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The smart refrigerator market size is forecast to increase by USD 6.72 billion at a CAGR of 22% between 2023 and 2028. Market expansion hinges on various factors: novel product introductions, surging interest in home automation and personalized customer experiences, and rising demand from emerging economies. The smart connected refrigerator sector is experiencing a notable uptick in demand owing to the rapid pace of urbanization and the emergence of smart cities. This burgeoning trend is prompting retailers to broaden their market reach, spurred on by rising household incomes and a burgeoning inclination towards premium products and enhanced experiences. Key developing nations such as India, China, Brazil, Mexico, and Saudi Arabia are playing pivotal roles in driving the expansion of the household appliances industry. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges.
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The refrigerator market is witnessing a transformation driven by the smart connected refrigerator industry. With a growing emphasis on electricity conservation, consumers are increasingly turning to smart technologies for enhanced convenience and efficiency. Smart home products like intelligent appliances are gaining traction, especially amidst restrictive containment measures and the closure of commercial activities. As urbanization continues to shape the world economy, there's a rising demand for energy-efficient refrigerators to mitigate the carbon footprint and reduce energy bills. Governments are also implementing energy-efficient appliance regulations to promote the adoption of environmentally friendly solutions. Our researchers analyzed the data with 2023 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. The smart connected refrigerator industry is witnessing a surge in demand due to rapid urbanization and the development of smart cities. This trend is driving retailers to expand their market presence, fueled by increasing household income and a growing preference for high-quality products and experiences. Developing countries like India, China, Brazil, Mexico, and Saudi Arabia are significant contributors to the growth of the household appliances industry.
Further, investments in smart cities and ICT infrastructure in countries like India further propel market expansion. The rising demand for energy-efficient refrigerators in response to concerns about electricity consumption, carbon footprint, and energy bills is shaping the trajectory of the industry. Therefore, these factors are expected to support the growth of the global market 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 market has witnessed major product innovations in terms of technology, features, performance, and design. Consumers are increasing their spending on premium kitchen appliances, 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 are expected to support the growth of the global market during the forecast period.
Cyberattacks due to security issues related to Internet connectivity may impede market expansion. Market players 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 from cyberattacks will hinder the growth of the market during the forecast period.
The market forecasting 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 market growth and forecasting strategies.
Market Customer Landscape
Companies 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 companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies 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 2.17 billion in 2018. 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. 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 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.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is experiencing rapid growth in tandem with urbanization in the world economy. There's a rising demand for energy-efficient refrigerators driven by concerns over energy conservation and the need for energy-efficient appliances. These refrigerators, equipped with advanced features like Internet connectivity, touchscreen interfaces, and built-in sensors, are revolutionizing smart homes. They offer food inventory management, health and safety features, and smart diagnosis capabilities, catering to changing consumer lifestyles. With the integration of artificial intelligence and machine learning algorithms, smart refrigerators provide timely usage insights, reducing food wastage and offering fresh products. These innovations are reshaping the consumer electronics industry and contributing to sustainable living in residential constructions worldwide.
In the era of digital connectivity, even our refrigerators are getting a tech-savvy upgrade. Enter the Internet of Things (IoT) fridge, equipped with advanced sensors and digital features to transform mundane tasks into seamless experiences. Imagine a world where your refrigerator door becomes a gateway to a realm of culinary possibilities. With RFID scanners tracking inventory and expiration dates, food wastage has become a thing of the past. But it doesn't stop there. Picture an interactive touch screen interface, allowing the tech-savvy millennial to browse recipes, order groceries, and even adjust ice settings with a swipe. The IoT fridge isn't just a kitchen appliance; it's a glimpse into the future of convenience and innovation.
Furthermore, the market is witnessing a surge in demand driven by the rising demand for energy-efficient refrigerators. With a growing working population seeking convenience, Internet-connected refrigerators equipped with Wi-Fi and tablet interfaces are gaining popularity. These refrigerators come with cameras for monitoring food items and address the common problem of food wastage. Smart kitchens featuring high-tech features like hands-free doors and side-by-side doors ensure freshness and cater to dietary choices. Integrated with smart home technology, these refrigerators offer IoT integration and health and wellness features, appealing to tech-savvy millennials with disposable income. They facilitate timetabled tasks, provide cooking recipes, music playback, and support voice recognition and Bluetooth connectivity. In line with trends toward green buildings and sustainability, smart refrigerators are reshaping the consumer experience in Great Britain and beyond, offering convenience for storing frozen foods and ready-to-cook items.
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Market Scope |
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Report Coverage |
Details |
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Page number |
181 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 22% |
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Market growth 2024-2028 |
USD 6.72 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
16.33 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 32% |
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Key countries |
US, China, Germany, UK, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Electrolux AB, General Electric Co., Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Hitachi Ltd., Lenovo Group Ltd., LG Electronics Inc., MIDEA Group Co. Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, Smeg S.p.a., THOR Kitchen Inc., Toshiba Corp., and Whirlpool Corp. |
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Market dynamics |
Parent market analysis, Market forecast, 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 forecast period. |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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