Smart Refrigerator Market: Global Industry Analysis, Size, Trends, Growth, Forecast 2019 - 2029

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Smart Refrigerator Market: Global Industry Analysis, Size, Trends, Growth, Forecast 2019 - 2029

Status : March, 2023 | Semiconductor & Electronics

Report Digest

Global Smart Refrigerator Market: Overview

Smart refrigerators are set to witness notable demand over the period of 2019 to 2029. As per TMRR, factors such as growing need for convenient products and increasing disposable incomes are supporting this growth.  Additionally, heavy reliance on technology, supported by its advancement is leading to increase in market worth. It is notable here that smart fridges offer connectivity to other smart products, providing enhanced comfort, convenience, and efficiency to users.

In an increasingly busy world with too much technological clutter to take care of, it is heartening to have devices which can smartly take care of themselves and of the overworked individual, like these refrigerators. Since the millennial populace with such astronomical workloads appreciate smart technology that reduces their involvement in housework, the smart refrigerator market is due to grow in the near future. 

Global Smart Refrigerator Market: Notable Development

The market is witnessing to players deploying effective strategies to claim larger revenue. These are resulting in developments that are quite significant, shaping the vendor landscape for the future.

  • In 2018, Samsung showcased a new refrigerator with cameras, a touch display and speakers, to provide consumers better assistance with their day to day lives. This not only consolidated the already quite worthy image of the brand but also pushed other brands to step up their game.
  • Introduced recently, the innovative LG InstaView window lights up and becomes transparent when the appliance is knocked twice on the door, allowing one to check what's inside the refrigerator without opening the door and losing cold air. This is a notable step forward in terms of development of environment friendly and power saving products.

The global smart refrigerators market is fragmented owing to the presence of a large number of global manufacturers. Some of the major market players in this smart refrigerator include 

  • Electrolux AB
  • Hisense Co. Ltd
  • LG Electronics
  • Midea Group
  • Samsung Electronics Co. Ltd
  • Siemens AG
  • GE Appliance
  • Haier Group Corporation
  • Whirlpool Corporation
  • Panasonic Corporation

These market players recognize the importance of their products to an increasingly technology savvy generation and are hence using market outreach and penetration strategies to increase market hold.

Global Smart Refrigerator Market: Key Trends and Drivers

  • Use of advanced technology is growing and becoming common in people’s life. Growth of smart refrigerator market rests on such strides in technology. The developing IT infrastructure and wireless communication technology enable easy integration of refrigerators with mobile devices such as smartphones, laptops, and tablets, which lets consumers control and optimize operations from remote locations. This is set to drive the global smart refrigerators market on an upward growth trajectory.
  • According to the Centers for Disease Control and Prevention (CDC), a stupendous 48 million Americans are affected by food borne diseases annually. A push for safe storage practices shall benefit the smart refrigerator market. The primary long term benefit of these products is that they significantly increase energy efficiency and save big on electricity costs. Smart refrigerators use less than half of the power used up by traditional refrigerators, while still providing an upscale of storage capacity by 21.9%. This goes vastly in favor of the market

Global Smart Refrigerator Market: Regional Analysis

North America currently leads the market share, which can be attributed to the presence of a huge urban population increasingly living as a nuclear family, with each individual now having a high spending potential. Rapid technological advancements in this region should push the market for smart appliances. Europe too follows suit as the second most popular market for these appliances.

The smart refrigerator market in the Asia Pacific region excluding Japan (APEJ) is expected to show maximum growth potential in the near future owing to a rise of the affluent middle class in these regions, coupled with an increasing awareness and acceptance of latest technologies.

Market Segmentation:

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

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

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TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?