Global Smart Fridge Market Size By Type (Single Door Refrigerators, Double Door Refrigerators), By End-User (Residential, Commercial), By Distribution Channel (Offline, Online), By Geographic Scope And Forecast

Smart Fridge Market Size And Forecast

Smart Fridge Market size was valued at USD 2.66 Billion in 2021 and is projected to reach USD 6.39 Billion by 2030, growing at a CAGR of 11.52% from 2022 to 2030.

The incorporation of the Internet of Things and wireless communication in various appliances is a factor influencing the global expansion of the Smart Fridge Market. The growing consumer electronics industry, as well as a growing preference for customer personalization and customization, are some of the factors that guide the growth of the global Smart Fridge Market. Rising purchasing power and disposable income will also contribute to the implementation of a smart fridge as lifestyle conditions improve. Another important factor that guides the increase in demand for smart refrigerators is the generation of the tech-savvy millennium.

Global Smart Fridge Market Definition

Smart fridges are also known as internet fridges. It has been programmed to detect the type of product stored and keep track of the stock using an RFID scanner or barcode. This assists in determining when food items need to be refreshed. The smart fridge collects data like usage and expiry date via the internet using RFID and barcodes. This technology allows the user to see inside the fridge using internet connectivity via a smartphone, as well as send and receive notations and calendar events that appear on the fridge screen.

It even notifies you if the refrigerator door is left open or whether it runs out of ice. A large touch screen on the smart refrigerator displays timetabled tasks, remarks, cooking recipes, music playback and TV, and other features. Furthermore, it allows the user to take images every time the door closes and keep track of the items stored as well as needed.

Global Smart Fridge Market Overview

Advances in technology have led to a number of advancements in home appliances, including the launch of a smart refrigerator. This refrigerator is distinguished by innovative features like voice recognition, touch screen, internet, and Bluetooth connectivity, which provide ease and convenience to the consumer and drive its demand. The refrigerator can be easily linked to personal devices like cell mobiles and tablets, allowing for wireless monitoring of the appliance via software. This enables users to easily handle and regulate food storage in the refrigerator. As a result, the significant increase in digitalization is anticipated to accelerate market growth.

People want our products because there are more new houses being built, plus everyone's going green and fixing up their homes! For instance, the Office of National Statistics U.K. said in their 'Construction output in Great BritainJanuary 2020' article (dated March 11, 2020) that construction in the U.K. jumped 1.4% between October 2019 and January 2020, compared to the previous three months. The article also noted that this was mainly thanks to a 2.4% rise in new construction, fueled by growth in private housing (up 2.4%), private commercial projects (up 2.1%), and infrastructure (up 1.7%) during that same period.

Let's face it, with today's hectic lifestyles, packed schedules, and long hours at work, who wouldn't want a smart fridge? These gadgets can seriously save you time and let you keep a virtual eye on what's inside. Plus, with the way we're all buying more frozen meals and ready-to-cook stuff, it's no wonder these fridges are taking off! And it's not just homes either; businesses are using them too. Take Electrolux and Karma, for example. Back in November 2018, they launched a smart fridge for grocery stores that connects to the Karma app. That cool app lets you snag food that's about to expire at a super discount! Of course, with all this fancy tech constantly hooked up to the internet, there's always the worry about security and those pesky malware attacks.

Global Smart Fridge Market Segmentation Analysis

The Global Smart Fridge Market is segmented On The Basis of Type, End-User, Distribution Channel, And Geography.

Smart Fridge Market, By Type

• Bottom Freezer Refrigerators
• Side-by-side Refrigerators
• Single Door Refrigerators
• Double Door Refrigerators
• French Door Refrigerators

So, when we look at types, the smart fridge market breaks down into Bottom Freezer, Side-by-side, Single Door, Double Door, and French Door models. Guess what? The French door fridge is expected to be the big winner, grabbing the largest slice of the pie! People seem to love those multiple doors, the design, and the extra space you get compared to the single or double-door versions. Plus, all that lateral and refrigeration space is a real draw. Of course, side-by-side and door-in-door options are also in the running, but the simple single-door fridge? Well, it's likely to have the smallest market share, contributing the least to the overall smart fridge craze.

Smart Fridge Market, By End-User

• Residential
• Commercial

Based on End-User, the market is segmented into Residential and Commercial. The most significant driver in the residential segment is people’s changing ways of life and food intake preferences, with more customers shifting toward ready-to-eat and frozen meals. The residential application sector held a bigger revenue share and is expected to grow rapidly during the forecast period. Working individuals who favor dining out instead of setting up their own kitchens make up a large portion of new households. This could be a detriment to the growth of the residential application segment.

Smart Fridge Market, By Distribution Channel

• Offline
  1. Exclusive Stores
  2. Multi-brand Stores
  3. Others
• Online
• Others

So, when you look at where people are buying these smart fridges, it breaks down into a few spotsOffline, Online, and a sort of "catch-all" Others category. Right now, offline stores are still pretty big, probably because big-ticket electronics are something folks usually only buy once. People like heading into a store to really get a feel for things - you know, see the color, check out the size, and play with the features. But, online shopping for smart fridges is starting to make waves! As more people get comfortable buying stuff online, even big appliances are seeing a boost in e-commerce. It’s just so easy - secure payments, super convenient shopping, and they'll even deliver it right to your door!

Smart Fridge Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

So, when we look at the Global Smart Fridge Market region by region, we're talking North America, Europe, Asia Pacific, and, well, pretty much everywhere else. North America's already pretty keen on smart fridges, making it a more established market than others. But watch out for Asia Pacific! We expect that market to really take off in the coming years. People there have more money to spend, which should fuel the demand for these gadgets. And hey, South America, Europe, the Middle East, and Africa? They're all expected to see growth in the Smart Fridge Market too!

Key Players

The “Global Smart Fridge Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Aucma, BSH Hausgeräte GmbH, Danby Appliances Inc., Dongbu Daewoo Electronics, Electrolux AB, Frigidaire, Haier Group Corporation, Hisense Co. Ltd., Kenmore, and LG Electronics Inc.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight to the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In March 2022, Samsung Electronics unveiled a new customized French door refrigerator that will provide kitchens with greater individuality and convenience.

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