The smart refrigerator market size is expected to reach over US$ 826.3 million by 2028. The growing demand for smart home and smart kitchen establishments along with rising demand for advanced technological electronic appliances across the globe are the key factors for smart refrigerator market growth. The smart refrigerator report further mentions that the market size stood at US$ 291.7 million in 2019, and it is likely to exhibit a CAGR of 13.9% during the forecast period between 2020 to 2028.
The Rising demand for Electronic Appliances
The rising demand for electronic appliances worldwide along with growing establishments of smart home and smart kitchen are key factors for the growing smart refrigerator market. The growing energy-efficient initiatives and policies across the globe coupled with the proliferation of commercial foodservice are some other factors for the growth of the smart refrigerator market. Rapid integration of advanced technologies for convenient appliances along with the transformation of residential infrastructure worldwide are further anticipated to fuel the market demand during the forecast period. Moreover, the numerous features of smart refrigerators such as Wi-Fi connectivity, create a shopping list, cameras, internet browsing, whiteboard facility, ice-maker, casting TV and mobile-screen sharing, and others are presumed to support the demand for smart refrigerator worldwide.
Increasing Electronic Manufacturing Activities in Asia Pacific
The growing electronic manufacturing activities in Asia Pacific along with rising demand for consumer electronics industry are major factors for the growth of the smart refrigerator market. The increased energy efficiency of the smart refrigerator is the key factor for the market growth. Earlier, the refrigerators used up to 1,278 KW hours per year, whereas the smart refrigerators use less than 50% of this power and provide an average capacity of over 21.9%. Thus, the demand for smart refrigerators among the residential sector is anticipated to drive the global smart refrigerator market growth during the forecast period. However, the high cost of a smart refrigerator is one of the key factors anticipated to hamper the market growth during the forecast period.
Alchemy Research and Analytics LLP, had taken the impact of the ongoing COVID-19 pandemic on the global smart refrigerator market for the year 2020 and 2021. As per our extensive secondary and primary research, the demand for smart refrigerator has decreased in the COVID-19 period owing to unexpected lockdown and decreased consumer spending on unessential products. Furthermore, the halt in the manufacturing industry had further impacted the supply of raw material and distribution of smart refrigerators which has decreased the market growth in the year 2020 and 2021.
Key Manufacturers Aim to Enhance Their Portfolios by Partnerships
According to Alchemy Research and Analytics major market players in the smart refrigerator market are focusing on strategies such as partnerships, collaboration, acquisitions, and mergers to enhance their geographic presence as well as product portfolio. The smart refrigerator market is highly dynamic and it is mostly dominated by big players.
Alchemy Market Research lists out the names of key market players in the smart refrigerator market. They are as follows:
- Electrolux AB
- Hisense Co. Ltd.
- LG Electronics
- Samsung Electronics
- Midea Group
- Haier Group Corporation
- Whirlpool Corporation
- Panasonic Corporation
- GE Appliance
- Siemens AG
- Xiaomi Corporation
- Liebherr Group
- Daewoo Electronics
A Significant Industry Development-
- In 2018, Samsung Electronics launched a new refrigerator integrated with cameras, a 21-inch touch display, and speakers, to provide a smart user experience. Apart from normal cooling and retaining the freshness of the food items, the newly launched product also allows the users to list out shopping items, read out schedules, and also watch video clips. Moreover, the cameras equipped with this fridge display the expiry dates of food for effective usage.
Further Report Findings-
- In 2019, North America accounted for the largest share in the global smart refrigerator market. The early technological adoption along with high spending power and a growing number of nuclear families in the region are the key factors for regional dominance.
- Asia Pacific is presumed to grow at a rapid pace during the forecast period owing to the growing adoption of technology, rising urbanization, and increased demand for smart appliances in the region. The growing demand for smart refrigerators in China as well as India are further presumed to enhance regional growth during the forecast period in the global smart refrigerator market.
- Based on distribution channel, the offline stores’ category had a major share in the global smart refrigerator market in 2019 and anticipated to continue its dominance during the forecast period owing to consumer preference to buy large appliances from offline stores. However, the demand for the online category is anticipated to enhance at a rapid pace during the forecast period due to rising e-commerce industry worldwide and rising consumer inclination towards online shopping.
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