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Smart Refrigerator Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

Published Date: October, 2022
No of Pages: 159
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During the projected period of 2019–2024, it is anticipated that the global market for smart refrigerators will expand at a CAGR of about 20%. The demand for improved food management and energy efficiency primarily drives the market. Smart refrigerators have cutting-edge features like multiple temperature zones, energy-saving modes, and internet connectivity. These features assist customers in conserving energy, improving food management, and remaining current with fashion trends. One of the key trends propelling the growth of the smart refrigerator market is the increased adoption of smart home appliances. Consumers can now manage all of their home appliances from a single platform thanks to the growing usage of smart home technologies.

Due to their ability to be operated remotely and their ability to help users track and manage their food intake, smart refrigerators are becoming more and more popular. Another significant reason fueling the growth of the smart refrigerator market is the rise of nuclear households and the number of working women. The lack of time for cooking and grocery shopping among working women and nuclear families has raised the need for smart refrigerators to assist these households in better managing their food. One of the main obstacles limiting the market’s expansion is the high cost of smart refrigerators. intelligent refrigerators

Smart Refrigerator Market Report Scope and Segmentation
ATTRIBUTESDETAILS
ESTIMATED YEAR2023
BASE YEAR2022
FORECAST YEAR2030
HISTORICAL YEAR2017-2022
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

A refrigerator fitted with a computer and various sensors, enabling it to carry out tasks beyond a standard refrigerator, is referred to as a smart refrigerator. These capabilities include maintaining a shopping list, monitoring food expiration dates, and providing recipes based on what’s in the fridge. When food supplies run short, a smart fridge may even order more automatically. Although the market for smart refrigerators is still in its infancy, it is anticipated to expand quickly over the next several years.

The Internet of Things (IoT) is becoming increasingly well-liked, and the price of these gadgets is also rising, fueling this rise. Samsung, LG, and Whirlpool are just a handful of the firms that currently provide smart refrigerators. Technology is still in its infancy. Therefore it’s unclear which business will become the leader in this industry. Making these appliances more energy-efficient is one of the main issues facing makers of smart refrigerators.

This is because conventional refrigerators consume a lot of electricity, and adding all the extra capabilities of a smart fridge may become even more energy-intensive. There is expected to be further innovation as the market for smart refrigerators expands, and these appliances will eventually become more energy-efficient. While you wait, look at the smart refrigerator alternatives from Samsung, LG, and Whirlpool.

Market Potential for Smart Refrigerators

One of the most important items in a modern kitchen is the refrigerator. It is used to preserve the freshness of food for consumption. The smart refrigerator is the most recent advancement in the refrigerator’s evolution. A connection to the internet refrigerator that can be operated with a tablet or smartphone is referred to as a smart refrigerator. Numerous characteristics make it easy to operate and aid in energy conservation. A smart refrigerator has the following features:

• Automatic restocking: Your grocery delivery service can be connected to the refrigerator’s internet connection. When it notices low stock, it can automatically order goods.

• Remote temperature control: A smartphone or tablet can remotely regulate the refrigerator’s temperature. This is practical if you wish to lower the refrigerator’s energy usage.

• Automatic defrosting: When the refrigerator notices an excessive amount of ice buildup, it can be programmed to defrost itself automatically. This aids in lowering the refrigerator’s energy usage. The market for the smart refrigerator is still developing because it is a new invention. However, in the upcoming years, it is anticipated to expand quickly.

• Growing consumer demand for energy-efficient appliances: The smart refrigerator meets this desire because it uses less electricity than conventional refrigerators. This is a significant component fueling the market for smart refrigerators.

• Growing popularity of internet-connected devices: The internet-connected smart refrigerator can be operated with a smartphone or tablet. The market for smart refrigerators is expanding as internet-connected devices become more widely used.

• Explosive growth of the e-commerce sector: Because smart refrigerators are connected to this sector, they may automatically order groceries when they become low on stock. The market for smart refrigerators is expanding quickly due to the e-commerce sector.

Market Restraints for Smart Refrigerators

The market for smart refrigerators is expanding daily, along with their rising popularity. However, several limitations are preventing this market’s expansion. The following are some of the main restrictions: High Cost: The high cost of the device is one of the main barriers to the market for smart refrigerators. These refrigerators are more expensive than ordinary refrigerators since they come with various cutting-edge features.

As a result, one of the main obstacles to this market’s expansion is its high price. Lack of Awareness: People’s ignorance of these items is another barrier to the market for smart refrigerators. There are lots of people who are unaware that these refrigerators exist. Thus, one of the key barriers to the expansion of this market is a lack of awareness. Lack of Standardization: The absence of product standards is another barrier to the market’s growth for smart refrigerators.

These refrigerators are available from numerous manufacturers with various features and specifications. One of the main obstacles to the expansion of this business is the lack of standards. Heavy Dependence on Technology: The market for smart refrigerators is further constrained by its high reliance on technology. These freezers are very dependent on technology because they come with a variety of advanced functions. Therefore, if the technology malfunctions, the refrigerator could also malfunction. One of the key obstacles to expanding this business is its heavy reliance on technology.

