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, 2021 | 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

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?