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.
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.
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.
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.
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.
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.
Report Attribute |
Details |
Market size value in 2020 |
USD 325.1 million |
Revenue forecast in 2025 |
USD 624.7 million |
Growth Rate |
CAGR of 13.7% from 2019 to 2025 |
Base year for estimation |
2018 |
Historical data |
2015 - 2017 |
Forecast period |
2019 - 2025 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2019 to 2025 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, distribution channel, end user, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; U.K.; China; India; Japan |
Key companies profiled |
Electrolux AB; Hisense Co. Ltd; LG Electronics; Midea Group; Samsung Electronics Co. Ltd; Siemens AG; GE Appliance; Haier Group Corporation; Whirlpool Corporation; Panasonic Corporation |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country; regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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)
b. The global smart refrigerators market size was estimated at USD 286.9 Million in 2019 and is expected to reach USD 325.1 Million in 2020.
b. The global smart refrigerators market is expected to grow at a compound annual growth rate of 13.7% from 2019 to 2025 to reach USD 624.7 Million by 2025.
b. North America dominated the smart refrigerators market with a share of 31.0% in 2019. This is attributable to to the presence of a huge number of urban population, growing number of nuclear families, high consumer spending power, and rapid technological advancements and development of smart home and appliances.
b. Some key players operating in the smart refrigerators market 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.
b. Key factors that are driving the market growth include increasing integration of advanced technology and communication to build energy efficient and convenient appliances for improved lifestyles, along with rapid advancements in the IT infrastructure and wireless communication enabling easy assimilation of refrigerators with mobile devices such as smartphones, laptops, and tablets.
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Covid 19's rapid development worldwide has led to serious implications for most suppliers of electronics and electrical products, in the form of supply chain disruptions. While the pandemic crisis has decreased the frequency of purchase of consumer appliances, the lead time for delivery of orders has also increased significantly. Limited availability of components, restricted labor supply, and other supply chain related costs are some of the major challenges that most industry players are focusing on at present. The end of the lockdown is expected to bring this industry significantly higher consumer traffic, most notably through the online channels, and the manufacturers will need to design their production plans and distribution networks in tandem with this changing business environment. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
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