Smart Refrigerators Market Size Analysis Report By Door Type (Single, Double, Side by Side, French), By End user (Residential, Commercial) By Distribution Channel (Offline, Online), And Segment Forecasts, 2019 - 2025

Report Overview

The global smart refrigerators market size was valued at USD 253.9 million in 2018 and is expected to expand at a CAGR of 13.7% from 2018 to 2025. Integration of advanced technology and communication to build energy-efficient and convenient appliances for improved lifestyles is expected to propel the growth. Rapid advancements in the IT infrastructure and wireless communication enable easy assimilation of refrigerators with mobile devices such as smartphones, laptops, and tablets. It allows consumers to control and optimize the fridge operations from remote locations.

Lack of monitoring and timely use of refrigerated foods lead to wastage which is a common problem for the end-users. The United Nations Development Program had stated that in India, around 40% of food is wasted and about 20% of purchased food is discarded. The need for effective food management in residential as well as commercial sectors is expected to result in an increasing acceptance of smart refrigerators. The ability of these smart products to monitor and control the quality and shelf life of the food and generate timely user alerts is expected to drive the market.

Manufacturers are continuously developing and modifying these products to cater to the easy lifestyles of the tech savvy consumers. For instance, in 2018, Samsung had introduced a new refrigerator integrated with cameras, a 21-inch touch display, and speakers, to provide a smart user experience. Apart from normal cooling and retaining freshness of the food items, this product also allows the users to list out shopping items, read out schedules, and also watch video clips. Moreover, the cameras equipped with this fridge displays the expiry dates of food for effective usage.

The primary long term benefit of these products is that they can significantly increase the energy efficiency. Earlier refrigerators used up to 1,278 KW hours per year, whereas the smart refrigerators use less than half of this power while still providing an average capacity of more than 21.9%. This tangible benefit is expected to drive the product demand, especially among the residential sector.

Door Type Insights

Double door smart refrigerators are featured with compact inbuilt freezer on the top. The segment held the leading market share of 33.6% in 2018, owing to higher affordability and energy efficiency of the product. Owing to rising preference from the residential sector, companies have been introducing smart technology integrated with this category. For instance, LG had introduced an Auto Smart Connect top mount 260 litres frost free refrigerator equipped with multiple functioning capabilities such as auto connect with inverter and smart diagnosis to name a few.

Distribution Channel Insights

Offline stores are expected to have the highest share and fastest growth in the global market. This distribution channel is projected to register a CAGR of 13.8% in the next few years. Large and complex appliances generally account for less than 10% of e-commerce and online retailers as they demand prior check and scanning of the product attributes and functionalities. This medium is expected to account for a revenue share of about 71.5% by 2025.

End-User Insights

Residential sector held the largest market share of 65.6% in 2018. The increasing purchasing power of consumers, introduction of digitalization, and sustainability are some of the factors leading to significant acceptance of the product. According to the Centers for Disease Control and Prevention (CDC), around 48 million Americans are affected by foodborne diseases every year. Thus, increasing demand for fresh and safe food is driving the manufacturers to develop smart products.

Industries such as pharmaceutical and food and beverage have high demand for delivering fresh products to their consumers. For instance, the pharmaceutical industry demands highly reliable and precise refrigeration technologies for storage of sensitive products, such as medicines, insulin and vaccines. The introduction of smart connectivity solutions for the commercial refrigerators to enable effective maintenance is expected to augment the growth of the global market.

Regional Insights

North America accounted for the leading market share of 31.2% in 2018, primarily attributed to the presence of a huge number of urban population, growing number of nuclear families, high spending power, and rapid technological advancements and its implementation towards developing smart home and appliances.

Key Companies & Market Share Insights

Some of the key market players include Electrolux AB, Hisense Co. Ltd, LG Electronics, Midea Group, Samsung Electronics Co. Ltd, Siemens AG, GE Appliance, Haier Group Corporation, Whirlpool Corporation, and Panasonic Corporation.

Smart Refrigerators Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global smart refrigerators market report on the basis of product, distribution channel, end user, and region:

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

  • Single

  • Double

  • Side by Side

  • French

• 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)