NEW
YORK, June 24, 2024 /PRNewswire/ -- The
global smart refrigerator market size is estimated to
grow by USD 6.72 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of over 22% during the forecast period. New
product launches is driving market growth, with a trend
towards growing adoption of iot-enabled devices.
However, cyber-attacks due to security issues related to
internet connectivity poses a challenge. Key market players
include Electrolux AB, General Electric Co., Haier Smart Home Co.
Ltd., Hisense International Co. Ltd., Hitachi Ltd., Lenovo Group
Ltd., LG Electronics Inc., MIDEA Group Co. Ltd., Panasonic Holdings
Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG,
Smeg S.p.a., THOR Kitchen Inc., Toshiba Corp., and Whirlpool
Corp..
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segments, customer landscape, and companies- View the
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Smart Refrigerator
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
22%
|
Market growth
2024-2028
|
USD 6722.5
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
16.33
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
32%
|
Key
countries
|
US, China, Germany, UK,
and Japan
|
Key companies
profiled
|
Electrolux AB, General
Electric Co., Haier Smart Home Co. Ltd., Hisense International Co.
Ltd., Hitachi Ltd., Lenovo Group Ltd., LG Electronics Inc., MIDEA
Group Co. Ltd., Panasonic Holdings Corp., Robert Bosch GmbH,
Samsung Electronics Co. Ltd., Siemens AG, Smeg S.p.a., THOR Kitchen
Inc., Toshiba Corp., and Whirlpool Corp.
|
Market Driver
The Intelligent Digital Network (IDN) revolution in home
appliances enables smart refrigerators to connect and be controlled
online. Samsung's launch of a 4-door French refrigerator with AI
family hub in April 2024 is a
significant development. This innovative product offers features
like remote refrigerator monitoring, messaging, doorbell
identification, thermostat adjustment, CCTV access, and recipe
suggestions. These advanced functionalities are driving the
expansion of the global smart refrigerator market.
The smart refrigerator market is experiencing significant growth
with advanced technologies such as voice recognition, touch
screens, and connectivity. Tech-savvy consumers are increasingly
preferring these modern appliances for their convenience and
efficiency. Refrigerators with tech features like temperature
control, food expiration alerts, and compatibility with smart home
systems are trending. Brands are focusing on improving user
experience and integrating these features seamlessly. The market is
expected to continue growing as technology advances and consumer
demand increases. Smart refrigerators offer a combination of
functionality and innovation, making them a must-have in modern
kitchens.
Research report provides comprehensive data on
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Report
Market Challenges
• The smart
refrigerator market faces challenges due to vulnerabilities in
device security. With increasing IoT integration, refrigerators and
other household appliances become targets for cyber-attacks. Weak
security parameters and connectivity with other devices pose risks
to consumer data. Vendors are addressing these concerns by
enhancing software and IoT features. However, the rush to launch
new products may result in inadequate security measures, creating
opportunities for hackers to exploit personal information or launch
larger-scale attacks. This security issue may hinder market growth
during the forecast period.
• The smart
refrigerator market is experiencing significant growth due to the
integration of advanced technologies such as Wi-Fi connectivity,
touchscreens, and voice recognition. However, there are challenges
that need to be addressed to ensure the success of this market. One
challenge is ensuring compatibility with various home automation
systems and appliances. Another challenge is ensuring energy
efficiency and reducing power consumption. Additionally, ensuring
user-friendly interfaces and seamless integration with food
delivery services are crucial for customer satisfaction.
Furthermore, ensuring data security and privacy are essential to
protect consumer information. Overall, addressing these challenges
will help drive innovation and growth in the smart refrigerator
market.
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challenges - Request a sample report!
Segment Overview
This smart refrigerator market report extensively covers market
segmentation by
- Distribution Channel
- End-user
- 2.1 Residential
- 2.2 Commercial
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Offline- The Smart Refrigerator Market is
experiencing significant growth due to increasing consumer demand
for convenience and technology integration in household appliances.
These refrigerators offer features such as temperature control,
inventory management, and compatibility with voice assistants,
making them an essential addition to modern kitchens. Manufacturers
continue to innovate, integrating new technologies like Wi-Fi
connectivity and energy efficiency, further enhancing their appeal
to consumers.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The smart refrigerator market is experiencing significant growth
due to the integration of electricity-powered smart technologies in
everyday appliances. These advanced devices offer both convenience
and efficiency for tech-savvy millennials. Smart refrigerators,
equipped with intelligent sensors, monitor power consumption and
enable timely usage to prevent wastage. The market for smart home
products, including smart refrigerators, is expanding as consumers
seek to optimize their living spaces. Digital features, such as
touch screens and RFID scanners, allow users to easily manage food
items and access real-time information. Connectivity options enable
remote monitoring and timetabled tasks, adding to the convenience
and appeal of these intelligent appliances. Despite the benefits,
restrictive containment measures may impact the market's growth in
certain regions. Overall, the smart refrigerator market is poised
for continued success in the era of smart homes and advanced
sensors.
Market Research Overview
The Smart Refrigerator Market is experiencing significant growth
due to the increasing demand for advanced home appliances. These
refrigerators are equipped with features like temperature control,
inventory management, and energy efficiency. The integration of the
Internet of Things (IoT) and artificial intelligence (AI) is
enabling these appliances to learn consumer behavior and optimize
energy usage. The market is driven by factors such as rising
disposable income, urbanization, and changing consumer preferences.
The use of sensors and connectivity is enabling manufacturers to
offer personalized services and remote monitoring capabilities. The
market is expected to continue its growth trajectory in the coming
years, with innovations in technology and design being key
drivers.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
-
- End-user
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio