NEW YORK, July 28, 2023 /PRNewswire/ -- The smart refrigerator market size is expected to grow by USD 3,513.88 million from 2022 to 2027. The market will progress at a CAGR of 15.1% as per the latest Technavio market research report. North America will account for 32% of the market's overall growth. The regional market growth can be attributed to factors such as the presence of a large urban population, the increasing number of nuclear families, the high spending power of consumers, rapid technological advances, and the integration of smart home appliances. Moreover, consumers in the region shift to intelligent home appliances to reduce power consumption and gain benefits. Additionally, the launch of new products with technological advances as well as regional expansion by established refrigerator manufacturers have created various opportunities for market growth. Hence, such factors boost the growth of the smart refrigerator market in North America during the forecast period. For more insights on the market share of various regions- Download a sample report in MINUTES
Smart Refrigerator Market: Increasing demand from developing countries to drive growth
- The increasing demand from developing countries drives the growth of the smart refrigerator market.
- Various consumer appliances, such as smart refrigerators, experience demand due to the rapid urbanization and the development of smart cities.
- Furthermore, the rising household income and the rise in the demand for high-quality products and experiences fuel the demand for advanced household appliances.
- Hence, such factors boost the growth of the smart refrigerator market during the forecast period.
Smart Refrigerator Market: Rapid technological advancements to be a major trend
- Rapid technological advancements are an emerging smart refrigerator market trend.
- The growth of innovation and technological advances have resulted in changes in consumer preferences, which propels the demand for innovative products.
- Furthermore, consumers are looking for eco-friendly appliances with a user-friendly interface that can perform tasks with minimum energy consumption, and thus, vendors work on technological innovations to sustain themselves in the competitive market environment.
- Additionally, consumers increasingly spend on premium kitchen appliances, such as smart refrigerators, with their rising purchasing power, which encourages vendors to invest in advanced technologies and incorporate AI-operated voice control, touchscreen user interfaces, customizable freezing products, and digital connectivity.
- Hence, technological advancements in smart refrigerators are expected to support the growth of the global smart refrigerator market during the forecast period.
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Some of the key Smart Refrigerator Market Players:
The smart refrigerator market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
AB Electrolux, General Electric Co., Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Hitachi Ltd., Lenovo Group Ltd., LG Electronics Inc., MIDEA Group, 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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- Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
Smart Refrigerator Market: Segmentation Analysis
This smart refrigerator market report extensively covers market segmentation by distribution channel (offline and online), end-user (residential and commercial), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The offline segment will be significant for market growth during the forecast period. Consumer behavior can be attributed to this segment growth because most consumers prefer purchasing smart refrigerators at physical stores instead of online portals. Furthermore, retail stores provide consumers to physically verify a product before purchasing, which eliminates the need to pay shipping charges. Additionally, consumers can consult sales representatives for details about certain products. Hence, such factors boost the offline segment growth in the smart refrigerator market during the forecast period.
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The biomedical refrigerator and freezer market size is expected to increase by USD 1.27 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.04%. Furthermore, this report extensively covers the biomedical refrigerator and freezer market segmentation by end-user (blood banks, healthcare sector, pharmaceutical sector, research laboratories, and others), product (blood bank freezers and plasma freezers, lab refrigerators and freezers, ultra-low temperature freezers, and others), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The presence of value-added software and hardware products is notably driving the biomedical refrigerator and freezer market growth.
The walk-in refrigerator market size is expected to increase by USD 5.18 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.38%. Furthermore, this report extensively covers the walk-in refrigerator market segmentation by application (indoor and outdoor) and geography (APAC, Europe, North America, South America, and the Middle East and Africa). The availability of new walk-in refrigerators with better refrigerants is one of the major drivers impeding the walk-in refrigerator market growth.
