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.
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Attributes
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Details
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Report Title
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Smart Refrigerators Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Door Types (Single, Double, Side by Side and French), End users (Residential and Commercial), and Distribution Channels (Offline and Online)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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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
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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
Distribution Channels
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.
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