Smart Refrigerators Market
Industry
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- Consumer Goods
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Smart Refrigerators Market Size, Share & Analysis By Door Type (Side-by-side Door, Single Door, French Door, Double Door), By Distribution Channel (Online, Offline), By End-Use (Residential, Commercial), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and Growth Forecast To 2032
Report ID: RV121253 | Published: Nov 2023 | Historical Period: 2018-2021 | Pages: 200 | Price: $3260| Industry: Consumer Goods
Smart Refrigerators Market Overview:
The global smart refrigerators market size was USD 4 billion in 2022 and is expected to register a CAGR of 11.9 % during the forecast period. Key factors such as rapid advancements in technology, increasing demand for energy-efficient and convenient appliances, rising consumer awareness, and growing concerns about food spoilage are expected to drive global market growth during the forecast period.
Smart refrigerators are specified kitchen appliances that are equipped with advanced technology that goes beyond the typical functions of traditional refrigerators. A smart refrigerator operates through a touchscreen interface and allows users to operate through smartphones and tablets from a remote location. These are designed to offer increased convenience, functionality, and connectivity.
Smart refrigerators are rapidly gaining traction due to its unique features such as control through remote access, touchscreen displays on the front door, internal cameras that allow users to see the contents of the fridge without opening the door, keep track of the food inventory, along with energy efficiency, voice control, entertainment features, and smart home integration. These devices are typically used for both residential and commercial purposes.
However, these smart refrigerators are costly compared to traditional models. In addition, the possibility of data theft and privacy concerns might restrict users from buying these advanced models.
Graphical Overview:
Key Takeaways:
Rising Concerns About Food Spoilage:
Rising concerns about food spoilage play a crucial role in increasing the demand for smart refrigerators. These devices address various issues concerned with food preservation and management and thus become an appealing solution for customers desiring to upgrade their kitchen appliances. Smart refrigerators are equipped with features such as temperature control, alerts and notifications, food waste reduction, energy efficiency that help in better management of food inventory and reduce overall wastage.
High Maintenance and Repair Costs
While smart refrigerators offer numerous advanced features and benefits, several challenges might decrease the adoption of these refrigerators. High maintenance and repair cost is one of the major factors impacting the market growth. This could be due to the complex technology included in the production of the device. In several remote regions, there could be a limitation on the amount of expertise in repairing smart appliances.
Market Opportunities:
Despite several challenges, the smart refrigerator market tends to provide several opportunities to businesses that are driven by technological advancements, growing emphasis on convenience and efficiency, and changing consumer preferences. As consumers are becoming more informed about the different benefits that the device provides there is an increase in the demand for smart refrigerators. In addition, advancements in technologies including Artificial intelligence, and the Internet of Things is opening new opportunities for innovation and modification.
Market Segmentation:
Door Type Outlook:
Based on door types, the global smart refrigerator market is segmented into side-by-side doors, single doors, French doors, and double doors. Among these, the French door segment is expected to account for the largest revenue share during the forecast period. This can be attributed to factors such as rising preference for aesthetic appeal and modern designs, high adoption of French door refrigerators due to spacious designs, bottom freezers, energy efficiency, temperature control, water and ice dispensers, and availability of various models of this setting in different capacity, features and improved technologies.
Distribution Channels Outlook:
The offline segment is expected to account for a significantly larger revenue share during the forecast period. This could be due to the consumer’s preference for buying electronic items from physical stores like specialty stores, supermarkets, and others as they can instantly purchase as and when needed. Moreover, there are availabilities of different varieties, discount offers, free repair service, installation, and in-store demonstrations available on the products that boost customer engagement for purchase.
End User Outlook:
Among the end-user segments, the residential segment is expected to register a rapid revenue CAGR between 2023 and 2032, attributable to factors such as rapid urbanization, rising adoption of smart homes and kitchen appliances, increasing standard of living, and high preference for smart refrigerators due to improved accessibility, smart features, temperature stability, energy efficiency, smart home ecosystems, and others.
Regional Outlook:
North America is expected to account for the largest revenue share during the forecast period owing to factors such as rising adoption of smart homes, automation trends in home appliances, rapid technological advancements, and high purchasing power. In addition, strong presence of leading manufacturing companies, technology-oriented consumers, and rising investments in R&D activities to develop improved versions of smart refrigerators are expected to drive North America market growth during the forecast period.
Asia Pacific market revenue is expected to expand at a significant CAGR over the forecast period owing to increasing urbanization and integration of smart homes, rapid adoption of advanced technology, changing lifestyle patterns and standard of living, and increasing demand for energy-efficient and convenient appliances
Report Coverage:
| Report Details | Outcome |
| Base Year for Estimation | 2022 |
| Historical Data | 2018-2021 |
| Forecast Period | 2023-2032 |
| Segments Covered | Door Type, Distribution Channel, End-User and Region |
| By Door Type | Side-by-side Door, Single Door, French Door, Double Door |
| By Distribution channel | Online, Offline |
| By End User | Residential, Commercial |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Country Scope | United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey |
| Qualitative Info | •Value Chain Analysis •Pricing Analysis •Regional Outlook •Market Trends •Market Share Analysis •Competition Analysis •Technological Advancements |
| Key Players | Samsung Electronics, L.G Electronics Inc., Panasonic Corporation, Haier, Whirlpool, Siemens AG, Hisense Co Ltd., Electrolux, G.E. Appliances, Bosch Group, and Others |
| Customization Scope | 10 Hours of Free Customization and Expert Consultation |
Competitive Landscape:
The global Smart Refrigerators market is extremely competitive, comprising several regional and global level key players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, and are adapting to evolving technology trends and consumer needs.
Some Leading Market Companies Listed in the Report:
- Samsung Electronics
- G Electronics Inc.
- Panasonic Corporation
- Haier
- Whirlpool
- Siemens AG
- Hisense Co Ltd.
- Electrolux, G.E. Appliances
- Bosch Group
Smart Refrigerators Industry Recent Developments:
- In June 2023, Walton announced new models of Giantech series refrigerators based on the Internet of Things.
- In February 2021, Panasonic announced the expansion of its Miraie series of products with connected refrigerators, washing machines, Wi-Fi fans, digital switches, and Wi-Fi controller plugs.
The global Smart Refrigerators Market has been segmented based on Door Type, Distribution Channel, End-users, and Region:
By Door Type:
- Side-by-side Door
- Single Door
- French Door
- Double Door
By Distribution Channel:
- Online
- Offline
By End-Users:
- Residential
- Commercial
By Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Nordic Countries
- Asia Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Frequently Asked Questions!
- Samsung Electronics
- G Electronics Inc.
- Panasonic Corporation
- Haier
- Whirlpool
- Siemens AG
- Hisense Co Ltd.
- Electrolux, G.E. Appliances
- Bosch Group
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