Smart Refrigerator Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.1% |
Market growth 2023-2027 |
USD 3,513.88 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
14.62 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Electrolux, General Electric Co., Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Hitachi Ltd., Lenovo Group Ltd., LG Electronics Inc., MIDEA Group, 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 dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Distribution Channel
- Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
- Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global smart refrigerator market 2017 - 2021
- Exhibit 18: Historic market size – Data table on global smart refrigerator market 2017 - 2021 ($ million)
- 4.2 Distribution Channel Segment Analysis 2017 - 2021
- Exhibit 19: Historic market size – Distribution Channel segment 2017 - 2021 ($ million)
- 4.3 End-user Segment Analysis 2017 - 2021
- Exhibit 20: Historic market size – End-user segment 2017 - 2021 ($ million)
- 4.4 Geography Segment Analysis 2017 - 2021
- Exhibit 21: Historic market size – Geography segment 2017 - 2021 ($ million)
- 4.5 Country Segment Analysis 2017 - 2021
- Exhibit 22: Historic market size – Country segment 2017 - 2021 ($ million)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 29: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by Distribution Channel
- 6.1 Market segments
- Exhibit 30: Chart on Distribution Channel - Market share 2022-2027 (%)
- Exhibit 31: Data Table on Distribution Channel - Market share 2022-2027 (%)
- 6.2 Comparison by Distribution Channel
- Exhibit 32: Chart on Comparison by Distribution Channel
- Exhibit 33: Data Table on Comparison by Distribution Channel
- 6.3 Offline - Market size and forecast 2022-2027
- Exhibit 34: Chart on Offline - Market size and forecast 2022-2027 ($ million)
- Exhibit 35: Data Table on Offline - Market size and forecast 2022-2027 ($ million)
- Exhibit 36: Chart on Offline - Year-over-year growth 2022-2027 (%)
- Exhibit 37: Data Table on Offline - Year-over-year growth 2022-2027 (%)
- 6.4 Online - Market size and forecast 2022-2027
- Exhibit 38: Chart on Online - Market size and forecast 2022-2027 ($ million)
- Exhibit 39: Data Table on Online - Market size and forecast 2022-2027 ($ million)
- Exhibit 40: Chart on Online - Year-over-year growth 2022-2027 (%)
- Exhibit 41: Data Table on Online - Year-over-year growth 2022-2027 (%)
- 6.5 Market opportunity by Distribution Channel
- Exhibit 42: Market opportunity by Distribution Channel ($ million)
- Exhibit 43: Data Table on Market opportunity by Distribution Channel ($ million)
7 Market Segmentation by End-user
- 7.1 Market segments
- Exhibit 44: Chart on End-user - Market share 2022-2027 (%)
- Exhibit 45: Data Table on End-user - Market share 2022-2027 (%)
- 7.2 Comparison by End-user
- Exhibit 46: Chart on Comparison by End-user
- Exhibit 47: Data Table on Comparison by End-user
- 7.3 Residential - Market size and forecast 2022-2027
- Exhibit 48: Chart on Residential - Market size and forecast 2022-2027 ($ million)
- Exhibit 49: Data Table on Residential - Market size and forecast 2022-2027 ($ million)
- Exhibit 50: Chart on Residential - Year-over-year growth 2022-2027 (%)
- Exhibit 51: Data Table on Residential - Year-over-year growth 2022-2027 (%)
- 7.4 Commercial - Market size and forecast 2022-2027
- Exhibit 52: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
- Exhibit 53: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
- Exhibit 54: Chart on Commercial - Year-over-year growth 2022-2027 (%)
- Exhibit 55: Data Table on Commercial - Year-over-year growth 2022-2027 (%)
- 7.5 Market opportunity by End-user
- Exhibit 56: Market opportunity by End-user ($ million)
- Exhibit 57: Data Table on Market opportunity by End-user ($ million)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 59: Chart on Market share by geography 2022-2027 (%)
- Exhibit 60: Data Table on Market share by geography 2022-2027 (%)
- 9.2 Geographic comparison
- Exhibit 61: Chart on Geographic comparison
- Exhibit 62: Data Table on Geographic comparison
- 9.3 North America - Market size and forecast 2022-2027
- Exhibit 63: Chart on North America - Market size and forecast 2022-2027 ($ million)
- Exhibit 64: Data Table on North America - Market size and forecast 2022-2027 ($ million)
