Smart Refrigerators Market Size, Share & Growth Report 2031

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Smart Refrigerators Market Size, Share & Growth Report 2031

Smart Refrigerators Market Size, Share & Growth Report 2031

Segments - Smart Refrigerators Market by Door Types (Single, Double, Side by Side, and French), End-users (Residential and Commercial), Distribution Channels (Offline and Online), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023–2031

Author : Debadatta Patel

Fact-checked by : PARTHA PAUL

Editor : Shruti Bhat

Report Description

Smart Refrigerators Market Outlook 2031

The global smart refrigerators market size was USD 2.97 Billion in 2022 and is expected to reach USD 7.92 Billion by 2031 anticipated to expand at a CAGR of 11.52% during the forecast period, 2023 – 2031. The growth of the market is attributed to the integration of advanced technology and growing consumer inclination toward energy-efficient and convenient appliances.

Smart refrigerators allows to create shopping list and assists in ordering the items with the help of a simple touch of the button or voice input.

For instance, in the year 2018, Samsung launched a model with integrated cameras, a 21-inch touch display, and speakers that provide a smart user experience. It can be connected to Mastercard mobile application to help customers order and pay for the items.

Smart refrigerators are programmed to sense the type of products that are stored inside in it. Some of the features of the products available in the market include touch-screen, speaker, and voice-assistant. Smart refrigerators also send alerts about the expiry date of the food stored and offer remote monitoring of the appliance. However, in case of issue in the product, it sends instant notification to dedicated customer support.

Lack of food-monitoring and timely usage leads to wastage of foods. According to a survey by The United Nations Development Program, in India, about 40% food is wasted and around 20% packaged food is discarded. Thus, usage of smart refrigerator can eliminate the wastage of food.

Smart Refrigerators Market Drivers, Restraints, Trends, and Opportunities

Rapid urbanization and rising demand for consumer electronics are driving the market growth.
Increasing disposable income and changing consumer lifestyle are anticipated to spur the market growth during the forecast period.
Rising demand for effective food management in residential and commercial sectors is expected to spur the demand for smart refrigerators during the forecast period.
Growing consumer awareness regarding the use of energy-efficient devices is expected to fuel the product demand during the forecast period. For instance, a traditional refrigerator generally uses up to 1200 KW hours per year, however, a smart refrigerator consumes half of the mentioned power per year.
Rising adoption of smart devices across the globe and the increasing use of Internet of Things (IoT) technology enabled devices are factors anticipated to fuel the market growth during the forecast period.
High cost of installation and maintenance of smart refrigerators is expected to restrain the market growth.

Scope of Smart Refrigerators Market Report

The report on the global smart refrigerators market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Smart Refrigerators Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Door Types (Single, Double, Side by Side and French), End users (Residential and Commercial), and Distribution Channels (Offline and Online)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Electrolux AB, Hisense Co. Ltd, LG Electronics, Midea Group, Samsung Electronics Co. Ltd, Siemens AG, GE Appliance, Haier Group Corporation, Whirlpool Corporation and Panasonic Corporation

Smart Refrigerators Market Segment Insights

Door Types Segment Analysis

On the basis of door types, the market is segmented into single, double, side by side, and French. The double door segment accounts for a market share of more than 30% owing to high energy efficiency and affordability of the product. Companies are focusing on introduction of smart technology in this category owing to the rising consumer demand from the residential sector.

In the year 2019, LG introduced an Auto Smart Connect top mount 260 liters frost free refrigerator having functions such as auto connect with inverter and smart diagnosis.

End-users Segment Analysis

In terms of end-users, the market is divided into residential and commercial. The residential segment is expected to account for a market share of more than 60% during the forecast period.

Introduction of digitalization and rising purchasing power are some of the factors expected to spur the product demand during the forecast period. Manufacturers are focusing on development of smart products to cater the rising consumer demand for safe and fresh food across the globe.

