Smart Refrigerator Market Size Poised to Touch US$6.2 Billion by 2026
The global Smart Refrigerator Market size is anticipated to around USD 6.2 billion by 2026, this market is anticipated to grow with 13.1% CAGR during the forecast time period 2019 to 2026.
Smart refrigerator is also known as an internet refrigerator which has been programmed to sense what is inside the fridge and can keep the track of stock. These refrigerators can sense and track the inside items through RFID and barcode. Other features embedded in the refrigerator are internal cameras, the ability for you to interact with its features using smartphone or tablet when away from home, and more flexible user-controlled cooling options. Furthermore, next-generation smart refrigerators can alert consumers about what items they’re short on and when the water filter needs to be changed.
The global smart refrigerator market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America accounted for the largest share of the market in 2018. High domestic income, major presence of urban population and nuclear families, rapid technological development & adoption by people to make home smart are the key factors that responsible for the dominance of North America across the world. The Asia Pacific is anticipated to observe the highest CAGR during the forecast period. Increasing demand of smart refrigerators from the Asia Pacific countries such as China, South Korea, Japan, and India due to growing domestic income and availability of innovative products by multinational companies are some of the factors that fuel the market growth.
Based on door type, the market has been segmented into single, double, side by side, and French. In 2018, the double door smart refrigerator held the largest share of the market. This refrigerator is featured with a compact inbuilt freezer on the top. Affordability for household application, the energy efficiency of the double door refrigerator, and the introduction of various type double door refrigerators by companies are the key factors responsible for the dominance of this segment. For instance, recently in January 2020, Samsung and LG showcased their AI-powered smart refrigerator at the CES 2020 show.
Based on the distribution channel, the market is segmented into online and offline. Offline stores accounted for the maximum share of the market in 2018 and the segment is anticipated to observe the fastest growth during the forecast period. This can be attributed to the high preference of buyers. Large appliances need a check and scanning before buying and hence customer prefers offline channel for smart refrigerators.
Based on the end-user of the smart refrigerator, the market is divided into residential and commercial. The residential segment held the largest share of the market and is expected to maintain its share during the forecast period. This can be attributed to the rise in the digitalization in the products, increasing the purchasing power of consumers, and the rising demand for fresh & safe food. Food & beverages, pharmaceutical, biotechnology, and healthcare providers such as hospitals & laboratories are the key industries that require reliable and more precise refrigeration technologies to store sensitive products.
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Smart Refrigerator Market (By Door Type: Single, Double, Side by Side, French; By Distribution Channel: Online, Offline; By End-user: Commercial, Residential) – Global Industry Analysis, Market Size, Opportunities And Forecast, 2019 - 2026
Key players operating in the smart refrigerator market are Hisense Co. Ltd, Liebherr Group, Electrolux AB, LG Electronics, Samsung Electronics Co. Ltd, Midea Group, Siemens AG, Haier Group Corporation, GE Appliance, Whirlpool Corporation, Bosch Group, and Panasonic Corporation. The introduction of innovative products by the addition of various smart functions and partnerships for the development and distribution of products are some of the key strategies adopted by market players to enhance their market share.
Some of the key observations regarding the smart refrigerator industry include:
- In January 2020, Samsung and LG showcased their artificial intelligence capabilities refrigerator at CES 2020 and are anticipated to launch in the same year for consumers. The latest edition of Samsung’s Family Hub refrigerator and LG’s second-generation InstaViewThinQrefrigerator both tout AI-equipped cameras that can identify food. These cameras can scan inside and let users know what items they’re short on.
- In December 2019, Yunmi Internet Smart Refrigerator launched by Xiaomi. The refrigerator comes with the three-door design and has a 21-inch display to control the settings. It can also be used to learn new recipes, check the weather, or order groceries. With the launch of a smart refrigerator, Xiaomitried to expand its portfolio beyond smartphones and smart TVs.
- In November 2018, Electrolux together with Karma, a Sweden born startup, introduced a smart refrigerator for grocery stores to reduce food waste. A refrigerator, beta, integrated with the Karma’s app and is expected to reduce food waste at grocery stores. The partnership helps to combine Electrolux’s expertise on food preservation with Karma’s knowledge of technology and food waste.
- In August 2017, Samsung Electronics announced to expand the smart feature, voice recognition function of the Family Hub refrigerator in European countries by the second half of this year. Samsung already applied cloud-based voice features to the Family Hub in the U.S. and Korea, and in 2017, the company is aiming to add European languages on a phased basis, starting with British English, French, German, and Italian.
- In January 2017, LG introduced a smart refrigerator embedded with Amazon Alexa virtual assistance technology. This feature allows users to purchase groceries through Amazon Prime by speaking their orders to the appliance.
