Refrigerator Statistics By Revenue, Market Size and Usage

Introduction

Refrigerator Statistics: The refrigerator is an electrical machine with storage units designed to keep perishable items cold at an average temperature of 4 to 5 degrees Celsius. In recent times, refrigerators have become one of the most valuable appliances in households worldwide.

Both traditional and smart refrigerator markets are growing tremendously, and with technological advancements, they are expected to become even more prevalent in the coming years. This Refrigerator Statistics report provides insights from various aspects and sheds light on the rapid growth of the market.

Editor’s Choice

• LG is the most popular refrigerator brand, with 49% usage share in 2023.
• 81% of households in the United States own a refrigerator.
• The average spending per household on refrigerators and freezers in the U.S. is USD 139.49.
• The North American refrigerator market is expected to grow from USD 15.41 billion in 2023 to USD 21.36 billion by 2030.
• By 2024, the Asia Pacific region is expected to dominate the global refrigerator market with a market size of USD 34.67 billion.
• In total, there were 7.1 million refrigerator shipments worldwide, involving 120,799 buyers and 120,719 suppliers.
• Nearly 100% of Americans have a refrigerator, compared to only 80% in 1956.
• A typical refrigerator can last up to 13 years, making it one of the longest-lasting home appliances.
• Early refrigerators revolutionized the brewing and meat-packing industries in the 19th century by enabling year-round production.
• Home refrigeration became common in the 1920s, marking nearly a century of widespread use.
• In 1939, Frigidaire demonstrated the strength of their refrigerators by having a 4-ton elephant stand on one, showing off its durability.
• Albert Einstein co-invented a refrigerator in 1930 after learning about a fatal accident caused by toxic gas leakage from an earlier fridge model.
• In 2022, the top importers of refrigerators were the United States (USD 14 billion), Germany (USD 4.27 billion), France (USD 2.82 billion), United Kingdom (USD 2.11 billion), and Canada (USD 2.08 billion).
• The top exporters of refrigerators in 2022 were China (USD 16.7 billion), Mexico (USD 7.06 billion), Italy (USD 4.21 billion), South, Korea (USD 3.45 billion), and Germany (USD 3.29 billion).
• In 2022, refrigerators were the 72nd most traded product globally, with a total trade value of USD 62.5 billion, representing 0.26% of total world trade. The trade-in refrigerators grew by 0.67% from 2021 to 2022.

Facts About Refrigerators

• Albert Einstein co-invented the refrigerator.
• Nearly 100% of households in the U.S. use refrigerators.
• Over 8 million refrigerators are sold annually in the U.S.
• A typical household spends about 10% of its electricity on running a refrigerator.
• Cleaning the coil of a refrigerator three times a year can reduce energy consumption by up to 6%.
• Refrigerators produced in 2023-24 are 41% more energy-efficient compared to those made ten years ago.
• Refrigeration is the most essential food storage method globally, and refrigerators are the most owned major appliance.
• In 2023, the global refrigerator industry generated approximately USD 117 billion in revenue.
• The market is projected to reach USD 141 billion by 2028.
• Asia has the largest share of the global refrigerator market, followed by Africa and North America.
• COVID-19 led to a peak of 189 million refrigerator units shipped globally in 2021.
• Sales are expected to recover by 2024, with global unit sales exceeding 190 million.
• In North America, Frigidaire was the top refrigerator brand in 2023.
• European brands like Bosch and Electrolux are popular in Germany and Sweden, while Samsung and LG are favored in Italy and France.
• The refrigerator sector is expected to maintain its lead in the home appliances market with strong growth in the coming years.

General Refrigerator Statistics

• By the end of 2028, the refrigerator’s market volume will reach around 260.37 million pieces.
• The worldwide market size of commercial refrigeration will account for USD 51.6 billion, with a CAGR of 6.1% from 2016 to 2024.
• A report published by Stellar Market Research states that the market valuation of refrigerators was USD 124.76 billion in 2023.
• Meanwhile, by 2030, revenue earned by the market will grow to USD 181.61 billion, with an annual growth rate of 5.51% from 2018 to 2030.

