The global smart refrigerator market size was USD 642.01 million in 2021 and is expected to register a robust revenue CAGR of 17.34% during the forecast period. Key factors such as growing adoption of smart cities and smart infrastructure, increasing incorporation of Internet of Things (IoT) and AI in home appliances, and rising need for effective and timely management of food in residential and commercial sectors are expected to drive global market growth during the forecast period.
A smart refrigerator also called an internet refrigerator is a high-tech programmed refrigerator connected to the WiFi and internet, and is capable of detecting the type of items stored in it and keep a track of important details such as expiry date and usage. Rapid urbanization across the globe, increasing adoption of smart home appliances in currently trending smart homes and rising purchasing power has encouraged manufacturers to develop novel and innovative smart refrigerators.
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Smart refrigerators can be connected to other smart home devices and are equipped with advanced features such as a touchscreen interface, voice control for ultimate hands-free experience, Wi-Fi connectivity, interior camera, built-in browser, shopping list, recipe database, entertainment, and whiteboard. Many smart refrigerators allow the user to see what is inside the fridge in real time from anywhere. In addition, it helps to keep track of expiry dates, browse the internet, and easily compile the shopping list.
Key factors such as increasing consumer awareness about benefits of smart refrigerators, rising investments in developing and launching novel products with improved features, and increasing disposable income are expected to drive global market revenue growth going ahead.
However, availability of smart refrigerators at sky-high prices, low purchasing power, high maintenance, and repair costs associated with smart fridges, and rising concerns about malware attacks are some key factors expected to hamper overall market growth during the forecast period.
French Doors Segment To Register Robust Revenue Growth:
The French doors segment is expected to register robust revenue growth over the forecast period. This can be due to increasing need for effective and timely food management in residential and commercial sectors, rising demand for French door smart refrigerators due to advanced freezing technology, availability of wide space for large items and freezer food products, trendy design, and flexible food storage, and availability of these fridges with varied features and designs.
Residential Segment to Account for Largest Revenue Share:
The residential segment is expected to account for largest revenue share between 2022 and 2028. Factors such as growing adoption of smart homes and smart kitchens, increasing purchasing power, changing consumer preference for ready-to-eat and frozen meals, and increasing awareness about benefits and key features of smart refrigerators are expected to drive segment revenue growth during the forecast period.
Asia Pacific to Register Rapid Revenue CAGR:
Asia Pacific market is expected to register rapid revenue CAGR during the forecast period owing to rapid urbanization, increasing adoption of smart homes and smart appliances, high adoption of advanced technology, growing awareness about benefits of smart refrigerators, and rising purchasing power.
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Smart Refrigerator Market By Company:WhirlpoolSamsungHaierElectroluxLGPanasonicSiemensBoschMediaHisense
Smart Refrigerator Industry Recent Developments:
In July 2020, Samsung announced the launch of connected refrigerator SpaceMax Family Hub with built-in view inside camera that lets user share pictures, stream videos and music, and control Alexa and smart devices.
In February 2021, Panasonic announced the expansion of its Miraie range of products with the launch of new connected refrigerator.
In August 2022, Samsung announced the launch of smart refrigerator with advanced features such as cameras, speakers and 21 inch touch screen display. This newly launched smart fridge allows users to compile shopping lists, watch video clops and read out schedules.
The global smart refrigerator market has been segmented based on type, application, and region:
Smart Refrigerator Market Segment by Type:French DoorsSide-by-side DoorsTriple DoorsDouble
Smart Refrigerator Market Segment by Application:Home ApplianceCommercial Appliance
Smart Refrigerator Market Segment by Region:North America (USA, Canada, Mexico)Europe (Germany, France, UK, Italy, Russia, Rest of Europe)Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)South America (Brazil, Argentina, Columbia, Rest of South Columbia)Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of MEA)
Key Reasons to Purchase:
Estimates 2022 to 2028 smart refrigerator market current market trends and development trendsMarket dynamics along with growth opportunities of the market in the years to comeMarket segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspectsComprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market playersRegional and country level analysis integrating the demand and supply forces that are influencing the growth of the smart refrigerator marketCompetitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
Key Questions Addressed:
What revenue CAGR is the global market expected to register during the forecast period?Which key players are leading in the global smart refrigerator market?Which region is expected to account for largest revenue share over the forecast period?What is the expected market size of the global smart refrigerator market between 2022 and 2028?What factors are expected to open new growth avenues and opportunities for existing and emerging market players?What are some of the key challenges that the global market is expected to face during the forecast period?
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