TABLE OF CONTENT
CHAPTER 1. INDUSTRY OVERVIEW
1.1. Definition and Scope
1.1.1. Definition of Smart Refrigerator
1.1.2. Market Segmentation
1.1.3. List of Abbreviations
1.2. Summary
1.2.1. Market Snapshot
1.2.2. Smart Refrigerator Market By Door Type
1.2.2.1. Global Smart Refrigerator Market Revenue and Growth Rate Comparison By Door Type(2015-2026)
1.2.2.2. Global Smart Refrigerator Market Revenue Share By Door Type in 2018
1.2.2.3. Single
1.2.2.4. Double
1.2.2.5. Side by Side
1.2.2.6. French
1.2.3. Smart Refrigerator Market By Distribution Channel
1.2.3.1. Global Smart Refrigerator Market Revenue and Growth Rate Comparison By Distribution Channel (2015-2026)
1.2.3.2. Global Smart Refrigerator Market Revenue Share By Distribution Channel in 2018
1.2.3.3. Online
1.2.3.4. Offline
1.2.4. Smart Refrigerator Market By End-user
1.2.4.1. Global Smart Refrigerator Market Revenue and Growth Rate Comparison By End-user(2015-2026)
1.2.4.2. Global Smart Refrigerator Market Revenue Share By End-user in 2018
1.2.4.3. Commercial
1.2.4.4. Residential
1.2.5. Smart Refrigerator Market By Geography
1.2.5.1. Global Smart Refrigerator Market Revenue and Growth Rate Comparison by Geography (2015-2026)
1.2.5.2. North America Smart Refrigerator Market Revenue and Growth Rate(2015-2026)
1.2.5.3. Europe Smart Refrigerator Market Revenue and Growth Rate(2015-2026)
1.2.5.4. Asia-Pacific Smart Refrigerator Market Revenue and Growth Rate(2015-2026)
1.2.5.5. Latin America Smart Refrigerator Market Revenue and Growth Rate(2015-2026)
1.2.5.6. Middle East and Africa (MEA)Smart Refrigerator Market Revenue and Growth Rate(2015-2026)
CHAPTER 2. MARKET DYNAMICS AND COMPETITION ANALYSIS
2.1. Market Drivers
2.2. Restraints and Challenges
2.3. Growth Opportunities
2.4. Porter’s Five Forces Analysis
2.4.1. Bargaining Power of Suppliers
2.4.2. Bargaining Power of Buyers
2.4.3. Threat of Substitute
2.4.4. Threat of New Entrants
2.4.5. Degree of Competition
2.5. Value Chain Analysis
2.6. Cost Structure Analysis
2.6.1. Raw Material and Suppliers
2.6.2. Manufacturing Process Analysis
2.7. Regulatory Compliance
2.8. Competitive Landscape, 2018
2.8.1. Player Positioning Analysis
2.8.2. Key Strategies Adopted By Leading Players
CHAPTER 3. MANUFACTURING SMART REFRIGERATOR ANALYSIS
3.1. Capacity and Commercial Production Date of Global Smart Refrigerator Major Manufacturers in 2018
3.2. Manufacturing Plants Distribution of Global Smart Refrigerator Major Manufacturers in 2018
3.3. R&D Status and Manufacturing End-User of Global Smart Refrigerator Major Manufacturers in 2018
3.4. Raw Materials End-Users Analysis of Global Smart Refrigerator Major Manufacturers in 2018
CHAPTER 4. SMART REFRIGERATOR MARKET BY DOOR TYPE
4.1. Global Smart Refrigerator Revenue By Door Type
4.2. Single
4.2.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
4.2.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
4.3. Double
4.3.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
4.3.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
4.4. Side by Side
4.4.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
4.4.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
4.5. French
4.5.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
4.5.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
CHAPTER 5. SMART REFRIGERATOR MARKET BY DISTRIBUTION CHANNEL
5.1. Global Smart Refrigerator Revenue By Distribution Channel
5.2. Online
5.2.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
5.2.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
5.3. Offline
5.3.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
5.3.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
CHAPTER 6. SMART REFRIGERATOR MARKET BY END-USER
6.1. Global Smart Refrigerator Revenue By End-user
6.2. Commercial
6.2.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
6.2.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
6.3. Residential
6.3.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
6.3.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
CHAPTER 7. NORTH AMERICA SMART REFRIGERATOR MARKET BY COUNTRY
7.1. North America Smart Refrigerator Market Revenue and Growth Rate, 2015 - 2026 ($Million)
7.2. North America Smart Refrigerator Market Revenue Share Comparison, 2015 & 2026 (%)
7.3. U.S.
7.3.1. U.S. Smart Refrigerator Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
7.3.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
7.3.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
7.4. Canada
7.4.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
7.4.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
7.4.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
CHAPTER 8. EUROPE SMART REFRIGERATOR MARKET BY COUNTRY
8.1. Europe Smart Refrigerator Market Revenue and Growth Rate, 2015 - 2026 ($Million)
8.2. Europe Smart Refrigerator Market Revenue Share Comparison, 2015 & 2026 (%)
8.3. UK
8.3.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
8.3.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
8.3.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
8.4. Germany
8.4.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
8.4.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
8.4.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
8.5. France
8.5.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
8.5.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
8.5.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
8.6. Spain
8.6.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
8.6.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
8.6.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
8.7. Rest of Europe
