Industrial Refrigeration Market report covering size, segmentation, competitive landscape, and revenue forecasts.

The Europe household refrigerator market size is valued at USD 15.20 Billion in 2023 and is anticipated to reach USD 19.60 Billion by 2031, growing at a CAGR of 3.23% from 2024 to 2031.

Key Market Drivers:

E-Commerce Expansion: The shift towards online shopping has significantly increased the accessibility of household refrigerators. Consumers are increasingly purchasing appliances through e-commerce platforms, which is projected to enhance market growth. According to recent trends, this channel is gaining substantial retail volume shares, especially for freestanding items.

Smart Refrigerator Adoption: The integration of advanced technologies such as AI and IoT is transforming the refrigerator market. Smart refrigerators allow for real-time monitoring and inventory management through mobile applications, catering to the growing demand for connected home appliances.

The Household Refrigerators and Freezers Market Report is Segmented by Type (Top-Freezer Refrigerators, Bottom-Freezer Refrigerators, Side-By-Side Refrigerators, French Door Refrigerators), Capacity Less Than 300 Litres, 300 – 500 Litres, Greater Than 500 Litres), Distribution Channel (Multi-Branded Stores, and Other), and Geography (North America and Other). The Market Forecasts are Provided in Terms of Value (USD).