Smart Refrigerator Market

Segmentation by Product (Top Freezer Refrigerator, Side by Side Refrigerator, French Door Refrigerator, Bottom Freezer Refrigerator); By Price Range (Premium, Economy and Low); By End Users (Residential, Commercial & Others); By Distribution Channel (Online and Offline); By Region – Global Demand Analysis & Opportunity Outlook 2027

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Report ID: 1446 | Published On: Feb 02, 2023
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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.


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.


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.

Smart Refrigerator Market
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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. 

Smart Refrigerator Market

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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

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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

In The News

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

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