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Smart refrigerator market
Smart refrigerator market
Dublin, May 24, 2024 (GLOBE NEWSWIRE) — The “Smart Refrigerators Market – Forecast to 2024 to 2029” report has been added to ResearchAndMarkets.com's offering.
The smart refrigerator market is expected to grow from USD 368,699,000 in 2022 to USD 904,800,000 by 2029, at a CAGR of 13.68% during the forecast period.
In the fast-growing home appliance industry, rising consumer preference for personalization and customization is driving the global market for smart refrigerators. Moreover, an improving lifestyle environment is expected to lead to a surge in disposable income and purchasing power, further driving smart refrigerator ownership.
Based on region, North America and Europe are expected to hold a major market share, while the Asia-Pacific region is considered to be the fastest growing region owing to the adoption of innovative technologies.
Market Drivers:
Technological advances:
The improvement in living environment will also contribute to the adoption of smart refrigerators due to the rise in purchasing power resulting from increased disposable income. Millennials' affinity for technology is also a major factor in the increased demand for smart refrigerators.
The latest smart refrigerators can connect to the web and allow customers to order items with just a voice command or a few button presses. For example, Samsung has unveiled a model that connects to a smart refrigerator so customers can quickly buy and pay for the items they need using the “Grocery” Mastercard mobile app.
The need for food waste monitoring:
Poor monitoring and timely use of refrigerated food leads to waste, which is a very common problem for end users.According to UNDP (United Nations Development Programme), around 40% of food is wasted in India and around 20% of food purchased is wasted.
Hence, the rise in the need for effective food management in both residential as well as commercial sectors is expected to lead to an increase in the adoption of smart refrigerators. The ability of these products to monitor and control food quality and shelf life and provide alerts to the users is expected to drive the market.
Manufacturers are continuously developing and innovating these products to ease the lifestyle of tech-savvy consumers. For example, Samsung has launched a refrigerator that has an integrated camera, 21-inch touchscreen display, and speakers to provide a smart user experience.
Aside from the usual cooling and keeping food fresh, the product also offers features such as displaying shopping lists, reading out schedules and streaming video clips.
Market Restraints:
High cost as a barrier:
Smart refrigerators are significantly more expensive than traditional models, posing a hurdle for budget-conscious consumers. Certain features may require recurring subscription fees for services such as food management apps and extended warranties, increasing the overall cost. Leveraging smart features and establishing Wi-Fi connectivity can be difficult for those who are not very tech-savvy.
Geographical division:
The smart refrigerator market is geographically divided into five regions: North America, South America, Europe, Asia Pacific, and Middle East & Africa. Due to the rapid advancement in technology, the market in North America region is well developed compared to the markets in other regions.
The Asia Pacific smart refrigerator market is expected to witness the highest growth potential during the forecast period as it is a developing region. The market in this region is expected to expand due to the increase in disposable income of individuals during the forecast period. Moreover, the smart refrigerator market in Europe is expected to witness positive growth during the forecast period.
Market trend:
September 2023 – LG Electronics India has launched its groundbreaking Wi-Fi Convertible Side-by-Side Refrigerator, which allows users to convert the freezer section into a refrigerator from anywhere using the LG ThinQ app. This innovative appliance ushers in a new era of convenience and control over home appliances, promising to enhance user experience and flexibility.
January 2023 – Samsung has launched its latest premium side-by-side refrigerator series. Featuring Samsung's exclusive technologies such as Convertible 5-in-1 and Curd Maestro+, the series also features the innovative FamilyHubT. The Family Hub 7.0 feature encourages efficient food management by giving users meal suggestions and displaying the contents of the refrigerator.
Key attributes:
Report Attributes
detail
number of pages
138
Forecast Period
2022 – 2029
Estimated market value in 2022 (USD)
$368.7 million
Market value forecast to 2029 (USD)
$904.84 million
Compound Annual Growth Rate
13.6%
Target area
global
Key topics:
1.First of all
2. Research Method
3. Executive Summary
3.1. Main findings
3.2. Analyst Perspective
4. Market Trends
4.1. Market Drivers
4.2. Market constraints
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. Smart Refrigerator Market by Product Type
Introduction
5.2. Side-by-side refrigerator
5.3. Bottom freezer refrigerator
5.4. Double door refrigerator
5.5. Single door refrigerator
6. Smart refrigerator market by technology
Introduction
6.2 RFID
6.3. WiFi
Bluetooth
6.5. Other
7. Smart refrigerator market by region
8. Competitive Environment and Analysis
8.1. Key Players and Strategic Analysis
8.2. Market Share Analysis
8.3. Mergers, Acquisitions, Contracts and Cooperation
8.4. Competitive Dashboard
9. Company Profile
For more information on this report, please visit: https://www.researchandmarkets.com/r/e2gb2v
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