The global smart refrigerators market size is expected to reach USD 624.7 million, by 2025, registering a CAGR of 13.7% over the forecasted period. Development in IT sector and communication is projected to impel the market growth. Several benefits of smart refrigerator such as optimizing of cooling operations, indication of product expiry, energy efficiency, alerts for timely usage of food are proliferating the demand of this market across commercial and residential sectors.
By door type, the French door is projected to grow with the highest CAGR of 14.0% during the forecast period and accounted for 20.2% market share by 2025. Due to the busy lifestyle, people’s habit of storing ample groceries and food is anticipated to increase the demand for this market. French door has vast application in the food industry as food retailers must maintain a large amount of stock. Electrolux and Karma launched smart refrigerators for grocery shops to reduce wastage of food in 2018. It is designed to create storage and pickup points for unsold products and helps retailers to keep attention on expiry date of products.
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North America held the largest market share of 31.2% due to the rising spending capacity, growing awareness about the benefits of a smart refrigerator, and increasing standard of living. Asia Pacific is projected to grow with the fastest CAGR of 15% during the forecast period due to urbanization and rising disposable income. Moreover, the rising influence of smart devices is also proliferating the demand for this market.
Major players are continuously introducing advanced featured products to meet customer demands with their busy lifestyles. For instance, Samsung launched a refrigerator with a camera, speakers and a 21-inch touch display in order to provide a smart user experience. Along with normal cooling and maintaining freshness, this smart refrigerator allows listing out a shopping list, reminding schedules, food expiry date and video clips also.
Further key findings from the report suggest:
• French door type is expected to grow with highest CAGR of 14% during the forecast period.
• Double door estimated highest revenue share 33.6% in 2018.
• Offline distribution channel is expected to grow with market share for 71.2% by 2025.
• Asia Pacific is expected to grow with highest CAGR of 15% during the forecast period owing to improved standards of living, developing economies, and rising disposable income.
• Commercial sector is expected to have the fastest acceptance, thereby expanding at a CAGR of 14.1% from 2015-2025.
Global Smart Refrigerators Market: Key Players
LG Electronics, Samsung Electronics Co. Ltd, Panasonic Corporation, Siemens AG, Electrolux AB, Midea Group, Whirlpool Corporation, Hisense Co. Ltd, GE Appliance, and Haier Group Corporation.
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