Smart Refrigerators Market

Smart Refrigerators Market Size, Share, Growth Analysis, By Door Type(Single, Double), By End-User(Residential, Commercial), By Distribution Channel(Offline, Online), By Regional(North America, The U.S.) - Industry Forecast 2024-2031

Report ID: UCMIG25H2041 | Region: Global | Published Date: Upcoming |
Pages: 165 | Tables: 55 | Figures: 60

Smart Refrigerators Market Insights

Market Overview:

Commencing its journey at a valuation of USD 253.9 million in 2018, the global smart refrigerators market embarks on an upward trajectory, poised to exhibit a robust Compound Annual Growth Rate (CAGR) of 13.7% between 2018 and 2025. Central to this surge is the seamless integration of cutting-edge technology and communication mechanisms, aimed at creating energy-efficient and user-friendly appliances that enhance modern lifestyles. This trajectory is underscored by the rapid evolution of IT infrastructure and wireless communication, facilitating the seamless fusion of refrigerators with mobile devices such as smartphones, laptops, and tablets. This symbiosis empowers consumers to not only regulate and optimize refrigerator functions remotely but also exemplifies the tangible synergy between technological innovation and the quest for enhanced convenience and efficiency in our daily lives.

Smart Refrigerators Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.

Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.

The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Household Appliances by segment aggregation, the contribution of the Household Appliances in Consumer Durables & Apparel and vendor share.

To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.

Segmentation Analysis:

The Smart Refrigerators Market is segmented by Door Type, End-User, Distribution Channel, Regional. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.

Smart Refrigerators Market Basis Point Share Analysis, 2021 Vs. 2028
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  • Based on Door Type the market is segmented as, Single, Double, Side by Side, French
  • Based on End-User the market is segmented as, Residential, Commercial
  • Based on Distribution Channel the market is segmented as, Offline, Online
  • Based on Regional the market is segmented as, North America, The U.S., Europe, The U.K., Asia Pacific, China, India, Japan, Central & South America, Middle East & Africa (MEA), KEY MARKET PLAYERS, Electrolux AB, Hisense Co. Ltd, LG Electronics, Midea Group, Samsung Electronics Co. Ltd, Siemens AG, GE Appliance, Haier Group Corporation, Whirlpool Corporation

Regional Analysis:

Smart Refrigerators Market is being analyzed by North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) regions. Key countries including the U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, and South Africa among others were analyzed considering various micro and macro trends.

Smart Refrigerators Market Attractiveness Analysis, By Region 2020-2028
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Smart Refrigerators Market : Risk Analysis

SkyQuest's expert analysts have conducted a risk analysis to understand the impact of external extremities on Smart Refrigerators Market. We analyzed how geopolitical influence, natural disasters, climate change, legal scenario, economic impact, trade & economic policies, social & ethnic concerns, and demographic changes might affect Smart Refrigerators Market's supply chain, distribution, and total revenue growth.

Competitive landscaping:

To understand the competitive landscape, we are analyzing key Smart Refrigerators Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Smart Refrigerators Market.

To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.

Key Players Covered in the Report:

  • rview
  • 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 MARKET SEGMENTS
  • By Door Type
  • Single
  • Double
  • Side by Side
  • French
  • By End-User
  • Residential
  • Commercial
  • By Distribution Channel
  • Offline
  • Online
  • By Regional
  • North America
  • The U.S.
  • Europe
  • The U.K.
  • Asia Pacific
  • China
  • India
  • Japan
  • Central & South America
  • Middle East & Africa (MEA)
  • KEY MARKET PLAYERS
  • Electrolux AB
  • Hisense Co. Ltd
  • LG Electronics
  • Midea Group
  • Samsung Electronics Co. Ltd
  • Siemens AG
  • GE Appliance
  • Haier Group Corporation
  • Whirlpool Corporation
  • Panasonic Corporation."

SkyQuest's Expertise:

The Smart Refrigerators Market is being analyzed by SkyQuest's analysts with the help of 20+ scheduled Primary interviews from both the demand and supply sides. We have already invested more than 250 hours on this report and are still refining our date to provide authenticated data to your readers and clients. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market.

Our cross-industry experts and revenue-impact consultants at SkyQuest enable our clients to convert market intelligence into actionable, quantifiable results through personalized engagement.