8.7.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
8.7.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
8.7.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
CHAPTER 9. ASIA-PACIFIC SMART REFRIGERATOR MARKET BY COUNTRY
9.1. Asia-Pacific Smart Refrigerator Market Revenue and Growth Rate, 2015 - 2026 ($Million)
9.2. Asia-Pacific Smart Refrigerator Market Revenue Share Comparison, 2015 & 2026 (%)
9.3. China
9.3.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
9.3.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
9.3.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
9.4. Japan
9.4.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
9.4.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
9.4.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
9.5. India
9.5.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
9.5.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
9.5.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
9.6. Australia
9.6.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
9.6.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
9.6.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
9.7. South Korea
9.7.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
9.7.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
9.7.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
9.8. Rest of Asia-Pacific
9.8.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
9.8.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
9.8.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
CHAPTER 10. LATIN AMERICA SMART REFRIGERATOR MARKET BY COUNTRY
10.1. Latin America Smart Refrigerator Market Revenue and Growth Rate, 2015 - 2026 ($Million)
10.2. Latin America Smart Refrigerator Market Revenue Share Comparison, 2015 & 2026 (%)
10.3. Brazil
10.3.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
10.3.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
10.3.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
10.4. Mexico
10.4.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
10.4.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
10.4.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
10.5. Rest of Latin America
10.5.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
10.5.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
10.5.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
CHAPTER 11. MIDDLE EAST & AFRICA SMART REFRIGERATOR MARKET BY COUNTRY
11.1. Middle East & Africa Smart Refrigerator Market Revenue and Growth Rate, 2015 - 2026 ($Million)
11.2. Middle East & Africa Smart Refrigerator Market Revenue Share Comparison, 2015 & 2026 (%)
11.3. GCC
11.3.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
11.3.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
11.3.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
11.4. South Africa
11.4.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
11.4.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
11.4.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
11.5. Rest of Middle East & Africa
11.5.1. Market Revenue and Forecast By Door Type, 2015 - 2026 ($Million)
11.5.2. Market Revenue and Forecast By Distribution Channel, 2015 - 2026 ($Million)
11.5.3. Market Revenue and Forecast By End-user, 2015 - 2026 ($Million)
CHAPTER 12. COMPANY PROFILE
12.1. Hisense Co. Ltd
12.1.1. Company Snapshot
12.1.2. Overview
12.1.3. Financial Overview
12.1.4. Product Portfolio
12.1.5. Key Developments
12.1.6. Strategies
12.2. Liebherr Group
12.2.1. Company Snapshot
12.2.2. Overview
12.2.3. Financial Overview
12.2.4. Product Portfolio
12.2.5. Key Developments
12.2.6. Strategies
12.3. Electrolux AB
12.3.1. Company Snapshot
12.3.2. Overview
12.3.3. Financial Overview
12.3.4. Product Portfolio
12.3.5. Key Developments
12.3.6. Strategies
12.4. LG Electronics
12.4.1. Company Snapshot
12.4.2. Overview
12.4.3. Financial Overview
12.4.4. Product Portfolio
12.4.5. Key Developments
12.4.6. Strategies
12.5. Samsung Electronics Co. Ltd
12.5.1. Company Snapshot
12.5.2. Overview
12.5.3. Financial Overview
12.5.4. Product Portfolio
12.5.5. Key Developments
12.5.6. Strategies
12.6. Midea Group
12.6.1. Company Snapshot
12.6.2. Overview
12.6.3. Financial Overview
12.6.4. Product Portfolio
12.6.5. Key Developments
12.6.6. Strategies
12.7. Siemens AG
12.7.1. Company Snapshot
12.7.2. Overview
12.7.3. Financial Overview
12.7.4. Product Portfolio
12.7.5. Key Developments
12.7.6. Strategies
12.8. Haier Group Corporation
12.8.1. Company Snapshot
12.8.2. Overview
12.8.3. Financial Overview
12.8.4. Product Portfolio
12.8.5. Key Developments
12.8.6. Strategies
12.9. GE Appliance
12.9.1. Company Snapshot
12.9.2. Overview
12.9.3. Financial Overview
12.9.4. Product Portfolio
12.9.5. Key Developments
12.9.6. Strategies
12.10. Whirlpool Corporation
12.10.1. Company Snapshot
12.10.2. Overview
12.10.3. Financial Overview
12.10.4. Product Portfolio
12.10.5. Key Developments
12.10.6. Strategies
12.11. Bosch Group
12.11.1. Company Snapshot
12.11.2. Overview
12.11.3. Financial Overview
12.11.4. Product Portfolio
12.11.5. Key Developments
12.11.6. Strategies
12.12. Panasonic Corporation
12.12.1. Company Snapshot
12.12.2. Overview
12.12.3. Financial Overview
12.12.4. Product Portfolio
12.12.5. Key Developments
12.12.6. Strategies
12.13. Others
12.13.1. Company Snapshot
12.13.2. Overview
12.13.3. Financial Overview
12.13.4. Product Portfolio
12.13.5. Key Developments
12.13.6. Strategies
CHAPTER 13. RESEARCH APPROACH
13.1. Research Methodology
13.1.1. Initial Data Search
13.1.2. Secondary Research
13.1.3. Primary Research
13.2. Assumptions and Scope
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