The commercial segment is expected to expand at a rapid pace owing to the increasing demand in pharmaceutical and food & beverage industries. For instance, highly reliable and precise refrigeration technologies is needed in the pharmaceutical industry to store temperature sensitive products, such as medicines, insulin, and vaccines.

The recent technological innovations such as introduction of smart connectivity solutions to enable effective maintenance of products is expected to spur the segment growth.

Distribution Channel Segment Analysis

Based on distribution channels, the market is bifurcated into offline and online. The offline segment is expected to account for a significant market share during the forecast period. Consumers prefer physical check of smart functions, especially of large and complex appliances, thereby driving the segment growth.

Regional Outlook

in terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to account for a market share of more than 25% owing to the presence of large number of urban population in this region. Additionally, rapid technological advancements in smart home appliances and growing number of nuclear families is expected to fuel the market growth in this region.

Segments

The global smart refrigerator market has been segmented on the basis of

Door Types

Single
Double
Side by Side
French

End-users

Residential
Commercial

Distribution Channels

Offline
Online

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Electrolux AB
Hisense Co. Ltd
LG Electronics
Midea Group
Samsung Electronics Co. Ltd
Siemens AG
GE Appliance
Haier Group Corporation
Whirlpool Corporation
Panasonic Corporation

Competitive Landscape

Some of the leading manufacturers in the global smart refrigerators market are Electrolux AB, Hisense Co. Ltd, LG Electronics, Midea Group, Samsung Electronics Co. Ltd, Siemens AG, GE Appliance, Haier Group Corporation, Whirlpool Corporation and Panasonic Corporation.

Companies are focusing on providing superior customer service to acquire a large consumer base. They are indulging in mergers and acquisitions to improve their product offerings.

Smart Refrigerators Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Smart Refrigerators Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Smart Refrigerators Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Smart Refrigerators Market - Supply Chain
  4.5. Global Smart Refrigerators Market Forecast
     4.5.1. Smart Refrigerators Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Smart Refrigerators Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Smart Refrigerators Market Absolute $ Opportunity
5. Global Smart Refrigerators Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Smart Refrigerators Market Size and Volume Forecast by End Users
     5.3.1. Residential
     5.3.2. Commercial
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Smart Refrigerators Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Smart Refrigerators Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Smart Refrigerators Demand Share Forecast, 2019-2026
7. North America Smart Refrigerators Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Smart Refrigerators Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Smart Refrigerators Market Size and Volume Forecast by End Users
     7.4.1. Residential
     7.4.2. Commercial
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Smart Refrigerators Demand Share Forecast, 2019-2026
8. Latin America Smart Refrigerators Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Smart Refrigerators Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Smart Refrigerators Market Size and Volume Forecast by End Users
     8.4.1. Residential
     8.4.2. Commercial
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Smart Refrigerators Demand Share Forecast, 2019-2026
9. Europe Smart Refrigerators Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Smart Refrigerators Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Smart Refrigerators Market Size and Volume Forecast by End Users
     9.4.1. Residential
     9.4.2. Commercial
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Smart Refrigerators Demand Share Forecast, 2019-2026
10. Asia Pacific Smart Refrigerators Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Smart Refrigerators Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Smart Refrigerators Market Size and Volume Forecast by End Users
     10.4.1. Residential
     10.4.2. Commercial
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Smart Refrigerators Demand Share Forecast, 2019-2026
11. Middle East & Africa Smart Refrigerators Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Smart Refrigerators Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Smart Refrigerators Market Size and Volume Forecast by End Users
     11.4.1. Residential
     11.4.2. Commercial
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Smart Refrigerators Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Smart Refrigerators Market: Market Share Analysis
  12.2. Smart Refrigerators Distributors and Customers
  12.3. Smart Refrigerators Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Electrolux AB
     12.4.2. Hisense Co. Ltd
     12.4.3. LG Electronics
     12.4.4. Midea Group
     12.4.5. Samsung Electronics Co. Ltd
     12.4.6. Siemens AG
     12.4.7. GE Appliance
     12.4.8. Haier Group Corporation
     12.4.9. Whirlpool Corporation
     12.4.10. Panasonic Corporation