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Smart Refrigerator Market size surpassed USD 2.5 billion in 2018 and is estimated to grow at over 12% CAGR between 2019 and 2026. The global industry shipments are projected to reach 2 million units by 2026.
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Growing smart home establishments, increasing penetration of intelligent appliances, and consumer awareness are driving the smart refrigerator market globally. Consumers in North America and Europe are shifting toward intelligent home appliances to reduce power consumption and gain benefits from internet connectivity features. Smart refrigerators are gaining high market demand owing to smartphone connectivity options that allow operations from distant locations. These fridges have sensors and energy control technology, aiding limited usage of electricity and supporting environmental conservation initiatives in several countries. Furthermore, new product launches with technical advancements and regional expansion by established fridge manufacturers have created opportunities for market development.
|Market Size in 2018:||USD 3.5 Billion|
|Forecast Period:||2019 to 2026|
|Forecast Period 2019 to 2026 CAGR:||12%|
|2026 Value Projection:||USD 7.5 Billion|
|Historical Data for:||2016 to 2018|
|No. of Pages:||200|
|Tables, Charts & Figures:||334|
|Segments covered:||Type, End-Use, Sales Channel|
|Pitfalls & Challenges:|
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Smart fridges offer connectivity with search engines, smart speakers, and other smart technologies, providing enhanced comfort, convenience, and efficiency to the users and supporting market trends. The changing consumer lifestyles and shift toward purchasing advanced electric products supported by increased disposable income will boost market demand. These market trends along with the easy availability of intelligent appliances and the growing knowledge of consumers in the developing countries will support product demand. The industry growth is attributed to the launch of new products depending on the consumer interest, regional preferences, and purchasing capacity by major manufacturers. Moreover, the architectural developments in new residences and the need for intelligent products to support aesthetics are transforming the market outlook.
The smart refrigerator industry challenges include several security and malware issues, increasing the chances of personal data leaks. Smart fridges are prone to software hacking and cyber-attacks due to weak security parameters and connectivity with other home devices. Market leaders are working on the development of a strong software and IoT features to prevent such issues and offer better security to consumer data.
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Based on type, the smart refrigerator market is segmented into single door, double door, French door, door-in-door, and side by side refrigerators. French doors are gaining a high market demand owing to various features such as product design, multiple doors, and enhanced space availability over single & double door options. The French door smart refrigerators provide better lateral space and more room for refrigeration, leading to a higher market share. Intelligent technologies, such as Wi-Fi connectivity and touch screen features in newly developed products, are attracting consumer attention. Market players are developing new French door options with basic & advanced smart technologies to cater to the increasing consumer demand in Asian and European countries. For instance, in March 2018, Yumni, a Xiaomi company, launched a new French door smart refrigerator with side by side, top door, and bottom options. The company launched this product to compete with Samsung, LG, and other market leaders.
The development of smart kitchens with the integration of intelligent major & small appliances is expected to enhance the market offerings over the forecast timespan. Smart refrigerators can connect with other appliances and offer operability from remote locations, leading to high consumer convenience. These fridges also offer information about the content, grocery availability, and notify stock-up times with the use of inbuilt sensors and multiple cameras. The fridge is connected to a smartphone application, which provides updates related to food storage, leading to easy operability. The residential application of smart refrigerators is witnessing a high market share owing to technologies such as temperature control components that aid in keeping food fresh for a longer time. Market leaders including Samsung Electronics, LG Corporation, and Haier Group offer a variety of residential smart refrigerators with connected & smart technologies. For instance, in January 2019, Samsung Electronics launched a new software update for its Family Hub smart refrigerator, which includes a new user interface and enhanced integration with Bixby, the company’s virtual assistant.
The industry report represents value of online sales segment in Europe is over USD 60 million. The market size of the online channel segment increased in 2019, owing to the high popularity and adoption of E-commerce sales for both major & small home appliances. These channels for smart refrigerator sales are developing due to heavy discounts, a variety of product availability, and delivery convenience to consumers. The E-commerce companies in the smart refrigerator market offer secure payment and delivery options, increasing shopping convenience. They also provide free installation & repairing services at consumer locations, resulting in a high demand at retail stores.
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The market statistics of the Asia Pacific region is growing rapidly owing to the increased consumption of intelligent appliances, including smart refrigerators, in China, South Korea, and Japan. The market is driven by low product prices, increased purchasing power, and consumer awareness in these countries. China and South Korea witnessed high smart refrigerator sales compared to other Asian countries owing to the presence of market leaders including Samsung Electronics, Haier, and LG Corporation. The industry is expected to gain a high growth rate due to heavy manufacturing activities, continuous product launches, and the emergence of several new players offering advanced fridges.
Energy-efficient and technically advanced product launches remain key growth strategies
Key market players include Haier, Samsung Electronics, LG Electronics Inc., Panasonic Corporation, AB Electrolux, Whirlpool, Siemens AG, Bosch Group, Liebherr Group, Frigidaire, and Midea Group, among others. These companies are involved in the development of technically advanced smart refrigerators and software to provide high security & connectivity to the consumers. Companies are also investing huge amounts in R&D activities to develop advanced technologies over their competitors in the smart refrigerator industry. These strategies coupled with expansion in untapped regions is aiding companies to gain a higher market share. Based on the market analysis, companies are expanding their regional presence through offline & online sales channels to cater to the growing consumer demand.
The smart refrigerator market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD and shipment in units from 2016 to 2026, for the following segments:
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By Sales Channel
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