Smart Refrigerators Market Analysis Report By Door Type, By End user, By Distribution Channel And Segment Forecasts From 2019 To 2025

Industry Insights

The global smart refrigerators market accounted for USD 253.9 million, in 2018 and is anticipated to grow with a CAGR of 13.7%, during the forecast period. Technological advancement and smart connectivity to introduce energy-efficient products due to rapidly changing lifestyles are expected to drive the growth of this market. In addition, development in IT infrastructure enables to operate refrigerators with smart devices which include laptops, smartphones, and tablets among others.

The common problems faced by people are low awareness about the accountability of food expiry date, resulting in wastage of food. The United Nations Development Program noticed that 40% share of food wasted by Indian people. The need for food maintenance in both the residential and commercial sectors is anticipated to further drive the demand for this market. This is attributed to smart monitoring and maintaining the quality of food by smart refrigerators.

Manufacturers are striving to develop and modify the products to make an easy lifestyle for consumers. Samsung introduced a refrigerator with a camera, speakers, and 21-inch touch display in order to give a smart user experience. Along with maintaining freshness and cooling effect, this smart refrigerator allows listing out shopping lists, reminding schedules, and video clips also. The camera-equipped fridge displays the expiry date of food.

Smart refrigerator helps in saving energy when compared to conventional refrigerators. The conventional refrigerator used 1,278 KW hours each year, however, the smart refrigerator uses half the power but still provides an average of 21.9%. Moreover, this major benefit is projected to surge the demand for this product in the residential sector.

Door Type Insights

In 2018, double door type segment held leading market share of 33.6%, as it includes compact freezers which are fitted on top of the refrigerator. The other advantages of double-door refrigerators are energy efficiency and affordable price. In addition, due to the increasing demand for double-door refrigerators from the residential sector, market players are introducing high-tech features in this segment. LG introduced 260 liters Auto Smart Connect top mount refrigerator with multiple features such as smart diagnosis and auto-connect with the inbuilt inverter.

Distribution Channel Insights

Offline distribution channel led the market share and is projected to grow with a CAGR of more than 13% over the forecast period, 2019-2025. This distribution channel has accounted for 71.5% market share, by 2025. Large and complex appliances generally account for less than 10% of online retailers and e-commerce, as the consumer wants to check and scan the product features and functionalities.

End-User Insights

In terms of end-user, the residential sector dominated the smart refrigerator market in 2018, with a share of more than 65%. The introduction of digitalization and increasing the spending capacity of consumers result in significant growth for this segment. Moreover, increasing demand for fresh and safe food among consumers is encouraging market players to develop smart appliances. According to the Centers for Disease Control and Prevention (CDC), food diseases affect around 48 million people in America annually.

The rising demand for fresh products to consumers by various industries like food & beverage and pharmaceutical is expected to drive the growth of this market. For instance, to store sensitive products such as insulin, medicines, and vaccines, the pharmaceutical industry demands reliable and precise technology for refrigeration. The technological advancement for smart connectivity is anticipated to flourish the demand for this market across the globe. 

Regional Insights

North America held the largest share in the global market in 2018, accounting for more than 31.0% of the total revenue. Increasing urbanization, the trend of nuclear families, increasing disposable income, and technological advancements are the key factors to shift towards emerging smart home appliances in this region.

Smart Refrigerators Market Share Insights

The major key players operating in the smart refrigerator market are LG Electronics Electrolux AB, Samsung Electronics Co. Ltd, Midea Group, GE Appliance, Siemens AG, Hisense Co. Ltd, Panasonic Corporation, Haier Group Corporation, and Whirlpool Corporation. 

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global smart refrigerators market report based on door type, end-user, distribution channel, and region:

• Door Type Outlook (Revenue, USD Million, 2015 - 2025)
    • Single
    • Double
    • Side by Side
    • French

• End-user Outlook (Revenue, USD Million, 2015 - 2025)
    • Residential
    • Commercial

• Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
    • Offline
    • Online

• Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • U.K.
    • the Asia Pacific
        • China
        • India
        • Japan
    • Central & South America
    • Middle East & Africa