Smart Refrigerators Market To See A Viivd Growth Of 13.7% CAGR To 2025
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.
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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.
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Further key findings from the report suggest:
• 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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