- Exhibit 65: Chart on North America - Year-over-year growth 2022-2027 (%)
- Exhibit 66: Data Table on North America - Year-over-year growth 2022-2027 (%)
- 9.4 Europe - Market size and forecast 2022-2027
- Exhibit 67: Chart on Europe - Market size and forecast 2022-2027 ($ million)
- Exhibit 68: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
- Exhibit 69: Chart on Europe - Year-over-year growth 2022-2027 (%)
- Exhibit 70: Data Table on Europe - Year-over-year growth 2022-2027 (%)
- 9.5 APAC - Market size and forecast 2022-2027
- Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
- Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
- Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
- Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)
- 9.6 South America - Market size and forecast 2022-2027
- Exhibit 75: Chart on South America - Market size and forecast 2022-2027 ($ million)
- Exhibit 76: Data Table on South America - Market size and forecast 2022-2027 ($ million)
- Exhibit 77: Chart on South America - Year-over-year growth 2022-2027 (%)
- Exhibit 78: Data Table on South America - Year-over-year growth 2022-2027 (%)
- 9.7 Middle East and Africa - Market size and forecast 2022-2027
- Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
- Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
- Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- 9.8 US - Market size and forecast 2022-2027
- Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ million)
- Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ million)
- Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%)
- Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%)
- 9.9 China - Market size and forecast 2022-2027
- Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ million)
- Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ million)
- Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
- Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)
- 9.10 Germany - Market size and forecast 2022-2027
- Exhibit 91: Chart on Germany - Market size and forecast 2022-2027 ($ million)
- Exhibit 92: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
- Exhibit 93: Chart on Germany - Year-over-year growth 2022-2027 (%)
- Exhibit 94: Data Table on Germany - Year-over-year growth 2022-2027 (%)
- 9.11 UK - Market size and forecast 2022-2027
- Exhibit 95: Chart on UK - Market size and forecast 2022-2027 ($ million)
- Exhibit 96: Data Table on UK - Market size and forecast 2022-2027 ($ million)
- Exhibit 97: Chart on UK - Year-over-year growth 2022-2027 (%)
- Exhibit 98: Data Table on UK - Year-over-year growth 2022-2027 (%)
- 9.12 Japan - Market size and forecast 2022-2027
- Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ million)
- Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
- Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
- Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)
- 9.13 Market opportunity by geography
- Exhibit 103: Market opportunity by geography ($ million)
- Exhibit 104: Data Tables on Market opportunity by geography ($ million)
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 105: Impact of drivers and challenges in 2022 and 2027
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 106: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 107: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 108: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 109: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 110: Matrix on vendor position and classification
- 12.3 AB Electrolux
- Exhibit 111: AB Electrolux - Overview
- Exhibit 112: AB Electrolux - Business segments
- Exhibit 113: AB Electrolux - Key news
- Exhibit 114: AB Electrolux - Key offerings
- Exhibit 115: AB Electrolux - Segment focus
- 12.4 General Electric Co.
- Exhibit 116: General Electric Co. - Overview
- Exhibit 117: General Electric Co. - Business segments
- Exhibit 118: General Electric Co. - Key news
- Exhibit 119: General Electric Co. - Key offerings
- Exhibit 120: General Electric Co. - Segment focus
- 12.5 Haier Smart Home Co. Ltd.
- Exhibit 121: Haier Smart Home Co. Ltd. - Overview
- Exhibit 122: Haier Smart Home Co. Ltd. - Business segments
- Exhibit 123: Haier Smart Home Co. Ltd. - Key offerings
- Exhibit 124: Haier Smart Home Co. Ltd. - Segment focus
- 12.6 Hisense International Co. Ltd.