Key Trends in the Smart Refrigerator Market

Throughout the projected 2020–2025, the global market for smart refrigerators is anticipated to expand at a CAGR of about 9%. The necessity for connected appliances and the rising demand for energy-efficient refrigerators are the main drivers propelling the market’s expansion. Numerous functions, including multi-door functionality, automatic defrost, and energy-saving mode, are available in smart refrigerators.

Additionally, they contain built-in sensors that monitor the temperature and humidity within the refrigerator and automatically change the cooling settings. They also have Wi-Fi connectivity and smartphone apps that let consumers operate the appliance from a distance.

One of the key factors fueling the expansion of the market for smart refrigerators is the rising demand for connected appliances. Another important aspect anticipated to boost the market’s expansion is the requirement for energy efficiency. The main issue for market participants is the high price of these freezers. During the forecast period, the Asia-Pacific region is anticipated to have the smart refrigerator market with the fastest growth rate.

The strong development in this area is related to the rise in energy-efficient appliance demand and smart house construction in nations like China, India, and Japan. Some major players in the global market for smart refrigerators include LG Electronics, Samsung Electronics, Haier Group, Electrolux AB, and Bosch Appliances.

Market Drivers for Smart Refrigerators

A refrigerator with cutting-edge sensors and features that enable it to be connected to the internet and other appliances in your house is called a smart refrigerator. This enables remote control, alerts when the door opens, and even the ability to see inside without opening the door. Although owning a smart fridge has many advantages, convenience, and energy efficiency primarily drive the market. Convenience The convenience that a smart fridge provides is its key advantage. You can control your refrigerator using features like remote access and alarms even if you’re not in the same room. This is especially helpful if you tend to forget things or lead a hectic life.

Additionally, the fridge has a built-in camera that allows you to look inside without opening the door, saving you time and effort. Additionally, you can use the fridge’s built-in grocery list if you’re running low on supplies to make sure you don’t forget anything. Energy Savings The fact that a smart fridge uses less energy than a conventional fridge is another advantage. This is because the fridge’s sensors can detect when the door is open and adjust the temperature accordingly. This can help you save money on your energy bill and reduce your carbon footprint. In addition, some smart fridges come with features like vacation mode, which can help you save even more energy when you’re away.

Smart Refrigerator Market Covid-19 Impact

The outbreak of the COVID-19 pandemic has had a significant impact on the global economy, with businesses across sectors struggling to maintain operations in the face of widespread lockdowns and travel restrictions. The smart refrigerator market is no exception, with the sector forecast to see a sharp decline in shipments in 2020 due to the pandemic. According to a new report from MWR, the global smart refrigerator market is expected to see a CAGR of just 2.65% between 2020 and 2025, down from its previous forecast of 5.24%. This sharp decline is a direct result of the COVID-19 pandemic, which has led to a dramatic slowdown in economic activity and consumer spending worldwide.

The smart refrigerator market faced several challenges before the pandemic, including high product prices and a lack of awareness among consumers. However, the outbreak of COVID-19 has exacerbated these challenges, with many consumers now unwilling or unable to invest in high-end appliances such as smart refrigerators. However, it is worth noting that the smart refrigerator market is expected to see a rebound in shipments in 2021 as the global economy begins to recover from the pandemic. This rebound is expected to continue into the forecast period, with the market reaching its pre-pandemic shipment levels by 2025. The smart refrigerator market is highly competitive, with many manufacturers operating in the space.

Smart Refrigerator Market Key Industry Developments

The smart refrigerator is a rapidly growing subsegment of the home appliances market. According to a report by MWR, the smart refrigerator market is expected to grow from USD 7.8 billion in 2020 to USD 26.3 billion by 2025, at a CAGR of 26.8% during the forecast period. The growth of the smart refrigerator market is driven by the rising adoption of the Internet of Things (IoT), consumer purchasing power, and the growing trend of energy-efficient appliances. One of the key trends driving the growth of the smart refrigerator market is the rising adoption of the Internet of Things (IoT) (IoT). Smart refrigerators are equipped with various sensors that enable them to collect data about the temperature, humidity, and other conditions inside the fridge.

This data is then transmitted to the cloud, where the user can access and monitor it. The use of IoT in smart refrigerators allows users to monitor and control the appliance remotely and receive alerts if there are any problems. Another key trend driving the smart refrigerator market growth is consumers’ increasing purchasing power. The rising disposable incomes of consumers in developed countries allow them to spend more on high-end appliances such as smart refrigerators. In addition, the growing trend of energy-efficient appliances is also fuelling the demand for smart refrigerators. These appliances are designed to reduce energy consumption and help users save on their electricity bills.

Smart Refrigerator Market Future Outlook

The future of the smart refrigerator market looks promising with the increasing adoption of smart home technology. The smart refrigerator market is expected to grow at a CAGR of XX% during the forecast period (2019-2024). (2019-2024). The major drivers for the growth of the smart refrigerator market include the following:

  • The growing preference for connected devices.
  • The increasing demand for energy-efficient appliances.
  • The need for better food management.
By Door Type· Side-by-side door

· Single door

· French door

· Others

By End-user· Residential

· Commercial

By Distribution Channel· Offline

· Hypermarket/Supermarket

· Specialty Stores

· Online Retail

Samsung Electronics, L.G Electronics Inc., Panasonic Corporation, Haier, Whirlpool, Siemens AG, Hisense Co Ltd., Electrolux, G.E. Appliances, Bosch Group, AB Electrolux.

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