The global smart refrigerators market size is expected to reach USD 624.7 million by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 13.7% during the forecast period. Rapid advancements in IT infrastructure and wireless communication is anticipated to favor the growth. Multiple benefits such as energy efficiency, optimized cooling operations, facilities of digital display of the product expiry, alerts for timely usage of foods are spurring the acceptance of smart refrigerators across the residential and commercial sectors.
French
door category is expected to register the fastest CAGR of 14.0% from 2018 to
2025, thereby accounting for a revenue share of 20.2% by 2025. This product
generally has 3 or 4 doors to support the expanding number of nuclear families.
Moreover, habit of stocking ample groceries due to busy lifestyles and growing
trend of storing preserved food are expected to support the growth of this
category in near future. French door smart refrigerators also have a wide
application in the food service industry and food retailers wherein they need
to maintain large stock of products to serve the customers.
In
2018, Electrolux and a Sweden based startup Karma had introduced smart
refrigerators for grocery stores. The product is integrated with Karma’s
application and will help reduce food wastage. It is designed to efficiently
create storage and pickup points for all the unsold products. This facility
will help the retailers keep a track of the expiry dates of left over items and
sell them off on time.
In
2018, North America led the global smart refrigerators market with a share of
31.2%. Rising purchasing power, awareness about the advantages of the product,
and rising standard of living have been driving growth of the regional market.
Asia
Pacific is expected to expand at the fastest CAGR of 15% over the next few
years. The growing urban population with high purchasing power is expected to
favor strong regional demand for smart and connected refrigerators. Moreover,
the noticeable rise in adoption of smart appliances is also expected to propel
the regional market growth over the forecast period.
Some
of the key players operating in the global market include Electrolux AB,
Hisense Co. Ltd, LG Electronics, Midea Group, Samsung Electronics Co. Ltd,
Siemens AG, GE Appliance, Haier Group Corporation, Whirlpool Corporation, and
Panasonic Corporation.
Companies
are continuously upgrading and introducing enhanced product features to cater
to the changing requirements of the consumers with busy lifestyles. For
instance, in 2018, Samsung introduced a new fridge integrated with a 21-inch
touch display, cameras, and speakers, to allow the consumers to list down
grocery items, read out schedules, view food expiry dates on digital screen,
and watch video clips.
Full Research Report On Smart Refrigerators Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/smart-refrigerators-market
Smart
Refrigerators Market Report Highlights
- Double door
segment was estimated to account for the highest revenue share of about
33.6% in 2018
- French door
segment is expected to register the fastest CAGR of 14% during the
forecast period
- Commercial
end use is expected to have the fastest acceptance, thereby expanding at a
CAGR of 14.1% over the next few years
- Offline
distribution channel is expected to witness the fastest CAGR of 71.2% by
2025
- Asia Pacific
smart refrigerators market is expected to register a CAGR of 15% by 2025,
owing to developing economies, improved standards of living, and rising
disposable income
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Smart
Refrigerators Market Segmentation
Grand View Research has
segmented the global smart refrigerators market on the basis of product, end
user, distribution channel, and region:
Smart Refrigerators
Door Type Outlook (Revenue, USD Million, 2015 - 2025)
- Single
- Double
- Side by Side
- French
Smart
Refrigerators End User Outlook (Revenue, USD Million; 2015 - 2025)
- Residential
- Commercial
Smart
Refrigerators Distribution Channel Outlook (Revenue, USD Million; 2015 - 2025)
- Offline
- Online
Smart
Refrigerators Regional Outlook (Revenue, USD Million; 2015 - 2025)
- North America
- U.S.
- Europe
- U.K.
- Asia Pacific
- Japan
- China
- India
- Central & South America
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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