About Smart Refrigerator
The refrigerator is considered one of the most significant appliances that are being used in almost every place for the purpose of storing foods, drinks, and medicines at cold temperatures, and in a sealed place to avoid exposure. The Smart Fridge with Multimedia Capability for Better Nutrition and Health proposed in focuses on the refrigerator, as one of the appliances that have been changed from being traditional to only store the food to integrating the fridge with TV, radio, internet, and the computer. The growth of the number and variety of devices that are connected to the internet and are collecting data is incredibly rapid. It is projected that there will be over 50 billion devices connected to the internet by 2021. Today, more than two billion consumers worldwide use an internet connection.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 12.5% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Asia Pacific Players will contribute the maximum growth to Global Smart Refrigerator market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Electrolux AB (Sweden), Hisense Co. Ltd (China), LG Electronics (South Korea), Midea Group (China), Samsung Electronics Co. Ltd (South Korea), Siemens AG (Germany), GE Appliance (United States), Haier Group Corporation (China), Whirlpool Corporation (United States) and Panasonic Corporation (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Xiaomi Corporation (China) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Smart Refrigerator market by Type (French Doors, Side-by-Side Doors, Triple Doors, Double Doors and Single Door), Application (Household and Commercial) and Region.
On the basis of geography, the market of Smart Refrigerator has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Singapore, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain, Rest of Europe), MEA (Saudi Arabia, Turkey, Israel, United Arab Emirates, South Africa, Rest of Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Wireless Fidelity (WiFi) will boost the Smart Refrigerator market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Smart Refrigerator market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Upgradation in Kitchen Appliances and Trend for Machine to Machine (M2M) Communication
Market Growth Drivers:
Increasing Penetration of Internet of Things (IoT) and Artificial Intelligence (AI) Technology and Increases the Adoption of Smart Kitchen Appliances
Restraints:
High Cost of Smart Refrigerator
Opportunities:
Increasing Online Smart Kitchen Appliances Purchases and Adoption of Smart Kitchen Appliances In Residential
Market Leaders and their expansionary development strategies
In February 2019, LG Electronics USA expanded its smart kitchen appliance partnerships with Tovala to expand its smart kitchen product reach. This partnership aimed to provide Tovala IQ technology compatibility through LG smart cooking appliances.
In January 2023, Samsung has announced its 2023 range of premium side-by-side refrigerators in India. The new lineup of refrigerators are completely manufactured in India and several India specific features.
Key Target Audience
Manufacturers of Smart Refrigerator, Suppliers of Smart Refrigerator, Wholesalers, Distributors and Retailers of Smart Refrigerator, End-User and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.