(Source: licdn.com)

• The compound annual growth rate of the global embedded refrigerator market will grow 5.4% from 202 to 2029.

By Revenue

(Reference: statista.com)

• Global revenue from refrigerators is supposed to continuously increase from 2024 to 2028, resulting in USD 20.8 billion, with a growth rate of 17.25%.
• According to a report published by Statista, in 2023, revenue generated by the refrigerator market accounted for USD 116.98 billion.
• As of 2024, the market will grow its revenue to USD 120.57 billion.
• Furthermore, the market revenue will make enormous growth in coming years, such as 2025 (USD 125.5 billion), 2026 (USD 130.69 billion), 2027 (USD 135.93 billion), and 2028 (USD 141.35 billion).

By Country

• In 2023, AEG was the most popular refrigerator brand used in Austria and Germany.
• Electrolux is the trending brand in Brazil and Sweden, whereas LG refrigerators dominate South Korea.
• LG refrigerators are the most used refrigerator brand, with a 49% usage share in 2023.

(Reference: statista.com)

• According to a Statista survey analysis, the most used brand in the United States is Frigidaire.
• As of September 2023, refrigerator brands share are Frigidaire (17%), GE (17%), LG (12%), Samsung (11%), Whirlpool (11%), Kenmore (7%), Kitchen Aid (3%), Bosch (2%), Maytag (2%), Electrolux (1%), Haier (1%), Hitachi (1%), other (3%), and don’t know (12%).

Smart Refrigerator Statistics

(Source: marketresearch.biz)

• The global market of smart refrigerators in 2023 has generated USD 2.6 billion and is expected to reach USD 2.8 billion by 2024.
• Furthermore, the market size in coming years is going to increase such as 2025 (USD 3.2 billion), 2026 (USD 3.7 billion), 2027 (USD 4.1 billion), 2028 (USD 4.3 billion), 2029 (USD 4.9 billion), 2030 (USD 5.3 billion), 2031 (USD 6 billion), and 2032 (USD 6.8 billion).
• The most extensive use of smart fridges is French door refrigerators, with a share of 45%.
• China will have the largest market share of over 55%, followed by the North American region (25%) and Europe (25%).

Asia Pacific Refrigerator Statistics

(Reference: precedenceresearch.com)

• The Asia Pacific region will dominate the household refrigerators and freezer industry by 2024, resulting in a USD 34.67 billion market size.
• The market growth rate will be 3.90% from 2023 to 2032.
• Furthermore, the market seems a rapid growth in the coming year, such as 2025 (USD 35.92 billion), 2026 (USD 37.25 billion), 2027 (USD 38.67 billion), 2028 (USD 40.18 billion), 2029 (USD 41.78 billion), 2030 (USD 43.50 billion), 2031 (USD 45.32 billion), and 2032 (USD 47.27 billion).

Indian Refrigerator Statistics

• According to a report by Mordor Intelligence, by 2024, the market size is estimated at USD 5.01 million.
• By 2029, the market will reach above USD 7.63 million and grow at a CAGR above 9% from 2024 to 2029.
• The top manufacturers of refrigerators are Samsung Electronics, LG Electronics, Godrej, Whirlpool Corporation, and Haier.

Refrigeration Oil Market Statistics

(Source: marketresearchfuture.com)

• The refrigeration oil industry will account for a market size of USD 1.26 billion in 2023.
• The demand for this industry is supposed to increase in the coming year, and by the end of 2032, the market valuation will grow by USD 1.91 billion.
• Meanwhile, the compound annual growth rate from 2023 to 2032 will be 5.31%.
• Based on oil type, the synthetic oil segment dominated the market, resulting in USD 78.48 billion with a share of 35%.

