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The smart refrigerator market size is estimated to grow at a CAGR of 15.1% between 2022 and 2027. The market size is forecasted to increase by USD 3,513.88 million. The growth of the market depends on several factors, including new product launches, the growing preference for home automation and customer personalization, and the increasing demand from developing countries.
This smart refrigerator market report extensively covers market segmentation by distribution channel (offline and online), end-user (residential and commercial), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing demand from developing countries is notably driving market growth, although factors such as cyberattacks due to security issues related to Internet connectivity may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing demand from developing countries is notably driving market growth. Rapid urbanization and the development of smart cities are increasing the demand for various consumer appliances, such as smart refrigerators. This encourages retailers to expand their market presence. In addition, factors such as the increasing household income and the rise in the demand for high-quality products and experiences have fueled the demand for advanced household appliances.
The household appliances sector is growing in developing countries. For instance, in China, the sales of Haier triple-door refrigerators grew by 156% year-over-year (YoY) in Q1 2022. Developing countries such as India, China, Brazil, Mexico, and Saudi Arabia are contributing to the growth of the household appliances industry. India has recorded high investments in smart cities and ICT infrastructure. Therefore, the rise in smart cities and smart infrastructure has increased the demand for smart refrigerators, which will drive market growth during the forecast period.
Rapid technological advancements are a key trend shaping the market. The growth of innovation and technological advances have resulted in changes in consumer preferences. This has propelled the demand for innovative products. Consumers are looking for eco-friendly appliances with a user-friendly interface that can perform tasks with minimum energy consumption. Therefore, vendors are working on technological innovations to sustain themselves in the competitive market environment.
The global smart refrigerator market has witnessed major product innovations in terms of technology, features, performance, and design. Consumers are increasing their spending on premium kitchen appliances, such as smart refrigerators, with their rising purchasing power. This has encouraged vendors to invest in advanced technologies and incorporate AI-operated voice control, touchscreen user interfaces, customizable freezing products, and digital connectivity. These factors will have a positive impact on the performance of smart appliances. Therefore, technological advancements in smart refrigerators are expected to support the growth of the global smart refrigerator market during the forecast period.
Cyberattacks due to security issues related to Internet connectivity may impede market growth. Vendors are working on developing stronger software and IoT features. With the rise in the use of IoT, more devices, including household and workplace devices, feature embedded internet connectivity. Devices such as refrigerators have become smarter and more connected. This gives users a better experience and enables manufacturers to gather more information.
Smart refrigerators are susceptible to hacking and cyberattacks due to inadequate security parameters and connectivity with other home devices. Moreover, users are often unaware of the full extent of the Internet capabilities of their devices. Many manufacturers launch smart refrigerators without providing adequate built-in security. As a result, it becomes easy access for hackers to either steal personal data or launch large-scale cyberattacks. Thus, weak security in smart refrigerators from cyberattacks will hinder the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Smart Refrigerator Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
General Electric Co. - The company offers smart refrigerators such as GE Profile 27.9 Cu. Ft. Smart Fingerprint Resistant 4 Door French Door Refrigerator with Door In Door.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The growth of this segment is attributed to factors such as consumer behavior. Most consumers prefer purchasing smart refrigerators at physical stores instead of online portals. Retail stores provide consumers to physically verify a product before purchasing. This eliminates the need to pay shipping charges. Moreover, consumers can consult sales representatives for details about certain products.
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The offline segment was valued at USD 1,934.07 million in 2017 and continued to grow until 2021. The rising number of offline retail stores, especially in emerging countries such as India, China, and Brazil, is expected to increase the availability of smart kitchen appliances, including smart refrigerators. The availability of these stores, along with unorganized stores that offer multi-brand consumer durables, is expected to drive the growth of the segment during the forecast period.
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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The presence of a large urban population, the increasing number of nuclear families, the high spending power of consumers, rapid technological advances, and the integration of smart home appliances are driving the growth of the market in North America. Consumers in the region are shifting to intelligent home appliances to reduce power consumption and gain benefits. Moreover, the demand for smart refrigerators is increasing owing to smartphone connectivity options. These refrigerators have sensors and energy control technology, which help in lowering the consumption of electricity and supporting environmental conservation initiatives in various countries. Moreover, the launch of new products with technological advances as well as regional expansion by established refrigerator manufacturers have created various opportunities for market growth. Changes in lifestyles, long working hours, and tight schedules have further increased the demand for smart home appliances, such as smart refrigerators.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The outbreak of COVID-19 in 2020 had a negative impact on the demand for smart refrigerators. However, the initiation of mass COVID-19 vaccination drives and other government measures led to the lifting of lockdowns and the removal of restrictions. As a result, market vendors restarted the production of smart refrigerators. Hence, factors such as growing urbanization, the rising number of smart homes, and the demand for home appliances that offer low-power consumption will fuel the growth of the regional smart refrigerator market during the forecast period.
The smart refrigerator market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the smart refrigerator market as a part of the global household appliances market within the global household durables market. The parent market, the global household appliances market, covers revenue generated by manufacturers of electric household appliances and related products. Household appliances include power and hand tools, including garden improvement tools. The global household appliance market is categorized into two segments, namely major household appliances and small household appliances. Technavio calculates the global household durables market size based on the combined revenue generated by manufacturers/marketers of consumer electronics, home furnishings and decorative products, household appliances, homebuilding, and homeware and specialties products. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Smart Refrigerator Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.1% |
Market growth 2023-2027 |
USD 3,513.88 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
14.62 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Electrolux, General Electric Co., Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Hitachi Ltd., Lenovo Group Ltd., LG Electronics Inc., MIDEA Group, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, Smeg S.p.a., THOR Kitchen Inc., Toshiba Corp., and Whirlpool Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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