Smart Refrigerator Market Overview
Smart refrigerator is built with the latest technologies which is programmed to sense the product stored inside. These refrigerator used to track the stock through bar code or RFID scanning. They are used to offer remote monitoring of the appliances and provide instant update of the whole system. Additionally, they are also capable of creating shopping list and order them after installing suitable time period. Technological advancements in electronic and communication field along with growing need for energy efficiency is projected to foster the growth of the market. These systems have an LCD panel for information display and interaction. Refrigeration process of these refrigerator are able to maintain the quality of food. Growing demand for latest technologies and improving lifestyle is anticipated to foster the growth of smart refrigerator market over the forecast period (2019-2027).
Market Size and Forecast
The smart refrigerator market is anticipated to record a CAGR of around 16.65% over the forecast period. The market is segmented by product into top freezer refrigerator, side by side refrigerator, French door refrigerator, bottom freezer refrigerator; by price range into premium, economy and low; by end users into residential, commercial & others; by distribution channel into online and offline. The online distribution channel segment is anticipated to capture highest demand in smart refrigerator market on account of changing consumer behavior towards purchasing appliances from the convenience of their homes.
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Growth Drivers
Technological Advancements
Increasing technological advancement in smart refrigerators such as wireless connectivity through smart phones and other smart devices is expected to positively drive the growth of the global smart refrigerator market over the upcoming years. Such features allow remote monitoring of the appliance through Bluetooth and WiFi connectivity. These systems have display features with an LCD panels for information display and interaction. Apart from this, massive adoption of refrigerators with high end features is providing many opportunities for the smart refrigerator manufacturers to grow and expand their business operations.
Expanding Urban Population
People are migrating from rural to urban areas on account of increasing job opportunities. The developing urban population across the world has prompted a solid interest for energy efficient and time saving appliances. Rising population of urban cities have led a strong demand for IOT enabled appliances which are quick and smart in operation. Additionally, rising application of artificial intelligence in the appliances industry is anticipated to propel the growth of smart refrigerator market market.
Improving Lifestyle
It can be observed that there is an increase in awareness among people about latest innovations in home appliances across the globe. With the increase in the disposable income of the families, lifestyle of the people has also improved. Improving lifestyle has created enormous demand for smart appliances which make the life comfortable and while saving time and energy resulting in a rise in demand for such appliances.
Innovation
Manufacturers are increasingly developing and modifying the product portfolio to cater to the shifting lifestyles of a large strata of consumers. Backed by rampant rise in the number of smartphone and internet users, conglomerates worldwide are increasingly implementing a shift in the product portfolio from smart refrigerators to smart connected refrigerators. The smart connected refrigerators not only allows the consumer to control, monitor and secure activity even when not at home but also receive notifications on the current activities of other smart connected appliances such as what cycle load of laundry is on or how much time is required for the food to get cooked in the oven.
For instance, in 2018, Samsung introduced a new refrigerator integrated with cameras, a 21-inch touch display and speakers, to provide smart user experience. Apart from normal cooling and retaining freshness of the food items, the refrigerator allows the users to list out shopping items, read out schedules, and also watch video clips. Additionally, the cameras equipped with the refrigerator displays the expiry dates of food for effective usage.
Restraints
High Cost of Smart Refrigerator
High cost of modern technologies is a major concern nowadays, every manufacturer is focused towards size and design of equipments. Initial investment of smart refrigeration technology is high and it is able to remove manual work. Additionally, day to day technical changes has made the system complex. Further, regular maintenance of the technical and smart equipments results in increasing the cost. High cost of IOT enabled appliances is amidst the key factors which is restraining the growth of smart refrigerator market across the globe. According to the Indian Brand Equity Foundation, only 29 percent of households in India own a refrigerator. The high cost of modern equipment with IOT enabled services is expected to restrain the demand for these appliances.
Market Segmentation
Our-in depth analysis of the smart refrigerator market includes the following segments:
By Product
- Top Freezer Refrigerator
- Side by Side Refrigerator
- French Door Refrigerator
- Bottom Freezer Refrigerator
By Price Range
- Premium
- Economy
- Low
By End Users
- Residential
- Commercial
- Others
By Distribution Channel
- Online
- Offline
By Region
On the basis of regional analysis, the smart refrigerator market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America market is anticipated to capture the largest market share in the smart refrigerator market owing to advancement in technology, growing digitalization and growth in automation industry. The Europe region is expected to face a steady demand for smart refrigerators on the higher adoption rate for innovative technologies especially from countries such as Germany, U.K, Italy & France. With growing demand for IOT enabled services and solutions, market of Asia Pacific is expected to observe a substantial growth. This can be primarily attributed to rapidly rising population in this region generating an increasing demand for innovative home appliances.
The smart refrigerator market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & 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 & Opportunity Analysis
Top Featured Companies Dominating the Market
- AB Electrolux
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Haier Group Corporation
- LG Electronics
- Samsung Electronics Co. Ltd
- Whirlpool Corporation
- GE Appliance
- Siemens AG, GE Appliance
- Hisense Co. Ltd.
- Midea Group
- Panasonic Corporation
- Other Prominent Players
Author Credits: Abhishek Verma
- Report ID: 1446
- Published Date: Feb 02, 2023
- Report Format: PDF, PPT
