Refrigerator Market Expansion Projected to Gain an Uptick During 2021-2027

The refrigerator market is projected to witness robust growth by 2027 driven by prevalent consumer demand for technologically advanced and affordable refrigerators across the globe.

Cold temperatures allow food items to stay fresh longer. Refrigeration slows down the activity of bacteria, which are present in all food products, thereby delaying food spoilage, which has played a key role in bolstering industry expansion.

The refrigerator market has been segmented on the basis of door type, door opening type, door handle type, product, refrigerant, technology, volume, control type, display type, application, and region. Based on door type, the market has further been categorized into glass and sheet (VCM and PCM).

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The VCM door type segment is expected to see substantial growth through the assessment timeframe. Refrigerators with a VCM sheet have an anti-fingerprint and corrosion-free surface, which is set to create massive growth potential for the segment in the global market.

With respect to door handle type, the refrigerator market has been divided into external and built-in (swinging/fixed and sliding). The external segment is estimated to progress at a steady pace over 2021-2027. An external handle refrigerator's ability to offer a convenient door opening and require less maintenance is slated to propel the demand for these refrigerators over the forthcoming years.


In terms of door opening type, the refrigerator industry has been bifurcated into single side opening and reversible. The single side opening segment held a market share of over 25% in 2020 and is anticipated to register optimistic growth through 2027 due to the innovative design of single-side opening refrigerators.

By product, the refrigerator market has been classified into frost and no-frost. The frost segment is speculated to lose market share over the analysis period owing to rising adoption of no frost refrigerators across the globe.

In terms of refrigerant, the market has been segregated into HCFC, HFC, and others. The HCFC segment is projected to see moderate growth through 2027. HCFC refrigerants, such as R-22 and R142b, have mostly been phased out from several countries due to their adverse effects on the environment, which is likely to hamper segmental growth in the coming years.

From the technology perspective, the refrigerator market has been bifurcated into inverter and non-inverter. The non-inverter segment is estimated to amass notable gains by the end of 2027, progressing at a CAGR of around 4.5% over the study timeframe. Product benefits like wider availability and low equipment costs are foreseen to drive segmental adoption in the upcoming years.

Based on volume, the market has been divided into below 50L, 501L-600L, 51L-100L, 401L-500L, 101L-150L, 301L-400L, 151L-200L, 251L-300L, 201L-250L, 601L-750L, and above 750L. The 201L-250L volume segment is anticipated to see profitable growth over the forecast timeline driven by the effective cooling performance and enhanced storage capabilities of 201L-250L refrigerators.

With regards to display type, the market has further been segmented into LCD and 7 segment. The 7 segment display type accounts for a high market share and is set to register considerable revenue growth by 2027. Refrigerators with 7-segment displays offer temperature, fault code, and various other important information, and are available at low prices, which is speculated to support segmental demand over the forecast timeline.

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With respect to control type, the market has been segregated into manual and electronics. The manual segment holds a high share in the market as operators are familiar with the easy-to-use controls of manual/mechanical controlled refrigerators.
 
From the application perspective, the market has been divided into household and commercial. The commercial application segment is expected to reach a sizable revenue by the end of 2027, expanding at a solid CAGR over the review period. Surging usage of refrigerators in supermarkets, hotels, restaurants, and convenience stores to keep food items fresh and cold before consumption is slated to fuel product uptake over the following years.
 
In the regional landscape, the Middle East & Africa refrigerator market is anticipated to grow at a CAGR of over 3% through the forecast period. Growing adoption of technologically advanced refrigerators across MEA is foreseen to boost regional market growth in the future.
 
Table of Contents (ToC) of the report:
Chapter 1   Methodology & Scope
1.1    Scope & definitions
1.1.1    Definitions
1.2    Methodology and forecast parameters
1.3    Region-wise COVID-19 impact analysis
1.3.1    North America
1.3.2    Europe
1.3.3    Asia Pacific
1.3.4    Latin America
1.3.5    Middle East & Africa
1.4    Data Sources
1.4.1    Secondary
1.4.2    Primary

Chapter 2   Executive Summary
2.1    Refrigerator market 3600 synopsis, 2017 - 2027
2.1.1    Business trends
2.1.2    Regional trends
2.1.3    Door type trends
2.1.4    Door handle type trends
2.1.5    Door opening type trends
2.1.6    Product trends
2.1.7    Refrigerant trends
2.1.8    Technology trends
2.1.9    Volume trends
2.1.10    Display type trends
2.1.11    Control type trends
2.1.12    Application trends

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/refrigerator-market

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