The market for smart or intelligent refrigerators is expected to propel during the forecast period due to the constant innovations in refrigeration technology.
This report provides forecast and analysis of the Smart Fridge Market which is estimated to hold a market value of USD932.967 million by the end of 2024 from a market size of USD281.102 million in 2018 with a CAGR of 22.13%.
A smart refrigerator, also known as an internet refrigerator is capable of recognition and management of items stored in it. The demand for smart refrigerators is expected to increase with the growing internet penetration and wireless technologies such as the use of WiFi. Hence, this is providing ease and convenience to a wide range of consumers worldwide, propelling the market growth in the forecast period, owing to the continuous innovations according to the evolving consumer demand. Additionally, the growing consumer electronics industry coupled with the increasing preference regarding customer customization is fueling the market growth in the forecast period.
The growing purchasing power with the growing per capita income and growing disposable income, especially in the developing economies of the world, the market for smart refrigerators is projected to rise over the next five years. This is because of the fact that with the improvement in the lifestyles of the consumers, there is a constant demand where customers require safe storage of their food items at home.
Several big companies in the market are investing in the development of smart refrigerators in the form of partnerships and collaborations. For example, Electrolux, in November 2018, announced that it has entered into a partnership and is investing with a start-up named Karma, based in Sweden, together introduced a smart fridge, beta for grocery stores. The partnership helped them to explore new and innovative solutions within the food storage applications in order to reduce food wastage. The collaboration combined the Electrolux expertise on food preservation along with Karma’s utilization of digital technology and knowledge regarding food waste.
Hence, in supermarkets and grocery stores, the smart fridge market holds high market potential where this technology is promoting a sustainable solution to safe food consumption and food storage. Geographically, North America and Europe are expected to hold a significant market share with the early adoptions of innovations and technological advancements. The Asia Pacific region is expected to hold a high market growth during the forecast period due to the growing disposable income and growing urbanization. In addition, the increasing middle-class population is providing a high consumer base, further propelling the market demand. Furthermore, with the increasing family income with women entering the major workforce, the demand for intelligent consumer electronics is expected to surge, further creating a high market demand in this region.
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Some of the major players covered as part of the report are AB Electrolux, Haier Group, and LG Electronics.
This report segmented the smart fridge market on the basis following terms: