US Side By Side Refrigerator Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 1.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US Side By Side Refrigerator Market Analysis
The United States household side by side refrigerator market is estimated at USD 876 million in the current year and is poised to register a CAGR of approximately 1% during the forecast period.
Refrigerators and freezers hold a prominent position in the home appliance segment. Household refrigerators are primarily utilized for food storage purposes and to protect food from contamination. The refrigerator manufacturing sector in the United States has remained relatively stable compared to other consumer goods sectors. The increasing disposable income of consumers, the prevalence of smartphones, and the accessibility of high-speed internet are expected to contribute to the expansion of the market for advanced featured refrigerators in the region. The increasing investment in innovation of refrigerating units and decreasing product prices are some of the reasons for the growth of household side-by-side refrigerating appliances. E-commerce has been rapidly increasing its share of refrigeration appliances. Replacement by necessity, the consumer credit market, and the overall health of the economy are driving the market growth.
The side-by-side refrigerator market is experiencing a surge in popularity and is projected to expand significantly in the coming years. Consumers are increasingly looking for stylish and modern kitchen appliances while also requiring larger storage capacities. Additionally, urbanization, improved living standards, and the evolving lifestyle of consumers are all contributing to an increased need for convenience, appealing kitchen appliances, and increased energy efficiency. Manufacturers are expected to continue to introduce innovative product models with advanced capabilities to attract a wider customer base. The integration of AI into the refrigeration system, smart home integration, and sustainable cooling technologies are also expected to contribute to the market growth. Eco-friendly refrigeration systems and the development of Energy Efficient Technologies are also expected to be major growth drivers in the near future.
US Side By Side Refrigerator Market Trends
Online Segment is Driving the Market
The US is one of the largest online markets worldwide, with more than 307 million internet users across the country. As a global center of technological innovation and the home of some of the world's top internet companies, the US has been growing its digital population for more than 20 years. Today, more than 90 percent of Americans can access the Internet, and many of them can't imagine life without it.
The online segment is expected to grow rapidly in the coming years, driven by the growth of the Internet, smartphones, technological advancement, digitization, the wide range of products available online, and the wide range of discounts and offers. Refrigerator manufacturers are collaborating with other companies to ensure the timely delivery and installation of their products after they have been sold online. The two largest online retailers in the US are Amazon and Walmart. The US population loves shopping online and getting discounts and offers, and there are many secure electronic payment options available. Therefore, the US online market will continue to grow.
Raise in Number of Smart Homes in United States is Propelling the Market for Smart Refrigerators
The number of households using smart technology appliances is increasing in the US market. As a result, more smart refrigerators are being used than the conventional ones. These refrigerators offer all the features of traditional refrigerators but with additional features, making them more convenient and distinctive. Smart features such as a touch screen that can be converted to a transparent panel with the press of a button, recipe recommendations, and integration with Alexa are becoming increasingly popular. The use of smart tag technology allows users to tag items with data, such as the expiration date of food, which then alerts users when the date approaches the market. Consumers in the market are constantly adapting to the changes in technology and are demanding new features with each innovation.
US Side By Side Refrigerator Industry Overview
The United States household side by side refrigerator market is fragmented in nature as a large number of manufacturers are operating in this industry. Some prominent players are Samsung Electronics Co. Ltd., Whirlpool Corp., LG, General Electric Co., Electrolux AB, Bosch Group, and Haier Group Corp., among others. The key manufacturers have been adopting mergers and acquisitions and new product development strategies to strengthen their presence and distribution channels and, thereby, gain a higher market share.
US Side By Side Refrigerator Market Leaders
-
Samsung Electronics Co. Ltd
-
Whirlpool Corp.
-
LG
-
General Electric Co.
-
Bosch Group
*Disclaimer: Major Players sorted in no particular order
US Side By Side Refrigerator Market News
- August 2023: Samsung Electronics announced that it is working with fellow members of the Home Connectivity Alliance (HCA), including LG Electronics and Vestel, to provide consumers with the ability to control third-party smart appliances using the app of their choice, the first collaboration of its kind in the industry.
- January 2023: Samsung Electronics unveiled the newest additions to its customizable Bespoke Home lineup. Samsung’s latest home appliances and services were designed to meet a growing demand for customization and provide a new level of intelligent connectivity that empowers users to be more sustainable in the kitchen.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Consumption of Frozen Food Products
4.3 Market Restraints
4.3.1 Rising Awarness about Environmental Protection to Hinder the Market Growth
4.4 Market Opportunities
4.4.1 Eco-Friendly and Energy Efficiency Refrigerators
4.4.2 Introduction of New Products by Companies with Smart Technology
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights on Impact of Technology in the Market
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Application
5.1.1 Under 15 cu.ft.
5.1.2 15-20 cu.ft.
5.1.3 20-25 cu.ft.
5.1.4 Above 25 cu.ft.
5.2 By Distribution Channel
5.2.1 Speciality Stores
5.2.2 Supermarkets/ Hypermarkets
5.2.3 Online Stores
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Samsung Electronics Co. Ltd.
6.2.2 Whirlpool Corp.
6.2.3 Bosch Group
6.2.4 Samsung
6.2.5 LG
6.2.6 General Electric Co
6.2.7 Haier Group
6.2.8 Electrolux AB
6.2.9 Midea
6.2.10 Insignia
6.2.11 Frigidaire
6.2.12 Godrej*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER AND ABOUT US
US Side By Side Refrigerator Industry Segmentation
Side-by-side refrigerators feature two separate compartments, each with its own door. One side is the freezer compartment, while the other is the fresh food compartment. This report covers the complete background analysis of the United States Household Side-by-side Refrigerator Market, which includes an assessment of the economy, a market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles.
The United States household side by side refrigerator market is segmented on the basis of type (under 15 cu. ft., 15-20 cu. ft., 20-25 cu. ft., and above 25 cu. ft.) and distribution channel (hypermarkets/supermarkets, specialty stores, online, and offline).
The market size and forecasts are provided in terms of value (USD) for all the above segments.
| By Application | |
| Under 15 cu.ft. | |
| 15-20 cu.ft. | |
| 20-25 cu.ft. | |
| Above 25 cu.ft. |
| By Distribution Channel | |
| Speciality Stores | |
| Supermarkets/ Hypermarkets | |
| Online Stores | |
| Other Distribution Channels |
Frequently Asked Questions
What is the current US Side By Side Refrigerator Market size?
The US Side By Side Refrigerator Market is projected to register a CAGR of less than 1% during the forecast period (2024-2029)
Who are the key players in US Side By Side Refrigerator Market?
Samsung Electronics Co. Ltd, Whirlpool Corp., LG, General Electric Co. and Bosch Group are the major companies operating in the US Side By Side Refrigerator Market.
What years does this US Side By Side Refrigerator Market cover?
The report covers the US Side By Side Refrigerator Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the US Side By Side Refrigerator Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
US Side By Side Refrigerator Industry Report
Statistics for the 2024 US Side By Side Refrigerator market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Side By Side Refrigerator analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
