Global Smart Refrigerators Market by End user (Residential, Commercial), by Distribution Channel (Online, Offline), by Door Type (French, Double, Single, Side by Side) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global smart refrigerators market was valued at USD 253.9 Million in 2018. It is expected to grow at a CAGR 13.7% between 2018 and 2025. The integration of advanced technology with communication to create energy-efficient, convenient appliances for better lifestyles is expected propel this growth. Rapid advances in IT infrastructure and wireless communications allow refrigerators to be easily assimilated with mobile devices like smartphones, tablets, and laptops. This allows users to remotely control and optimize fridge operations.

Wastage is a problem that can be caused by insufficient monitoring and poor use of refrigerated food. According to the United Nations Development Program, India has around 40% food waste and 20% food that is thrown away. Smart refrigerators will be more popular due to their ability to manage food efficiently in both commercial and residential settings. This market will be driven by smart refrigerators' ability to monitor and control food quality and shelf life and to send out timely alerts to users.

These products are constantly being modified and developed by manufacturers to meet the needs of tech-savvy consumers. Samsung introduced a new refrigerator in 2018 that was integrated with cameras, a 21 inch touch screen and speakers to offer a smart user experience. This product allows users to list shopping items, view schedules and watch videos. The fridge's cameras can also display the expiry dates of food so that you can use it effectively.

These products have the primary benefit of significantly increasing energy efficiency over time. The average refrigerator's capacity is 21.9%, while older refrigerators consumed up to 1,278KWh per year. Smart refrigerators consume less than half that power. This tangible benefit will drive product demand, particularly in the residential sector.

Door Type Insights

Double-door smart refrigerators come with an inbuilt freezer. This segment was the most popular in 2018 with a 33.6% market share. It is due to its affordability and high energy efficiency. Companies have begun to integrate smart technology with this category due to increasing demand from the residential market. LG, for example, introduced the Auto Smart Connect top mount frost-free refrigerator with 260 litres capacity. It has multiple functions such as smart diagnosis and auto connect with inverter.

Distribution Channel Insights

Online stores will have the largest share and the fastest growth in the global marketplace. In the next few years, this distribution channel will see a 13.8% CAGR. Because they require prior scanning and checking of product attributes and functionality, large and complex appliances account for less that 10% of ecommerce and online retailers. This medium is expected be responsible for about 71.5% of the total revenue by 2025.

End-User Information

The largest market share, 65.6%, was held by the residential sector in 2018. In 2018, the largest market share was held by the residential sector at 65.6%. This is due to the increasing purchasing power and introduction of digitalization. Sustainability is also a factor that has led to widespread acceptance of the product. The Centers for Disease Control and Prevention estimates that approximately 48 million Americans are annually affected by foodborne illnesses. Manufacturers are developing smarter products to meet the growing demand for safe and fresh food.

Food and beverage industries, as well as pharmaceuticals, are highly dependent on fresh products being delivered to consumers. The pharmaceutical industry, for example, requires precise and reliable refrigeration technology to store sensitive products such as insulin and medicines. Smart connectivity solutions that enable efficient maintenance of commercial refrigerators will be a key factor in the global market's growth.

Regional Insights

North America held the largest market share at 31.2% in 2018. This was mainly due to the large number of urban residents, increasing number of nuclear families, high purchasing power and rapid technological advances. These advancements were implemented towards the development of smart homes as well as appliances.

Market Share Insights & Key Companies

Electrolux AB and Hisense Co. Ltd are some of the major market players.

Smart Refrigerators Market Report Scope

The Report Covers Certain Segments

This report predicts revenue growth at the global, regional and country level. It also provides analysis of industry trends and potential opportunities in each sub-segment from 2015 to 2025. Up Market Research has divided the global smart fridges market report by product, distribution channel and end user.

• Door Type Outlook (Revenue USD Million, 2015-2025)

  • Single

  • Double

  • Side by side

  • Français

• End-User Outlook (Revenue USD Million, 2015-2025)

  • Residential

  • Commercial

• Distribution Channel Outlook (Revenue USD Million, 2015-2025)

  • Offline

  • Online

• Regional Outlook (Revenue USD Million, 2015-2025)

  • North America

    • The U.S.

  • Europe

    • The U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

  • Middle East & Africa (MEA)

These are the most frequently asked questions about this report

b. Global smart refrigerators market was valued at USD 286.9 million in 2019, and is forecast to grow to USD 325.1 Million by 2020.

b. Global smart refrigerators market will grow at a compound annual rate of 13.7% between 2019 and 2025, reaching USD 624.7 million by 2025.

b. With a 31.0% share in 2019, North America was the market leader in smart refrigerators. This can be attributed to the large urban population, increasing number of nuclear families, high consumer purchasing power and rapid technological advances and development of smart appliances and home.

b. Electrolux AB and Hisense Co. Ltd are key players in the smart fridges market.

b. The market is growing due to the integration of advanced technology with communication. This allows for more energy-efficient and comfortable appliances that improve lifestyles. Rapid advancements in IT infrastructure and wireless communications allow easy assimilation between refrigerators and mobile devices like smartphones, tablets, and laptops.

Up Market Research published a new report titled “Smart Refrigerators Market research report which is segmented by End user (Residential, Commercial), by Distribution Channel (Online, Offline), by Door Type (French, Double, Single, Side by Side), By Players/Companies Panasonic Corporation, Electrolux AB, Hisense Co Ltd, Haier Group Corporation, Siemens AG, GE Appliance, Whirlpool Corporation, Samsung Electronics Co Ltd, Midea Group, LG Electronics”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Smart Refrigerators Market Report Segments:

The market is segmented by End user (Residential, Commercial), by Distribution Channel (Online, Offline), by Door Type (French, Double, Single, Side by Side).

Smart Refrigerators Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Smart Refrigerators Market

Overview of the regional outlook of the Smart Refrigerators Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Smart Refrigerators Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Smart Refrigerators Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Residential

                2. Commercial

                1. Online

                2. Offline

                1. French

                2. Double

                3. Single

                4. Side by Side

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Smart Refrigerators Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Smart Refrigerators Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.