Smart Refrigerator Market Analysis

Smart Refrigerator Market Analysis

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.
 

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.