Europe Refrigerator Market Size, Share & Industry Impact Analysis, By Product Type (Top Freezer Refrigerator, Bottom Freezer Refrigerator, Side by Side Refrigerator, French Door Refrigerator), By Distribution Channel (Online, Offline), and Regional Forecast, 2023-2030

Europe is the second largest region in the global refrigerator market. The Europe refrigerator market size is projected to grow at a CAGR of 6.4% during the forecast period. The global market of refrigerator is projected to grow from USD 68.72 billion in 2022 to USD 103.96 billion by 2030.

Single-person households progressively witnessed growth in many places in Europe. This is expected to strengthen the consumption of refrigerators as this results in an increase in the consumption of household items. The data released by Our World Data.Org mentions the share of single-person households in various European countries - Germany at 41.70%, the Netherlands at 38.30%, France at 36.20%, and Bulgaria at 33.30%.

Furthermore, large home appliances in the European Union are increasingly gaining traction owing to consumers' high spending on the product. This will likely have a vital influence in escalating the market growth. For instance, according to data presented by Applia-Europe, the unit trade of large home appliance products in 2018 was 113.4 million, a rise from 112.8 million from the previous year.

Our report on the Europe refrigerator market share covers the following countries/regions – the U.K., Germany, France, Italy, Spain, and the rest of Europe.

LATEST TRENDS

Increasing Inclination Toward Smart Home Appliances

Integrating fridges with smart device functionality is a rising trend in the market. The emergence of smart homes in European countries owing to growing digitalization is aiding the smart refrigerator market growth, which can be monitored remotely. The demand for ecological and energy-efficient products among European consumers is increasing due to high utility bills. Environmental protection and sustainability are top priorities in Europe's transition to a climate-neutral region.

In March 2021, new EU Energy labelling and eco-design legislation came into effect with replacement energy rating replaced by a new scale of lettering from A to G, to classifications of “A+”, “A++”, and “A+++”. The new rule will eliminate the least performing products and improve the efficiency of products. Manufacturers in Europe focus on launching and introducing new products to diversify their product portfolios and expand manufacturing & distribution in the region. In March 2022, Hisense, a home appliances manufacturer, introduced its first range of South African-made combi refrigerators to the U.K.

DRIVING FACTORS

Growing Consumption of Frozen Food Products to Support Market Expansion  

Due to their busy lifestyle, consumers increasingly rely on frozen food ingredients and prepared meals that require refrigerators for storage. Moreover, the ease of purchasing food ingredients through different online platforms saves time and provides convenience to consumers. This is further projected to drive market growth. The flourishing growth of frozen food in the region is assessed to impact the need for a refrigerator significantly.

• According to data published by the Institute of International Du Froid and the International Institute of Refrigeration.Org, the retail market value for frozen food experienced a year-on-year growth rate of 13.8% in the U.K.

Additionally, Europe being the massive cheese-producing and consuming region has helped to increase the demand for refrigerators as it assists in sustaining the quality of cheese for a longer period.

For instance, the data issued by the Agriculture Marketing Resource Center.Org in August 2020 declares that, on average, the countries in the European Union were producing 13.7 billion pounds of cheese every year.

RESTRAINING FACTORS

Rising Awareness about Environmental Protection to Hinder Market Growth 

Refrigerators certainly consume a considerable amount of energy. The refrigeration industry faces a fundamental overhaul of how refrigerants are produced and disposed of as countries and companies face pressure to reduce their impact on climate change. They are 1000 times more capable of warming the atmosphere than carbon dioxide. This is because HFCs and HCFCs, along with CFCs, absorb infrared radiation, trapping heat in the atmosphere instead of escaping it into space, creating a greenhouse effect that warms the earth. Chlorofluorocarbons (CFCs) damage the ozone layer, while others are extremely potent greenhouse gases. For instance, one kilogram of refrigerant R410a has the same greenhouse impact as two tons of carbon dioxide, equivalent to running your car for six months. This is likely to hamper the Europe refrigerator market growth.

In March 2021, the U.K. government introduced new rules for home appliances, including washing machines, televisions, and fridges. The rules will aim to tackle premature obsolescence or short lifespan of such electrical products, which lead to costly replacements for consumers. Under regulations from the summer of 2021, manufacturers were obliged to make spare parts for household appliances to fix them easily. This factor also helps to prevent appliances from ending up on the scrap sooner and reduces carbon emissions.

A New Fridge Freezer Cost to Run at the Current Rate of 34p Per kWh Annually

KEY INDUSTRY PLAYERS

In terms of competitive landscape, Electrolux AB, Samsung Group, Haier Inc., and LG Corporation are the key players and account for major European refrigerator market share. The companies have diversified product offerings and active involvement in R&D investments to accelerate product launches and approvals over the forecast period.

Other prominent players such as Whirlpool Corporation, LG Corporation, Hitachi, Ltd., and Voltas Limited lead the market due to their robust distribution network and diverse product portfolio. Other significant players are Panasonic Holdings, Sharp Corporation, and Toshiba Corporation. These companies are focused on strengthening their product portfolio and distribution network through strategic collaboration and partnerships to increase their share in the Europe market.

LIST OF KEY COMPANIES PROFILED:

• Haier Inc. (China)


• LG Electronics Inc. (South Korea)


• Samsung (South Korea)


• Whirlpool Corporation (U.S.)


• Voltas Limited (India)


• Electrolux AB (Sweden)


• Panasonic Holdings Corporation (Japan)


• Sharp Corporation (Japan)


• Hitachi, Ltd. (Japan)


• Toshiba Corporation (Japan)

KEY INDUSTRY DEVELOPMENTS:

• January 2023: Samsung launched the global launch of Bespoke Infinite Line Refrigerator, a new lineup of column refrigerators. It will launch in Europe, followed by Mexico, Thailand, and Australia, by the end of 2023. The refrigerator lineup will have a Greige finish and a gold-copper edge frame. The exterior of the refrigerator is made of premium aluminum that is dent and scratch resistant, whereas the interior offers ‘Black Metal Cooling’ and ‘Tunnel Lighting’.


• December 2021: Haier Europe announced that the company had started production in the European Union, Romania. The facility manufactures built-in and freestanding refrigerators for the three brands of Haier Europe – Candy, Hoover, and Haier. The plant features cutting-edge IoT and Industry 4.0 innovations and covers an area of approximately 63,000 sq. m. The facility has a production capacity of over 1 million refrigerators annually to serve domestic and international markets.


• March 2021: Liebherr launched a range of freezing and refrigeration with its fully integrated appliances. The company focused on intelligent features, energy efficiency, and technical innovations in this generation of appliances. The HydroBreeze function deploys the BioFresh Professional safe to cover vegetables and fruits with a cold mist. Thus, items stay fresh for a longer time. Moreover, the IceMaker function produces ample ice of up to 130 ice cubes daily.

REPORT COVERAGE

The market research report provides qualitative and quantitative insights into the market and a detailed analysis of the Europe market size & growth rate for all possible segments in the market. The report elaborates on market dynamics and competitive landscape along with the market forecast. The report presents various key insights: an overview of the number of procedures, an overview

of the regulatory scenario by key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.

Report Scope & Segmentation