Refrigerator Market to Grow at 6.27% CAGR over 2025 to 2032; Hitachi Partnered with Arçelik to Form a Joint Venture

The global refrigerator market size was valued at USD 74.74 billion in 2024. The market is projected to grow from USD 78.39 billion in 2024 to USD 120.01 billion by 2032, exhibiting a CAGR of 6.27% during the forecast period.

The surge is due to the escalating consumer inclination toward frozen food products such as fruits, vegetables, and ready-to-eat snacks. Additional factor favoring industry growth is the rising popularity of the e-commerce sector.

Fortune Business Insights™ presents this information in its report titled “Refrigerator Market Size, Share & Industry Analysis, By Product Type (Top Freezer Refrigerator, Bottom Freezer Refrigerator, Side by Side Refrigerator, and French Door Refrigerator), By Distribution Channel (Offline and Online), and Regional Forecast, 2025-2032”.

Market Growth Affected Driven by Shutdown of Electrical Stores Amid COVID-19 Pandemic

The pandemic affected industry growth impelled by the closure of supermarkets and electronics stores. The market share was further impacted by the lower availability of labor in manufacturing facilities. Furthermore, the period recorded an uncertainty in raw material distribution, stalling the production of electronic goods.

Hitachi Inked a Partnership with Arçelik to Reinforce Industry Position

In July 2021, Hitachi entered into a partnership with Arçelik forming Arçelik Hitachi Home Appliances B.V, a new joint venture company. The deal was aimed at improving supply chain management by deploying latest technology and acquiring a competitive share in the market. Arçelik has constantly expanded its home appliance enterprise to 150 countries across the globe.

Rise in Market Value Owing to Soaring Consumer Inclination Toward Frozen Foods

The recent years have recorded an increase in consumer inclination toward frozen foods such as vegetables, snacks, frozen meat, and others. These foods offer both nutritional value as well as convenience to consumers, impelling the refrigerator market growth to a considerable extent.

However, the market expansion is likely to be hindered on account of lesser product adoption in developing countries such as South Korea, Indonesia, India, and others.

Pivotal Players Enter into Collaborative Agreements to Expand Product Reach

Leading industry participants are centered on the adoption of an array of initiatives for strengthening market positions. Some of these include collaborations, partnership agreements, and the introduction of new solutions. Citing an instance, in March 2021, Samsung rolled out its four-door flex refrigerators in North America. The products were equipped with smart features.

Key Players in the Report:

• Samsung (South Korea)
• LG Electronics Inc. (South Korea)
• Whirlpool Corporation (U.S.)
• Panasonic Corporation (Japan)
• Hitachi, Ltd. (Japan)
• Electrolux AB (Sweden)
• Godrej Group (India)
• Haier Group Corporation (China)
• Midea Group (China)
• Voltas Limited (India)
• GE Appliances (U.S.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/refrigerator-market-102686

Notable Industry Development

• May 2021 – Electrolux AB selected 7 partners in its innovation program. The move was aimed at displaying their range products, including refrigerators.

Further Report Findings

• By region, the market for refrigerators has been analyzed across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
• The Asia Pacific refrigerator market share is anticipated to register substantial expansion over the projected period. The escalation is on account of the surging population level in India, China, Singapore, and other countries.
• Europe held the second largest share in the global market and is poised to exhibit an appreciable surge over the estimated period.
• The North America market is set to expand at a substantial pace throughout the estimated period. The growth is propelled by the rising presence of manufacturers in the region.
• Based on product type, the market is subdivided into top freezer refrigerator, bottom freezer refrigerator, side-by-side refrigerator, and French door refrigerator. The top freezer refrigerator segment is poised to register considerable growth throughout the forecast period.
• On the basis of distribution channel, the market is classified into offline and online. The offline segment is anticipated to expand at a substantial pace over the estimated period. The rise can be credited to an escalation in retail shops, hypermarkets, supermarkets, and the growing availability of products.

Table of Segmentation