Category : Semiconductor and Electronics | Published at : February-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The global smart refrigerator market is expected to grow at a CAGR of around 13.1% over the forecast period 2019 to 2026 and expected to reach around US$ 6.2 Bn by 2026.
Smart refrigerator is also known as an internet refrigerator which has been programmed to sense what is inside the fridge and can keep the track of stock. These refrigerators can sense and track the inside items through RFID and barcode. Other features embedded in the refrigerator are internal cameras, the ability for you to interact with its features using smartphone or tablet when away from home, and more flexible user-controlled cooling options. Furthermore, next-generation smart refrigerators can alert consumers about what items they’re short on and when the water filter needs to be changed.
Market Dynamics
Continuous development and modification in the products by manufacturers to provide the easy lifestyles to consumers are key factors to drive the market growth. For instance, new products allows the users to list out shopping items, read out schedules, and also watch video clips apart from normal cooling and retaining the freshness of the food items. Furthermore, the cameras equipped with this fridge can also display the expiry dates of food.
The necessity for effective food management in commercial, as well as residential sectors, is expected to increase in an acceptance of the smart refrigerators. According to the data published by the U.N. Food and Agriculture Organization, in wealthy countries such as the U.S. and Canada, about 40% of food is thrown out by consumers. Globally, people throw out around 1.3 billion tons of food in a year. The capability of these products to control and monitor the quality and shelf life of the food & other sensitive products and generate timely user alerts is projected to fuel the market growth.
Based on door type, the market has been segmented into single, double, side by side, and French. In 2018, the double door smart refrigerator held the largest share of the market. This refrigerator is featured with a compact inbuilt freezer on the top. Affordability for household application, the energy efficiency of the double door refrigerator, and the introduction of various type double door refrigerators by companies are the key factors responsible for the dominance of this segment. For instance, recently in January 2020, Samsung and LG showcased their AI-powered smart refrigerator at the CES 2020 show.
Based on the distribution channel, the market is segmented into online and offline. Offline stores accounted for the maximum share of the market in 2018 and the segment is anticipated to observe the fastest growth during the forecast period. This can be attributed to the high preference of buyers. Large appliances need a check and scanning before buying and hence customer prefers offline channel for smart refrigerators.
Based on the end-user of the smart refrigerator, the market is divided into residential and commercial. The residential segment held the largest share of the market and is expected to maintain its share during the forecast period. This can be attributed to the rise in the digitalization in the products, increasing the purchasing power of consumers, and the rising demand for fresh & safe food. Food & beverages, pharmaceutical, biotechnology, and healthcare providers such as hospitals & laboratories are the key industries that require reliable and more precise refrigeration technologies to store sensitive products.
The global smart refrigerator market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America accounted for the largest share of the market in 2018. High domestic income, major presence of urban population and nuclear families, rapid technological development & adoption by people to make home smart are the key factors that responsible for the dominance of North America across the world. The Asia Pacific is anticipated to observe the highest CAGR during the forecast period. Increasing demand of smart refrigerators from the Asia Pacific countries such as China, South Korea, Japan, and India due to growing domestic income and availability of innovative products by multinational companies are some of the factors that fuel the market growth.
The market research study on “Smart Refrigerator Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global smart refrigerator market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global smart refrigerator market, its door type, distribution channel,end-user, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global smart refrigerator market size and segment markets by door type, distribution channel,end-user, and geography along with the information on companies operating in the market. The smart refrigerator market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market sizes for different segments have been covered under the scope of the report.
Key players operating in the smart refrigerator market are Hisense Co. Ltd, Liebherr Group, Electrolux AB, LG Electronics, Samsung Electronics Co. Ltd, Midea Group, Siemens AG, Haier Group Corporation, GE Appliance, Whirlpool Corporation, Bosch Group and Panasonic Corporation. The introduction of innovative products by the addition of various smart functions and partnerships for the development and distribution of products are some of the key strategies adopted by market players to enhance their market share.
Market Segmentation
Market By Door Type
- Single
- Double
- Side by Side
- French
By Distribution Channel
- Online
- Offline
By End-user
- Commercial
- Residential
By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
Smart refrigerator is also known as an internet refrigerator which has been programmed to sense what is inside the fridge and can keep the track of stock.
Smart refrigerators can sense and track the inside items through RFID and barcode.
Factors such as Continuous development and modification in the products by manufacturers to providethe easy lifestyles to consumers restrain the smart refrigerator market growth.
According to Acumen Research and Consulting, the smart refrigerator market value is anticipated to be around US$ 6.2 Bn in 2026.
The smart refrigerator market is anticipated to grow over 7% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for smart refrigerator market.
Key players of smart refrigerator market are Hisense Co. Ltd, Liebherr Group, Electrolux AB, LG Electronics, Samsung Electronics Co. Ltd, Midea Group, Siemens AG, Haier Group Corporation, GE Appliance, Whirlpool Corporation, Bosch Group and Panasonic Corporation.
