The smart fridge market is projected to grow at a CAGR of 22.13% over the forecast period to grow to US$932.967 million in 2024 from US$281.102 million in 2018. 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.
The booming consumer electronics industry, growing preference towards customer personalization, and customization are some of the drivers driving the growth of the global smart fridge market. In addition, increasing purchasing power and rising disposable income will further contribute towards the adoption of smart fridges due to the improving lifestyle conditions. 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.
This research study examines the current market trends related to demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases, and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top-down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the smart fridge value chain. The last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining a faster and efficient understanding of the Smart fridge market.
Major industry players profiled as part of the report are Haier Inc., Hitachi, Ltd., LG Electronics, SAMSUNG, and Whirlpool Corporation among others.
|Market size value in 2018||US$281.102 million|
|Market size value in 2024||US$932.967 million|
|Growth Rate||CAGR of 22.13% from 2018 to 2024|
|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, Whirlpool Corporation, Siemens AG, General Electric Company, Panasonic, Midea Group|
|Customization scope||Free report customization with purchase|
The smart fridge market has been analyzed through following segments:
By Product Type
Bottom freezer refrigerators
Double door refrigerators
Single door refrigerators
Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the smart fridge market?
A1. The smart fridge market is projected to grow at a CAGR of 22.13% during the forecast period.
Q2. What will be the smart fridge market size by 2024?
A2. Smart Fridge Market is projected to reach a market size of US$932.967 million by 2024.
Q3. Which region holds the maximum market share in the smart fridge market?
A3. 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.
Q4. What factors are anticipated to drive the smart fridge market growth?
A4. The booming consumer electronics industry, growing preference towards customer personalization, and customization are some of the drivers driving the growth of the global smart fridge market.
Q5. What is the size of the smart fridge market?
A5. The global smart fridge market was valued at US$281.102 million in 2018.
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.6. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Secondary Sources
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter’s Five Force Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5. SMART FRIDGE MARKET BY PRODUCT TYPE
5.1. Side-by-side refrigerators
5.2. Bottom freezer refrigerators
5.3. Double door refrigerators
5.4. Single door refrigerators
6. SMART FRIDGE MARKET BY TECHNOLOGY
6.2. WiFi-enabled touchscreen
7. SMART FRIDGE MARKET BY GEOGRAPHY
7.1. North America
7.2. South America
7.3.3. United Kingdom
7.4. Middle East and Africa
7.4.1. Saudi Arabia
7.5. Asia Pacific
7.5.3. South Korea
8. COMPETITIVE INTELLIGENCE
8.1. Market Share of Key Players
8.2. Recent Investment and Deals
8.3. Strategies of Key Players
9. COMPANY PROFILES
9.1.1. Company Overview
9.1.3. Products and Services
9.1.4. Recent Developments
9.2. Haier Inc.
9.2.1. Company Overview
9.2.3. Products and Services
9.2.4. Recent Developments
9.3. Hitachi, Ltd.
9.3.1. Company Overview
9.3.3. Products and Services
9.3.4. Recent Developments
9.4. LG Electronics
9.4.1. Company Overview
9.4.3. Products and Services
9.4.4. Recent Developments
9.5.1. Company Overview
9.5.3. Products and Services
9.5.4. Recent Developments
9.6. Whirlpool Corporation
9.6.1. Company Overview
9.6.3. Products and Services
9.6.4. Recent Developments
9.7. Siemens AG
9.7.1. Company Overview
9.7.3. Products and Services
9.7.4. Recent Developments
9.8. General Electric Company
9.8.1. Company Overview
9.8.3. Products and Services
9.8.4. Recent Developments
9.9.1. Company Overview
9.9.3. Products and Services
9.9.4. Recent Developments
9.10. Midea Group
9.10.1. Company Overview
9.10.3. Products and Services
9.10.4. Recent Developments
General Electric Company
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