Household Fridge Market

Global Household Fridge Market Size (2024 to 2029)

As per our analysis report, the global Household Fridge Market is expected to reach USD 121.15 billion by 2029 from USD 93.98 billion in 2024, growing at a compound annual growth rate (CAGR) of 5.21 % during the forecast timeline.

The Fridge is a device that uses refrigeration to protect food in the house for a short period of time. A metal bureau with an airtight stationary refrigerating unit is referred to as a home-grown cooler. Family coolers and coolers are designed to store small amounts of food and beverages at moderate temperatures. These objects need different capacity temperatures, as well as different relative stickiness and capacity lives. The primary element projected to fuel the growth of the target market is rising enthusiasm for home coolers and refrigerators to protect perishable food such as organic items, fresh vegetables, and so on. Similarly, increasing disposable income and changing the style of life of the urban population are two factors that are likely to drive demand for luxury family refrigerators and coolers, resulting in faster growth of the target market in the not-too-distant future. The availability of cutting-edge and energy-efficient coolers, as well as an increase in the number of family units, is two factors that are predicted to increase demand for locally located refrigerators and coolers, propelling the goal market forward.

Global Household Fridge Market Drivers:

Market growth is expected to be fueled by rising worldwide housing demand for both residential and commercial reasons. Coolers are increasingly being used in homes for ordinary kitchen use. As a result, growing hotel growth is necessary to generate cooler reception. In addition, coolers with high chilling features are commonly used in hotels and fast food cafés to avoid food waste and maintain a strong food stockpiling system. As a result of the growing interest in accommodation and neighborliness, offers on top-of-the-line Fridge products will flourish. The growing number of frozen yogurt shops and bars will result in increased use of coolers. Fridges are essential for providing unique chilling range options in the coolers that are often used to keep cold drinks and frozen yogurts in frozen yogurt parlors and bars. Furthermore, the increasing use of various frozen and prepackaged meal products throughout the world is expected to raise the need for freezing items. In addition, the global population's rising rate of urbanization, paired with the growth of family units, will increase the need for them to purchase more modern household appliances. Similarly, rising consumer spending on home appliances, along with a growing trend of house improvement, redesigns, and renovation projects, are expected to boost demand for high-quality home appliance products and propel the Fridge market forward. Furthermore, increasing opportunities in the category of electric machines would create roadblocks for new entrants into the industry.

Global Household Fridge Market Restraints:

The restraining factors that are stifling the growth of the global market are the higher refrigeration repair and maintenance costs that are projected to stifle growth. Higher maintenance and support costs associated with top-of-the-line refrigeration equipment are predicted to stifle market growth from the lower-paying demographic. In addition, the availability of repair services for household appliance products would limit the purchase of smart refrigerators.

REPORT COVERAGE:

This research report on the global household fridge market has been segmented and sub-segmented based on entryway type, cooler area, and region.

Global Household Fridge Market - By Entryway Type:

• Single Door
• Twofold Door
• Next to each other Door
• French door

Household Fridge Market has Different features, such as item design, multiple entryways, and improved area availability above solitary & twofold entryway alternatives, which have resulted in a large market need for French Doors. The French entrance clever coolers provide greater horizontal room and refrigerated area, resulting in a bigger market share. Shrewd innovations such as Wi-Fi networks as well as contact screens, which are now included in newly manufactured things, are attracting customer attention. To meet the rising consumer desire in Asian and European countries, market companies are developing new French entrance options with critical and advanced bright advances.

Global Household Fridge Market - By Cooler Area:

• Cooler on Top
• Cooler on Base
• Cooler Less

Global Household Fridge Market – By Region:

• North America
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa 

The Asia Pacific region holds the largest share of the Household Fridge Market, In terms of revenue, it is helping in the development of this resource. In addition, the Asia Pacific market is likely to have faster revenue growth in the next years. Countries like China, India, Japan, and many other APAC region countries are helping in the growth and development of this Global Market.

The North American region holds the second-largest share of the global household Fridge market. The existence of a large number of metropolitan populations, rising family units, and increased usage of various Fridges, as well as cooler units for storing beverages and other food products, are predicted to propel the market in This Region to crucial growth.

Europe holds a significant amount of share the global household fridge market. the countries that are helping in the development and growth of this Global household fridge market are the United Kingdom, Netherlands, Italy, France, and many other European countries.

KEY MARKET PLAYERS:

Godrej Appliances Ltd, Frigidaire, GE Appliances, Whirlpool Corporation, Electrolux AB, Videocon International Ltd, BPL Refrigeration, LG Electronics Inc., Samsung Electronics Limited, Haier Group, Sears Holdings Management Corporation.

RECENT HAPPENING IN THE MARKET:

• 27^th April 2022: LG Electronics has announced its new 2022 Smart Home Appliances portfolio. LG's newest products strive to raise the standard with elegant designs for a high-end lifestyle. InstaView Door-in-Door and Frost Free Refrigerators, AI Direct Drive Washing Machines, Puricare Wearable Air Purifier, VIRAAT Air Conditioners, UV+UF Water Purifiers, and a new variety of charcoal microwaves are also part of the 2022 portfolio.