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Smart Refrigerator Market : Global Demand Analysis & Opportunity Outlook 2024

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Extensive insights into the Growth of Smart Refrigerator Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Smart Refrigerator Market overview Button

Smart refrigerator are also known as internet refrigerator. It is a technologically advanced refrigerator which is programmed to sense what kind of products is being stored inside it and thus it keeps the record through barcode or RIFD scanning. This kind of refrigerator is often equipped to determine whenever a food item needs to be replenished. This refrigerator allows for more efficient food management. It is remotely monitored and controlled (via: smart phones). It has an LCD panel for information display and interaction.

Market size and forecast

Smart refrigerator market is expected to expand at a CAGR of 15.5% over the forecast period i.e 2017-2024. Smart refrigerator market is expected to witness a lucrative growth in near future owing to rise in need for advanced refrigerator for the consumers. Rapid growth in urbanization change in lifestyle is estimated to attract consumers to buy smart refrigerator.The demand for smart refrigerator is rising owing to growing concern for electricity cost and availability of innovative and affordable smart refrigerators in the market. North American market is presently dominating in the smart refrigerators market, owing to favorable market conditions and adequate awareness among the customers regarding smart refrigerator. Europe is the second leading region.CLICK TO DOWNLOAD FREE SAMPLE REPORT

smart refrigerator

Asia-Pacific is expected to have a robust growth over the forecast period, owing to rise in the demand for smart refrigerator in the China, India and Japan. Rising personal disposable along with increasing purchasing power of people in these countries is anticipated to expand the growth of the market in Asia Pacific region over the forecast period.

Market Segmentation

Our in-depth analysis segmented the smart refrigerator market in the following segments:

By Product

  • Top freezer refrigerator
  • Bottom freezer fridge
  • Side-by-side refrigerator
  • French door refrigerator

By Technology

  • Wi-Fi
  • Radio frequency identification (RIFD)
  • Cellular technology
  • Bluetooth
  • ZigBee
  • Touchscreen

By Price Range 

  • Premium 
  •  Economy 
  •  Low 

By Distribution Channel

  • Offline Channel
  • Online Channel

By Region

Global Smart Refrigerator Market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Disruptive technology and increasing customer personalization and customization is expected to drive the global smart refrigerator market over the forecast period i.e. 2017-2024. Technological advancement in electronics and communication sector and the growing need for energy efficiency is projected to impel the growth of smart refrigerator market during the period 2017-2024. Additionally, purchasing power and improving lifestyles would also foster the demand for smart refrigerator, globally.

Quick developments in Information Technology infrastructure and topology of wireless communication are the major factors lifting the integration of smart refrigerators with mobile devices such as laptops, smartphones, and tablets. Wireless communication plays vital role in monitoring and controlling refrigerator from remote locations, to reduce electricity consumption. Wi-Fi technology is mostly used in homes and commercial establishments as an alternative to wired LAN. Presently, this technology has emerged as an effective technology to operate a large number of refrigerators from remote locations which is further likely to boom the growth of smart refrigerator market in the next few years.

However, the higher cost of smart refrigerator is likely to dampen the global growth over the forecast period. Lack of awareness related to benefits and as well as proper utilization of technologies is the major factor which is expected to hamper the growth of the market in the next few years.

  Top Featured Companies Dominating the Market

The key players of smart refrigerator market are as follows:

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

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