Scope Of Report

Report Attribute Details
The base year for estimation 2021
Historical data 2016 – 2022
Forecast period 2022 – 2028
Report coverage Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis
Segments covered
  • By Door Type - Single, Double, Side by Side, French
  • By End-User - Residential, Commercial
  • By Distribution Channel - Offline, Online
  • By Regional - North America, The U.S., Europe, The U.K., Asia Pacific, China, India, Japan, Central & South America, Middle East & Africa (MEA), KEY MARKET PLAYERS, Electrolux AB, Hisense Co. Ltd, LG Electronics, Midea Group, Samsung Electronics Co. Ltd, Siemens AG, GE Appliance, Haier Group Corporation, Whirlpool Corporation
Regional scope North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
Country scope U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, South Africa
Key companies profiled
  • rview
  • 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 MARKET SEGMENTS
  • By Door Type
  • Single
  • Double
  • Side by Side
  • French
  • By End-User
  • Residential
  • Commercial
  • By Distribution Channel
  • Offline
  • Online
  • By Regional
  • North America
  • The U.S.
  • Europe
  • The U.K.
  • Asia Pacific
  • China
  • India
  • Japan
  • Central & South America
  • Middle East & Africa (MEA)
  • KEY MARKET PLAYERS
  • 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 (15% Free customization) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options Reap the benefits of customized purchase options to fit your specific research requirements.

Objectives of the Study

  • To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
  • To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
  • To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
  • To analyze the opportunities in the market for various stakeholders by identifying the high-growth Segments
  • To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
  • To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market

What does this Report Deliver?

  • Market Estimation for 20+ Countries
  • Historical data coverage: 2016 to 2022
  • Growth projections: 2022 to 2028
  • SkyQuest's premium market insights: Innovation matrix, IP analysis, Production Analysis, Value chain analysis, Technological trends, and Trade analysis
  • Customization on Segments, Regions, and Company Profiles
  • 100+ tables, 150+ Figures, 10+ matrix
  • Global and Country Market Trends
  • Comprehensive Mapping of Industry Parameters
  • Attractive Investment Proposition
  • Competitive Strategies Adopted by Leading Market Participants
  • Market drivers, restraints, opportunities, and its impact on the market
  • Regulatory scenario, regional dynamics, and insights of leading countries in each region
  • Segment trends analysis, opportunity, and growth
  • Opportunity analysis by region and country
  • Porter's five force analysis to know the market's condition
  • Pricing analysis
  • Parent market analysis
  • Product portfolio benchmarking

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Smart Refrigerators Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Smart Refrigerators Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)
  • rview
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Door Type Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Distribution Channel Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • End-User Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Regional Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET SEGMENTS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Door Type
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Single
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Double
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Side by Side
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • French
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By End-User
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Residential
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Commercial
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Distribution Channel
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Offline
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Online
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Regional
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • North America
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The U.S.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Europe
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The U.K.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Asia Pacific
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • China
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • India
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Japan
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Central & South America
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Middle East & Africa (MEA)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET PLAYERS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Electrolux AB
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Hisense Co. Ltd
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • LG Electronics
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Midea Group
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Samsung Electronics Co. Ltd
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Siemens AG
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • GE Appliance
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Haier Group Corporation
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Whirlpool Corporation
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Panasonic Corporation."
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments

Methodology

For the Smart Refrigerators Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Refrigerators Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Refrigerators Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Smart Refrigerators Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

The global market for Smart Refrigerators was estimated to be valued at US$ XX Mn in 2021.

The global Smart Refrigerators Market is estimated to grow at a CAGR of XX% by 2028.

The global Smart Refrigerators Market is segmented on the basis of Door Type, End-User, Distribution Channel, Regional.

Based on region, the global Smart Refrigerators Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the global Smart Refrigerators Market are rview , 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 MARKET SEGMENTS, By Door Type, Single , Double , Side by Side , French , By End-User, Residential , Commercial , By Distribution Channel, Offline , Online , By Regional, North America , The U.S. , Europe , The U.K. , Asia Pacific , China , India , Japan , Central & South America , Middle East & Africa (MEA) , KEY MARKET PLAYERS, Electrolux AB , Hisense Co. Ltd , LG Electronics , Midea Group , Samsung Electronics Co. Ltd , Siemens AG , GE Appliance , Haier Group Corporation , Whirlpool Corporation , Panasonic Corporation.".

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