Refrigerators – Statistics & Facts

The first domestic electric refrigerator was created early in the 20th century by an American named Fred W. Wolf. 

The 1940s saw the introduction of freezer compartments that could hold items other than ice cube trays due to the rising demand for frozen meals.

Let’s take a look at some statistics for refrigerators in the present day.

Key Highlights

• In 2023, the Refrigerators segment will generate US$131.20 billion in revenue. The market is anticipated to expand by 4.69% yearly (CAGR 2023-2027).
• Regarding worldwide comparison, China will create the most significant income ($31,250.00m in 2023).
• In 2023, per-person revenues of US$17.08 are produced based on population statistics.
• Volume in the refrigerators segment is anticipated to reach 228.7 million units. By 2027. 1.5% volume growth is anticipated for the Refrigerators segment in 2024.

Refrigerator unit sales worldwide from 2012 to 2025 (in millions)

Growth from 2012 to 2020 is 15.92%, and 2020 is projected to 2025 21.42%. North America is expected to hold a significant market share due to disposable income in urbanized areas and the adoption of smart technology used in refrigeration.

The APAC region will dominate demand with new infrastructure and population rises. China and India are the largest new and replacement refrigeration appliance markets, with a projected CAGR of 5.9% and 7.2%.

Information source Fortune Business Insights Statista

Top Fridge Freezers In North America

Often a problematic metric to measure, the New York Times asked 5000 of their readers to respond to a survey and used the following parameters to make the assessment:

How the research was conducted

Reader survey

They asked 5,000 plus readers how satisfied they are with their fridges, the appliance’s reliability, and which features matter. 

Review analysis 

They used an AI-powered analysis tool to scan 28,000-plus reviews across 34 fridge models for complaints and praise.

Expert interviews

They spoke with several industry experts, including brand representatives and repair technicians.

Overall brand satisfaction

The shelving and organizing of LG refrigerators garnered high marks in the reader survey. Regarding consumer satisfaction with perceived capacity, storage capacity, and content accessibility, LG did better than the other major brands.

Owners are also quite happy with LG devices’ consistency and accuracy of temperature, which is corroborated by Consumer Reports’ laboratory testing. In terms of ice maker quality and quietness, LG is a leader.

Satisfaction with performance and features by brand

Luxurious features are particularly beloved by owners of certain of LG’s higher-end models. Craft Ice, for instance, garnered high praise from about 40% of owners and only a few instances of dissatisfaction, per user reviews.

Overall capacity

LG refrigerators are the most popular among customers among the five major refrigerator manufacturers. A sizable majority of genuine LG owners in the reader survey said they were satisfied with their refrigerators, compared to a significantly smaller percentage of owners of other brands.

Poor customer service from LG (though its fridge reliability is above average, so you have a lower chance of needing to interact with customer service). A few specific models (all compared side by side) have significant reliability problems.

Satisfaction among French door style refrigerators owner by brand

Of the five major refrigerator manufacturers, LG refrigerators seem to make their owners the happiest. Less than 5% of poll respondents expressed serious dissatisfaction with their refrigerators, compared to 78% who stated they were somewhat or very satisfied with them.

No refrigerator model or brand was spared from serious criticism. You need it now even if you can’t find the exact refrigerator. Without a doubt, you can locate something similar.

Top freezer Vs. Bottom freezer refrigerators

Google searches over a five-year period started in February 2018 with a 100% differential in searches between top freezer refrigerators and bottom refrigerators. The search trends culminate in March 2023 with a 135% differential in overall searches.

Google searches peaked in July 2020 with a 245% differential in searches.

Information source Google Trends

Owner satisfaction by door type

According to research, French-door refrigerators have a significant statistical advantage in all these seemingly minor areas that make them easier or more straightforward.

(Bottom-freezer models without French doors had the highest satisfaction of any type, but they’re just not popular—they’ll make up only 4% of refrigerator sales in 2020, according to the Association of Home Appliance Manufacturers—for reasons not fully understood. It could be that they’re not offered in a 36-inch width, which is a very popular size.)

Information source New York Times

Smart Refrigerators

A 7.1% compound yearly growth rate is projected for the global market for smart refrigerators, increasing from $4.89 billion in 2021 to $5.23 billion in 2022. 

With a CAGR of 6.9%, the market for smart refrigerators is anticipated to reach $6.84 billion in 2026.

Sales of side-by-side refrigerators, bottom freezer refrigerators, top freezer refrigerators, and other smart refrigerators make up the market for smart refrigerators. 

While most of you are happy with your refrigerator innovation, how we use inventory management in daily life could become a key element in your kitchen.

Google searches show an increasing interest in smart refrigeration starting Feb 2022 at 32% of searches and closing the year at 65% of the searches, an increase of 103% across the year.

The most prolific searches came from Georgia, Louisiana, Texas, South Carolina, and Alabama.

Top 3 Smart Refrigerators by searches

Google searches for LG smart refrigerators over a five-year period start at 9% in February 2018 and end at 49% in March 2023, an increase in searches of 444% over the measured period.

Information source Google Trends

Google searches for Samsung smart refrigerators measured over a 5-year period start at 28% in March 2018 and end at 44% in February 2023, an increase in searches of 46% across the measured period.

Information source Google Trends

Google searches for Whirlpool smart refrigerators start in March 2018 at  23%, close in February 2023 at 34%, and increase across the measured period of 48% more searches.

Information source  Google Trends

Conclusion

We take the refrigerator for granted in many ways. Still, in history, the humble refrigerator has revolutionized how we live and, more importantly, food safety in our homes.

The continual progression of innovation in smart refrigeration will change the landscape of many kitchens as AI is introduced to predict your requirement for food shopping and probably place the order on your behalf.

The refrigerator market is heating up, and growth is set to expand exponentially over the coming years, with the most significant markets coming from the APAC region.