U.S. Refrigerator Market Size, Share & Industry Analysis, By Product Type (Top Freezer Refrigerator, Bottom Freezer Refrigerator, Side by Side Refrigerator, French Door Refrigerator), By Distribution Channel (Offline, Online), 2023 - 2030

The U.S. is the largest-contributing country in the global refrigerator market. The U.S. refrigerator market size is anticipated to grow at a CAGR of 4.68% during the forecast period. The North America refrigerator market is projected to grow from USD 15.41 billion in 2023 to USD 21.36 billion by 2030.

The growing popularity of smart and intelligent refrigerators in the country and increasing product launches are expected to expand the U.S. market share. Moreover, the consumers of the U.S. mainly consume frozen food. This is due to their busy lifestyle and fast pace of life, which also propels the demand for refrigerators in the country. Companies are constantly launching new products, which can attract consumers in the long run. For instance, in February 2021, Whirlpool Corporation launched connected four-door freezers from the ‘6TH SENSE Live’ connection, combined with customized smart feature management.

LATEST TRENDS

Positive Outlook Toward AI-based Refrigerators to Augment Market Growth

Smart technologies have been grasping a sizable refrigerator market share. This is on account of their effortless features and multifunctionality options. Intelligent home appliances, including smart refrigerators, have been experiencing high demand in recent times as they provide several benefits such as touchless monitoring, digital temperature control, operations on commands, and others. This provides convenience to consumers and reduces their efforts in directing their appliances, which is expected to drive the U.S. refrigerator market growth.

• For instance, in December 2022, Samsung launched a smart refrigerator equipped with a 32-inch screen, supporting different application types in-built into the freezer screen.

DRIVING FACTORS

Rising Inclination of Consumers Toward Frozen Food Products to Surge Product Demand

Consumers are rapidly inclined toward consuming frozen food items, including frozen vegetables, meat, fruits, and other ready-to-eat snacks, augmenting the demand for refrigerators in the country. Due to their busy lifestyle and hectic work schedule, they are more prone to consume convenience food products that are easy, fast to prepare, and require less time. Moreover, millennials nowadays opt for snack foods and cold beverages, which minimizes their effort for cooking and pulls up the demand.

RESTRAINING FACTORS

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High Cost of Smart Refrigerators to Restrain Market Growth

Smart refrigerator generates a huge cost of manufacturing, which soars up the product's price in retail value. Therefore, it becomes difficult for consumers of the lower income group to afford such refrigerators, owing to their low disposable income and less accessibility to advanced infrastructural facilities. Moreover, in rural areas, the penetration of smart appliances is subsequently lower, compared to urban areas, along with a lesser internet penetration level. These factors, in turn, restrict the demand for refrigerators in the country.

KEY INDUSTRY PLAYERS

The leading players in this market include Whirlpool Corporation, GE, LG Electronics, and others. The companies are rapidly undertaking several business strategies, including product launches, marketing and promotion, mergers & acquisitions, and others to acquire a significant share of the overall market. Furthermore, product launches help consumers access a wide variety of products; hence, they can choose from different product ranges, which fosters market growth.

• For instance, in March 2020, Whirlpool Corporation announced the expansion of its new distribution center in Tulsa, Oklahoma to expand its retail presence by investing USD 55 million to create new jobs and increase its manufacturing facilities.

Correspondingly, the booming e-commerce sector, combined with the launch of e-retailing portals by the companies to boost their sales volume, is also projected to drive the market. Different organizations in the home appliance industry also participate in international events and show to capture a significant customer base and provide their unique product solutions.

LIST OF KEY COMPANIES PROFILED:

• Samsung (South Korea)


• LG Electronics Inc. (South Korea)


• Whirlpool Corporation (U.S.)


• Panasonic Corporation (Japan)


• Hitachi, Ltd. (Japan)


• Electrolux AB (Sweden)


• Godrej Group (India)


• Haier Group Corporation (China)


• Midea Group (China)


• Voltas Limited (India)

KEY INDUSTRY DEVELOPMENTS:

• November 2021: Midea America, a subsidiary of Midea Group, expanded its product portfolio and announced the launch of its own branded suite of kitchen appliances, including a French door refrigerator, which offers innovative features and a new design.


• March 2021: Samsung introduced four-Door Flex Refrigerator in North America. The model range was introduced at the Consumer Electronics Show in January 2021.


• May 2022:  Whirlpool Corporation announced the launch of its new marketing organization, WoW Studios (World of Whirlpool Studios), located in Chicago, U.S. The studio comprises a multidisciplinary team working across the company’s North American brand portfolio, including KitchenAid, Whirlpool, Maytag, JennAir, and Amana brands.

REPORT COVERAGE

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The research report provides qualitative and quantitative insights into the market and a detailed analysis of the market growth and market size details for all possible segments in the market. The report elaborates on the market dynamics, competitive landscape, and the market forecast. Various key insights presented in the report are an overview of the number of procedures, an overview of price analysis of types of products, overview of the regulatory scenario by key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.

Report Scope & Segmentation