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Global Smart Refrigerators Market Size, 2019-2025 | Industry Report

Smart Refrigerators Market Analysis Report By Door Type, By End user, By Distribution Channel And Segment Forecasts From 2019 To 2025

Report ID: MN17619517  |  Published: April 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Consumer Goods  |  Publisher: Grand View Research

Industry Insights

The global smart refrigerators market accounted for USD 253.9 million, in 2018 and is anticipated to grow with CAGR of 13.7%, during the forecast period. Technological advancement and smart connectivity to introduce energy efficient products due to rapidly changing lifestyle are expected to drive the growth of this market. In addition, development in IT infrastructure enables to operate refrigerators with smart devices which include laptops, smartphones, and tablets among others.

The common problems faced by people are low awareness about accountability of food expiry date, resulted in wastage of food. The United Nations Development Program noticed that, 40% share of food wasted by Indian people. The need of food maintenance in both residential and commercial sector is anticipated to further drive the demand for this market. This is attributed to smart monitoring and maintain the quality of food by smart refrigerator.

North America smart refrigerators market

Manufacturers are striving to develop and modify the products to make easy lifestyle of consumers. Samsung introduced refrigerator with camera, speakers and 21-inch touch display in order to give smart use experience. Along with maintaining freshness and cooling effect, this smart refrigerator allows listing out shopping list, reminding schedules and video clips also. The camera equipped with fridge displays expiry date of food.

Smart refrigerator helps in saving energy when compared to conventional refrigerators. Conventional refrigerator used 1,278 KW hours each year, however, smart refrigerator uses half the power but still provide average of 21.9%. Moreover, this major benefit is projected to surge the demand for this product in residential sector.

Door Type Insights

In 2018, double door type segment held leading market share of 33.6%, as it includes compact freezer which are fitted on top of the refrigerator. The other advantages of double door refrigerator are energy efficiency and affordable price. In addition, due to the increasing demand for double door refrigerator from residential sector, market players are introducing high tech features in this segment. LG introduced 260 liters Auto Smart Connect top mount refrigerator with multiple features such as smart diagnosis and auto connect with inbuild inverter.

Distribution Channel Insights

Offline distribution channel led the market share and projected to grow with CAGR of more than 13% over the forecast period, 2019-2025. This distribution channel has accounted 71.5% market share, by 2025. Large and complex appliances generally account less than 10% of online retailers and e-commerce, as consumer wants to check and scan the product features and functionalities.

End User Insights

In terms of end user, residential sector dominated the smart refrigerator market in 2018, with a share of more than 65%. Introduction of digitalization and increasing spending capacity of consumers are resulted in significant growth for this segment. Moreover, increasing demand for fresh and safe food among consumers are encouraging market players to develop smart appliances. According to Centers for Disease Control and Prevention (CDC), food diseases affect around 48 million people in America annually.

Global smart refrigerators market

The rising demand for the fresh products to consumers by various industries like food & beverage and pharmaceutical is expected to drive the growth of this market. For instance, to store sensitive products such as insulin, medicines, and vaccines, pharmaceutical industry demands reliable and precise technology for refrigeration. The technological advancement for smart connectivity is anticipated to flourish the demand for this market across globe. 

Regional Insights

North America held the largest share in the global market in 2018, accounting for more than 31.0% of the total revenue. Increasing urbanization, trend of nuclear families, increasing disposable income, and technological advancements are the key factors to shift towards emerging smart home appliances in this region.

Smart Refrigerators Market Share Insights

The major key players operating in smart refrigerator market are LG Electronics Electrolux AB, Samsung Electronics Co. Ltd, Midea Group, GE Appliance, Siemens AG, Hisense Co. Ltd, Panasonic Corporation, Haier Group Corporation, and Whirlpool Corporation. 

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., U.K., China, India, Japan

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global smart refrigerators market report based on door type, end user, distribution channel, 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
        • U.S.
    • Europe
        • U.K.
    • Asia Pacific
        • China
        • India
        • Japan
    • Central & South America
    • Middle East & Africa

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