The global smart refrigerators market size is expected grow from $4.89 billion in 2021 to $5.23 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The smart refrigerator market is expected to reach $6.84 billion in 2026 at a CAGR of 6.9%.
What is the Global Smart Refrigerators Market?
The smart refrigerators market consists of sales of smart refrigerators and related services that are used in residential and commercial sectors. A smart refrigerator is a programmed high-tech refrigerator that can identify the type of products stored therein and keep track of important information such as expiry and usage. Such refrigerators operate on a barcode or RFID network whereby the batch is collected and information are generated directly from the Internet.
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What drives the Global Smart Refrigerators Market?
The rise in adoption of smart cities and smart infrastructures is a key factor driving the growth of the smart refrigerators market. The Internet of Things (IoT) market has been growing, with smart home devices and appliances, home is getting smarter with new devices that are available with internet connectivity. Smart home devices such as Google Nest, Ring and smart fridges have held users aware of the Internet of Things (IoT) trend, which relates to the connectivity of everyday items over the Internet. according to IoT-analytics the global number of connected IoT devices to grow by 9% to 12.3 billion active endpoints and grew to 27 billion connections by 2025. Therefore, companies are investing more in IoT due growing interest in the smart home and this factor is driving the smart refrigerators market.
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Global Smart Refrigerators Market Segments
The global smart refrigerators market is segmented:
By Product: Top Freezer Refrigerator, Bottom Freezer Fridge, Side-by-Side Refrigerator, French Door Refrigerator
By Technology: Wi-Fi, Radio Frequency Identification (RFID), Cellular Technology, Bluetooth, ZigBee, Touchscreen
By Door Type: Single, Double, Side-by-Side, French
By End-Use: Residential, Commercial
By Geography: The regions covered in the smart refrigerators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Smart Refrigerators Global Market Report 2022 provides market size and growth forecasts for the global smart refrigerators market, global smart refrigerators market share, smart refrigerators market segments and geographies, smart refrigerators market competitive landscape including leading competitors’ revenues, profiles and market shares. The smart refrigerators market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Smart Refrigerators Industry Players include Haier, Samsung Electronics, LG Electronics Inc., Panasonic Corporation, Whirlpool, Siemens AG, Midea Group, Hisense Co. Ltd, Electrolux, and GE Appliances. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
