According to the research report titled ‘Refrigerator Market Size By Door Type (Glass, Sheet [PCM, VCM]), By Door Handle Type (External, Built-in [Sliding Door, Swinging/Fixed Door]), By Door Opening Type (Reversible Door, Single Side Opening ), By Product (Frost, Non-Frost), By Refrigerant ( HFC, HCFC), By Technology ( Inverter, Non-Inverter), By Volume (Below 50L, 51-100L, 101-150L, 151-200L, 201-250L, 251-300L, 301-400L, 401-500L, 501-600L, 601-750L, Above 750L), By Display Type (7 Segment, LCD), By Control Type (Electronic, Manual), By Application (Household, Commercial), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021-2027’, available with MarketStudyReport, global refrigerator market is slated to expand at a substantial CAGR over the forecast period 2021-2027.
 

Rising consumer demand for affordable and technologically advanced refrigeration devices across the globe is acting as a major impetus to global refrigerator market growth.
 

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Notably, refrigeration slows down bacterial activity in food products, and delays food spoilage, which has been one of the instrumental factors bolstering industry expansion.
 

Despite the positive outlook, slow upgrade and replacement of old refrigerators, combined with high energy consumption are likely to impede industry development in the forthcoming years.
 

Based on door type, the VCM segment is estimated to see substantial growth over the assessment timeframe, due to characteristics such as anti-fingerprint and corrosion-free surfaces offered by VCM sheets.
 

With respect to door handle type, external segment is touted to bolster at a healthy rate over 2021-2027. Convenient door opening features and low maintenance requirements are expected to push segmental demand in the upcoming years.
 

Considering technology type fragmentation of worldwide refrigerator industry, non-inverter segment is estimated to progress at 4.5% CAGR over 2021-2027, driven by product benefits such as easy availability and low equipment costs.
 

Moving on to application scope, commercial segment is expected to capture a substantial chunk of industry revenue by 2027, driven by surging use of refrigerators in hotels, restaurants, supermarkets, and convenience stores to maintain the temperature and freshness of food items.
 

On the regional front, Middle East & Africa refrigerator market is anticipated to deliver 3% y-o-y growth throughout the forecast period. This can be ascribed to increasing adoption of technologically advanced refrigerators across the region.
 

Prominent players operating in the industry are Whirlpool Corp., Transform SR Holding Management LLC, Samsung Electronics Co. Ltd., Panasonic Corp., Midea Group, Liebherr-International AG, LG Electronics Inc., Hisense International Co. Ltd., Haier Smart Home Co. Ltd., Daewoo Electronic Corp., Danby Products Ltd., BSH Hausgeräte GmbH, Aucma Co. Ltd., and Electrolux AB.