Smart Fridge Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product Type (Side-by-side Refrigerators, Bottom Freezer Refrigerators, Double Door Refrigerators, Single Door Refrigerators), By Technology (RFID, WiFi, Bluetooth, Others), And By Geography - Forecasts From 2022 To 2027
- Published : Dec 2022
- Report Code : KSI061611602
- Pages : 138
The smart fridge market is projected to grow at a CAGR of 12.88% over the forecast period to grow to US$623.740 million in 2027 from US$267.180 million in 2020.
A smart fridge or smart refrigerator is programmed for sensing the products which are stored inside and also helps to keep a track of the stock via RFID scanning. The refrigerator also helps the user in knowing about the food items which require replenishment. The monitoring of this smart appliance can be easily managed through any remote location and can be controlled in case of any unauthorized access. In the booming consumer electronics industry, the global market for smart refrigerators is expanding as a result of rising consumer preferences for individualization and customization. Additionally, as an outcome of enhanced lifestyle conditions, soaring disposable income and buying power are further expected to encourage the ownership of smart refrigerators. Region-wise, North America and Europe are expected to hold a significant market share due to the adoption of innovative technologies while the Asia Pacific is considered the fastest growing.
Some of the aspects propelling the development of the smart fridge market include the burgeoning consumer electronics sector and the increasing preference for customer customization. Due to bettering lifestyle conditions, an increase in purchasing power due to the increasing disposable income is also likely to contribute to the adoption of these smart refrigerators. The millennial generation's affinity for technology is also a significant driver of the increase in demand for smart refrigerators. The latest types of smart refrigerators have the capability to connect to the web and may be used to place orders for goods with just a few voice commands or button presses. For instance, Samsung unveiled a model that allowed customers to quickly shop and pay for the items they require using the "Groceries" Mastercard mobile app by connecting to their smart refrigerators.
A lack of monitoring and timely use of refrigerated foods leads to wastage which is a very common problem for the end-users. The UNDP (United Nations Development Program) stated that in India, around 40% of food is wasted and about 20% of the purchased food is discarded. Therefore, the need for effective food management in the residential, as well as commercial sectors, is expected to result in the rising adoption of smart refrigerators. The ability of these products to monitor and control the quality as well as the shelf life of the food and generate user alerts is projected to drive the market.
Manufacturers are continuously developing and innovating these products to aid to ease the lifestyles of tech-savvy consumers. For instance, Samsung introduced a refrigerator integrated with cameras, a 21-inch touchscreen display, and speakers, to provide a smart user experience. Apart from the normal cooling and retaining the freshness of the food items, this product also allows users the provision of listing out shopping items, read out schedules, and also stream video clips. Further, the cameras equipped in this fridge display the expiry dates of food for effective usage.
The key long-term benefit of these products is that they can substantially increase energy efficiency. Earlier refrigerators used up to 1,278 KW hours annually, whereas smart refrigerators use less than 50% of this power while still providing an average capacity of more than 21.9%. This benefit is thus expected to drive the demand, especially among the residential sector, thus augmenting growth in the market.
Asia-Pacific is Expected to Witness Substantial Growth in the projected period
The market for smart refrigerators can be divided into five regions based on geography: North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. Because of the rapid advancement of technology, the market in the North American region is well-developed in comparison to markets in other regions. Being a developing region, the Asia-Pacific region's smart fridge market is anticipated to experience the highest potential growth during the forecast period. Over the course of the projection period, the market in this region is anticipated to expand due to rising personal disposable income. According to statistics by the Chinese government, the average per capita disposable income in China showed an increase of 9.1% in 2021 as compared to 2020. Additionally anticipated to experience positive growth during the forecast period is the smart fridge market in Europe.
COVID-19 Impact on the Smart Fridge Market
The COVID-19 pandemic had a negative impact on the smart fridge market. The subsequent social distancing measures and mandated lockdowns implemented by the governments across various nations resulted in the slowing down of various industries, which caused a dip in the demand of the market. Further, the decreased spending power of the general population due to the economic stir caused a dip in the sales of these smart fridges, thus, negatively affecting the market.
Smart Fridge Market Scope:
|Market Size Value in 2020||US$267.180 million|
|Market Size Value in 2027||US$623.740 million|
|Growth Rate||CAGR of 12.88% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Product Type, Technology, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Haier Inc., Hitachi, Ltd., LG Electronics, SAMSUNG electronics co. Ltd., Whirlpool Corporation, Siemens AG, General Electric Company, Panasonic Holdings Corporation, Midea Group|
|Customization Scope||Free report customization with purchase|
- By Product Type
- Side-by-side refrigerators
- Bottom freezer refrigerators
- Double door refrigerators
- Single door refrigerators
- By Technology
- By Geography
- North America
- United States
- South America
- Middle East and Africa (MEA)
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Driver
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. SMART FRIDGE MARKET, BY PRODUCT TYPE
5.2. Side-by-side refrigerators
5.3. Bottom freezer refrigerators
5.4. Double door refrigerators
5.5. Single door refrigerators
6. SMART FRIDGE MARKET, BY TECHNOLOGY
7. SMART FRIDGE MARKET, BY GEOGRAPHY
7.2. North America
7.2.1. United States
7.3. South America
7.5. Middle East and Africa (MEA)
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.5. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Haier Inc.
9.2. Hitachi, Ltd.
9.3. LG Electronics
9.4. SAMSUNG electronics co. Ltd.
9.5. Whirlpool Corporation
9.6. Siemens AG
9.7. General Electric Company
9.8. Panasonic Holdings Corporation
9.9. Midea Group
SAMSUNG electronics co. Ltd.
General Electric Company
Panasonic Holdings Corporation
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