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. 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 fridge 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 the 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 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.
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