Commercial Refrigeration Equipment Statistics

(Source: market.us)

• The worldwide market size of commercial refrigeration will account for USD 51.6 billion, with a CAGR of 6.1% from 2016 to 2024.
• The global commercial refrigeration equipment market in 2023 has generated USD 41 billion and is expected to grow to USD 4 billion by 2024.
• The overall market is expected to make an annual growth rate of 5.3% from 2022 to 2032
• Furthermore, the market valuation in coming years is going to increase such as 2025 (USD 46 billion), 2026 (USD 49 billion), 2027 (USD 51 billion), 2028 (USD 53 billion), 2029 (USD 56 billion), 2030 (USD 58 billion), 2031 (USD 62 billion), and 2032 (USD 65 billion).
• The medium-capacity beverage coolers sector is supposed to grow by 5% CAGR in the above-forecasted period.
• The food and beverage distribution segment will reach a CAGR of 5.4%.
• Based on regional analyses, by 2032, the market share of North America and Asia Pacific is predicted to be 31% and 6%, respectively.

French Door Refrigerator Statistics

(Source: mordorintelligence.com)

• The market size of French door refrigerators is supposed to approach USD 21.05 billion by the end of 2024.
• Meanwhile, by 2029, the market will increase to USD 27.55 billion with a CAGR of 5.53% from 2024 to 2029.
• The market leaders are Haier, Whirlpool Corporation, Electrolux, Bosch, and LG.

Side-by-Side Refrigerator Statistics

• The total revenue from the United States’ household side-by-side refrigerators will be USD 876 million in 2024.
• Meanwhile, the market growth is poised to register above 1% of CAGR from 2024 to 2029.

(Source: mordorintelligence.com)

• As of 2024, the market size of side-by-side refrigerators is estimated to grow to USD 18.11 billion.
• It is estimated to reach USD 20.99 billion by 2029, with a growth rate above 3% from 2024 to 2029.
• The leading market players are Samsung Electronics, LG Electronics, Godrej, Whirlpool Corporation, and Haier.

Portable Mini Fridge Statistics

(Source: prnewswire.com)

• In recent years, the demand for mobile refrigeration has grown enormously, resulting in USD 347.23 million, and by the end of 2027, the market size will increase by USD 1,417.8 million.
• Meanwhile, the market growth will accelerate at a CAGR of 5.45% from 2023 to 2027.

(Source: technavio.com)

• The North American region is estimated to contribute a growth rate of 34% CAGR from 2023 to 2027.

Boat or Marine Refrigerator Statistics

(Reference: abnewswire.com)

• The market value of the global boat refrigerators has resulted from USD 176 million in 2023 and will reach around USD 315.7 million by the end of 2030.
• The market will grow at a CAGR of 8.4% from 2024 to 2030.
• The top 4 manufacturers of this industry are Dometic Group, Thetford (Norcold), Indel B, and Sawafuji, making a total share of 74%.
• Based on region, North America dominates with a market share of 40%, whereas other regions are Europe (30%) and Asia Pacific (20%).
• Boat refrigerators are used in yachts and sailing ships, accounting for a share of 47% and 31%, respectively.

Refrigerator Shipment Statistics

• Worldwide refrigerator shipments have stood up to 7.1 million, resulting in 120,799 buyers and 120,719 suppliers.
• Top 3 importers shipment units are followed by the United States (1,736,642), India (673,199), and Vietnam (516,681).
• The top 3 exporter’s shipment units are China (1,140,697), South Korea (698,328), and the United States (594,068).
• Global buyers of refrigerators are the United States (24367), Vietnam (8892), India (5594), Uganda (3887), and Mexico (3200).
• Global suppliers of refrigerators are China (19797), the United States (8184), Turkey (5550), South Korea (4501), and India (3964).

Conclusion

After completing the article, the global refrigerator market is optimistic and will sustain enormous growth in the coming years due to increasing demand. There are several manufacturers available in the worldwide market that are launching different types of refrigerators each year.

This article will guide you in understanding the overall segmental analysis, such as revenue share, market growth, shipments, types, country usage, and future predictions.