- Exhibit 125: Hisense International Co. Ltd. - Overview
- Exhibit 126: Hisense International Co. Ltd. - Product / Service
- Exhibit 127: Hisense International Co. Ltd. - Key offerings
- 12.7 Hitachi Ltd.
- Exhibit 128: Hitachi Ltd. - Overview
- Exhibit 129: Hitachi Ltd. - Business segments
- Exhibit 130: Hitachi Ltd. - Key news
- Exhibit 131: Hitachi Ltd. - Key offerings
- Exhibit 132: Hitachi Ltd. - Segment focus
- 12.8 Lenovo Group Ltd.
- Exhibit 133: Lenovo Group Ltd. - Overview
- Exhibit 134: Lenovo Group Ltd. - Business segments
- Exhibit 135: Lenovo Group Ltd. - Key offerings
- Exhibit 136: Lenovo Group Ltd. - Segment focus
- 12.9 LG Electronics Inc.
- Exhibit 137: LG Electronics Inc. - Overview
- Exhibit 138: LG Electronics Inc. - Product / Service
- Exhibit 139: LG Electronics Inc. - Key offerings
- 12.10 MIDEA Group
- Exhibit 140: MIDEA Group - Overview
- Exhibit 141: MIDEA Group - Business segments
- Exhibit 142: MIDEA Group - Key offerings
- Exhibit 143: MIDEA Group - Segment focus
- 12.11 Panasonic Holdings Corp.
- Exhibit 144: Panasonic Holdings Corp. - Overview
- Exhibit 145: Panasonic Holdings Corp. - Business segments
- Exhibit 146: Panasonic Holdings Corp. - Key news
- Exhibit 147: Panasonic Holdings Corp. - Key offerings
- Exhibit 148: Panasonic Holdings Corp. - Segment focus
- 12.12 Robert Bosch GmbH
- Exhibit 149: Robert Bosch GmbH - Overview
- Exhibit 150: Robert Bosch GmbH - Business segments
- Exhibit 151: Robert Bosch GmbH - Key news
- Exhibit 152: Robert Bosch GmbH - Key offerings
- Exhibit 153: Robert Bosch GmbH - Segment focus
- 12.13 Samsung Electronics Co. Ltd.
- Exhibit 154: Samsung Electronics Co. Ltd. - Overview
- Exhibit 155: Samsung Electronics Co. Ltd. - Business segments
- Exhibit 156: Samsung Electronics Co. Ltd. - Key news
- Exhibit 157: Samsung Electronics Co. Ltd. - Key offerings
- Exhibit 158: Samsung Electronics Co. Ltd. - Segment focus
- 12.14 Siemens AG
- Exhibit 159: Siemens AG - Overview
- Exhibit 160: Siemens AG - Business segments
- Exhibit 161: Siemens AG - Key news
- Exhibit 162: Siemens AG - Key offerings
- Exhibit 163: Siemens AG - Segment focus
- 12.15 Smeg S.p.a.
- Exhibit 164: Smeg S.p.a. - Overview
- Exhibit 165: Smeg S.p.a. - Product / Service
- Exhibit 166: Smeg S.p.a. - Key offerings
- 12.16 Toshiba Corp.
- Exhibit 167: Toshiba Corp. - Overview
- Exhibit 168: Toshiba Corp. - Business segments
- Exhibit 169: Toshiba Corp. - Key offerings
- Exhibit 170: Toshiba Corp. - Segment focus
- 12.17 Whirlpool Corp.
- Exhibit 171: Whirlpool Corp. - Overview
- Exhibit 172: Whirlpool Corp. - Business segments
- Exhibit 173: Whirlpool Corp. - Key offerings
- Exhibit 174: Whirlpool Corp. - Segment focus
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 175: Inclusions checklist
- Exhibit 176: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 177: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 178: Research methodology
- Exhibit 179: Validation techniques employed for market sizing
- Exhibit 180: Information sources
- 13.5 List of abbreviations
- Exhibit 181: List of abbreviations
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