According to a recent study from market research firm GMI Inc., the refrigerator market size is poised to expand at substantial CAGR during the forecast period. Cold chain storage systems are rapidly gaining popularity, especially during the COVID-19 pandemic to safeguard vaccines and related medicines. The manufacturers of refrigerator accessories will thus experience commendable business growth, owing to the increasing delivery of fridges to maintain the required temperature of sensitive products such as vaccines, especially in the Middle East.

For instance, in June 2022, UNICEF and Germany delivered around 653 refrigerators for 600 healthcare facilities in Iraq to ensure safe storage and transportation of vaccines against COVID-19 and common childhood illnesses. Another key growth driver of the refrigerator market is the escalating stock-up on frozen foods during the lockdown, driving demand to unprecedented levels. As per a 2021 American Frozen Food Institute report, the sales of frozen foods jumped by 21%, while unit sales increased by 13.3% in 2020. Factors like these could boost the requirement for fridges designed to store frozen foods and beverage.

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Over the years, several electronics brands are making a foray into the refrigerator segment and developing new systems powered by new software and innovative features.

Following are 4 such launch initiatives enabling the refrigerator industry to flourish:

Samsung’s French Door Fridge with touchscreen

Major manufacturers of electronic components are increasingly launching smart refrigerators with screens worldwide. For instance, in July 2021, Samsung revealed the latest model of the 9000 Series Family Hub 6.0, its French Door Fridge range. This product range was designed with innovative features like a large touchscreen to allow users to access recipes and meal plans, order groceries, and even watch TV while in the kitchen, indicating strong potential for innovation in the refrigerator market.

Realme’s stabilizer-free, single- and double-door refrigerators

Fast-growing technology brands are envisioning the creation of a connected, smart ecosystem for consumers and subsequently working towards the development of segment-leading products. In keeping with this, in May 2022, Realme forayed into the refrigerator segment with the introduction of single- and double-door refrigerators in India. These stabilizer-free refrigerators were equipped with Copper Capillaries to ensure faster cooling, taking freezer temperatures up to -23 degrees Celsius. Developments of new product ranges with high cooling efficiency such as these could influence the overall refrigerator market outlook.

Voltbek’s Frost-Free refrigerators powered by StoreFresh Technology

To meet the evolving needs of consumers, home appliances companies are focusing on innovative refrigerator designs equipped with new-age technologies. For example, in May 2022, Voltbek Home Appliances Private Limited unveiled a range of refrigerators built to keep freshness, hygiene, and health at the core of innovation. The novel range of refrigerators, equipped with new-age technologies that meet the evolving needs of consumers, has strengthened Voltbek‘s portfolio of high-end Frost-Free refrigerators powered by StoreFresh Technology, which minimizes temperature fluctuation and maintains precise moisture levels, thus addressing the evolving consumer needs in the burgeoning refrigerator market.

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Whirlpool’s 4-door Premium Quattro refrigerators

To provide ample space for refrigeration needs, smart home electronics manufacturers are launching premium 4-door refrigeration products. For example, in October 2021, Whirlpool India unveiled the W Series Range of its Premium Quattro refrigerators in the country, designed to provide 665L of storage space. Other features of the 4-door refrigerator model included triple cooling tech, Adaptive Intelligence, and a 6-in-1 convertible mode, thus indicating growth potential for the overall refrigerator industry.

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

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