Smart Refrigerator Market Size
| Study Period: | 2019 - 2028 |
| Fastest Growing Market: | Asia Pacific |
| Largest Market: | North America |
| CAGR: | 12 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Smart Refrigerator Market Analysis
A smart refrigerator is a device that is connected to the cloud. These refrigerators are programmed to sense what kind of products are being stored inside. Depending on the configuration, it allows the usage of smartphones to monitor & control the refrigerator. Apart from this, it also allows to send & receive notes and calendar entries, that appears on the refrigerator screen.
An increase in the use of the Internet of things (IoT) and rapid urbanization drive the growth of the global smart connected refrigerator industry. Moreover, the rise in disposable income of people and increase in efficiency of smart connected refrigerators such as the use of less electricity was expected to boost the market growth. The smart refrigerator offers connectivity with search engines, smart speakers, and other smart technologies, providing enhanced convenience and efficiency to the users, leading to supporting market trends. The changing consumer lifestyles and shift toward purchasing advanced smart home products supported by increased disposable income will boost market demand. The easy availability of intelligent appliances and the growing knowledge of consumers in developing countries will support product demand. Moreover, the architectural developments in new residences and the need for intelligent products to support aesthetics are transforming the market outlook
The growth in Smart Refrigerator Machine is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
With growing Urbanization in the world economy, mostly in a developed country, there is an increasing demand for IoT (Internet on Things) and smart devices. Countries like India, where the working population has grown larger than the dependent population. This reduces the dependency rate to less than 50% and increases disposable income which ultimately boosts the smart refrigerator market.
Smart Refrigerator Industry Segmentation
Smart Refrigerator are one of the most widely demanded products as people are adopting urbanisation. A complete background analysis of the Smart Refrigerator Market, which includes an assessment of the economy, market overview, market size estimation for key segments, and emerging trends in the market, market dynamics, and key company profiles are covered in the report. The Smart Refrigerator Market is segmented by Types (French Doors, Side by Side Doors, Triple Doors, Double Doors and Single Door), By End-User (Home Appliances and Commercial Appliances), and By Geography (North America, South America, Asian Pacific, Europe and the Middle East and Africa). For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
| By Type | |
| French Doors | |
| Side-by-Side Doors | |
| Triple Doors | |
| Double Doors | |
| Single Door |
| By End Users | |
| Home Appliances | |
| Commercial Appliances |
| By Geography | |
| North America | |
| South America | |
| Europe | |
| Asia Pasific | |
| Middle East and Africa |
Smart Refrigerator Market Trends
This section covers the major market trends shaping the Smart Refrigerator Market according to our research experts:
Rise in Demand for Energy Efficient Products is Driving the Market
Manufacturers of smart refrigerators are rapidly developing energy-efficient models in order to lower their carbon footprint and provide consumers with energy savings. The rise of energy-efficient appliances can be attributed to government rules governing electric home appliances as well as technological advancements. Energy-efficient appliances are designed to use the least amount of energy possible to achieve the task at hand. Over 80 countries already have energy-efficient appliance regulations and labelling.
As food retailers look to reduce energy bills, every incremental savings count. Increasing price competition means operating costs have an immediate impact on competitiveness and profitability—and, after staff, energy is the biggest bill most supermarkets have. In food retail, most of that energy is spent on refrigeration, so efficient new components, like the AKVP electric expansion valve and high-end case controllers, are usually a good investment.
The smart appliance industry is being reshaped by the introduction of smart appliances that incorporate IoT. Several developments in smart refrigerator machines have been made in recent years, resulting in increased efficiency in terms of achieving sustainability.
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Smart Refrigerator Industry Overview
This market has many companies fragmented over minor shares. Companies are focusing on expanding their product line through product innovation, particularly in developing economies, to meet the rising demand. Some of the major players in the smart refrigerator market are Samsung, LG Electronics, Whirlpool Corporation, Haier Group, Robert Bosch GmbH, Siemens AG, GE Appliances, AB Electrolux, Panasonic Corporation, and Others.
Smart Refrigerator Market Leaders
Whirlpool Corporation
Samsung
Haier
Electrolux
Panasonic
*Disclaimer: Major Players sorted in no particular order
Smart Refrigerator Market News
In March 2020, Haier’s smart refrigerator harnesses innovative technologies to meet best-in-class refrigeration standards with an intuitive scenario-based system. The result is a smart fridge that always ensures healthy food preservation, provides ample storage volume and offers connected services powered by an IoT ecosystem. The smart fridge has a low freezing temperature fluctuation of less than 0.2°C, while the middle shelves enable users to switch between six storage modes depending on their needs. The appliance is also capable of detecting the location of different foods, regulating their freshness and quality and recommending recipes based on the ingredients available. A truly connected and intuitive solution, the fridge is also the world’s first smart food platform that harnesses the power of 5G to deliver services via an IoT ecosystem.
Other than this the governments in Asia including China and India are promoting the development of the electronic manufacturing sector, supporting product availability at low costs. Under the Digital India campaign, the Government of India has been promoting the use of IoT & connectivity technologies further supporting the industry growth. For example, India has signed FTA with several countries such as Singapore, Thailand and ASEAN. Under the FTA, each country is required to gradually reduce and eventually eliminate tariff rates on the other country’s goods (including electronic goods) according to pre-decided timelines for implementation. Union Cabinet gave its approval to the National Policy on Electronics 2019 (NPE 2019), proposed by the Ministry of Electronics and Information Technology (MeitY), it promotes domestic manufacturing and export in the entire value-chain of ESDM for economic development to achieve a turnover of USD 400 billion (approximately INR 26,00,000 crore) by 2025.
Smart Refrigerator Market Report - 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 INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Recent Development In Markets
4.6 Porter's Five Force Model
4.7 Technology Snapshot
4.8 Consumer Behaviour Analysis
4.9 Government Regulation In Market
4.10 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 French Doors
5.1.2 Side-by-Side Doors
5.1.3 Triple Doors
5.1.4 Double Doors
5.1.5 Single Door
5.2 By End Users
5.2.1 Home Appliances
5.2.2 Commercial Appliances
5.3 By Geography
5.3.1 North America
5.3.2 South America
5.3.3 Europe
5.3.4 Asia Pasific
5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Whirlpool
6.1.2 Samsung
6.1.3 Haier
6.1.4 Electrolux
6.1.5 LG
6.1.6 Panasonic
6.1.7 Robert Bosch GmbH
6.1.8 Siemens AG
6.1.9 General Electric Co.
6.1.10 Midea
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Smart Refrigerator Market Research FAQs
What is the study period of this market?
The Global Smart Refrigerator Market is studied from 2019 - 2028.
What is the growth rate of Global Smart Refrigerator Market?
The Global Smart Refrigerator Market is growing at a CAGR of 12% over the next 5 years.
Which region has highest growth rate in Global Smart Refrigerator Market?
Asia Pacific is growing at the highest CAGR over 2019 - 2028.
Which region has largest share in Global Smart Refrigerator Market?
North America holds highest share in 2021.
Who are the key players in Global Smart Refrigerator Market?
Whirlpool Corporation, Samsung, Haier, Electrolux, Panasonic are the major companies operating in Global Smart Refrigerator Market.
Global Smart Refrigerator Industry Report
Statistics for the 2023 Global Smart Refrigerator market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Smart Refrigerator analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
