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Global Refrigerator Market Expected to Reach USD $49 Billion by 2028

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Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Global Refrigerator Market 2024-2028" report has been added to ResearchAndMarkets.com's offering.

Overview of Market Expansion

The global refrigerator market is anticipated to experience significant growth over the next five years, with a projected Compound Annual Growth Rate (CAGR) of 6.91% from 2023 to 2028. Enhanced interest in energy-efficient commercial refrigeration and advancements in refrigerator technology are the key factors fueling this market upswing.

Driving Forces Behind the Market Growth

A noteworthy demand for energy-efficient appliances is elevating the refrigerator market trajectory. The increasing number of retail establishments such as supermarkets and hypermarkets is further influencing market growth. Moreover, consumers are exhibiting a preference for sophisticated refrigeration models with advanced features, supporting the market's expansion.

Market Segmentation Insights

The refrigerator market is evaluated across various segments. Product specifications include freezer on-top, freezer on-bottom, and freezer-less refrigerators. The market also categorizes into single door, double door, and French door refrigerators among others. From a geographical standpoint, the market analysis spans North America, Europe, APAC, South America, and Middle East and Africa.

Futuristic Market Trends

Integration of the Internet of Things (IoT) into refrigerators is anticipated to be a transformative trend in the market. Alongside, a growing demand for customized refrigerators further propels the market forward.

Vendor Landscape and Strategic Analysis

The market report highlights the importance of a competitive vendor landscape, stressing on the strategic initiatives that key players need to undertake. The analysis addresses the various challenges and opportunities that exist in the market, preparing stakeholders to harness growth prospects.

Market Outlook

The comprehensive analysis of the refrigerator market outlook is underpinned by extensive research comprising both primary and secondary data. The report encapsulates key parameters such as profitability, pricing strategies, competitive dynamics, and promotional tactics, laying out a complete view of the market influence factors.

In summary, the refrigerator market's robust growth potential underscores the importance of innovation and consumer-centric product development. The industry's stakeholders are positioned to capitalize on emerging trends and technological integrations, aiming to foster a trajectory of sustained market growth through 2028.

A selection of companies mentioned in this report includes, but is not limited to:

  • AB Electrolux

  • Arcelik A.S.

  • FRIGIDAIRE

  • Godrej and Boyce Manufacturing Co. Ltd.

  • Gree Electric Appliances Inc. of Zhuhai

  • Haier Smart Home Co. Ltd.

  • Hisense International Co. Ltd.

  • Hitachi Ltd.

  • HOSHIZAKI Corp.

  • LG Electronics Inc.

  • MIDEA Group Co. Ltd.

  • Panasonic Holdings Corp.

  • Robert Bosch GmbH

  • Samsung Electronics Co. Ltd.

  • Sharp Corp.

  • Siemens AG

  • TCL Electronics Holdings Ltd.

  • Toshiba Corp.

  • Voltas Ltd.

  • Whirlpool Corp.

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For more information about this report visit https://www.researchandmarkets.com/r/ehpiyc

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