Smart Fridge Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Smart Fridge Market Report is Segmented by Type (Side-By-Side Refrigerators, Bottom Freezer Refrigerators, Double Door Refrigerators, Single Door Refrigerators, and French Door Refrigerators), Distribution Channel (Multibrand Stores, Exclusive Stores, Online, and Other Distribution Channels), End User (Residential and Commercial) and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Report Offers the Market Sizes and Forecasts for the Smart Fridge Market in Value (USD) for all the Above Segments.

Smart Fridge Market Size

Smart Fridge Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 6.43 Billion
Market Size (2029) USD 9.83 Billion
CAGR (2024 - 2029) 8.87 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Smart Fridge Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Smart Fridge Market Analysis

The Smart Fridge Market size is estimated at USD 6.43 billion in 2024, and is expected to reach USD 9.83 billion by 2029, growing at a CAGR of 8.87% during the forecast period (2024-2029).

Technological advancements led to several improvements in home appliances, which led to the launch of the smart fridge. Smart fridges are integrated with advanced features like voice recognition, touch screens, internet, and Bluetooth connectivity that aim to provide convenience to consumers. Personal devices like cell phones and tablets can easily connect to smart fridges. Users can easily handle and regulate food storage in the refrigerator through wireless personal devices via software. Therefore, the rise in digitalization led to the growth of the smart fridge market.

During the initial stage of the COVID-19 pandemic, the market experienced losses due to a stoppage in manufacturing and distribution services due to supply chain disruptions. Later, due to lockdowns and the work-from-home culture, the demand for smart fridges increased. With the passing of the pandemic, the market is experiencing gradual growth according to seasonal demand fluctuations.

The rise in residential constructions and the emergence of green buildings led to a high demand for smart fridges. Also, lifestyle changes and tight schedules increased the requirement for a smart fridge.

Smart Fridge Market Trends

Integration With Smart Homes

Smart fridges are designed in such a way that they can collaborate with the smart home ecosystem. They can interact with other connected devices, such as smart thermostats, to optimize energy efficiency and maintain ideal temperatures. Also, integration with lighting systems enables users to adjust kitchen lighting based on fridge contents. These fridges can also have voice-activated assistants such as Amazon Alexa or Google Assistant. These features enhance the experience of users and lead to efficient living.

Smart Fridge Market - Market Share, By Type, In %, 2023

North America Dominates the Market

The rising number of nuclear families in North America is increasing the need for advanced appliances like smart fridges, which offer better guidance and save time in operation. Most smart fridges are considered premium products. The presence of high-income groups in the region and the increasing consumer spending on electronics drives the market's growth in North America.

Smart fridges are in high demand in North America because they can be connected to smartphones and operated from distant locations. Manufacturers in North America have made smart fridges with sensors and features that limit electricity usage and help energy conservation.

Smart Fridge Market North America Dominates the Market

Smart Fridge Industry Overview

The smart fridge market is fragmented. In terms of market share, a few of the major players currently dominate the market. However, demand is driven by consumer income. Large companies compete through volume purchasing, product range, and effective merchandising and marketing. Small companies focus on a market segment and compete through the strength of their products and superior customer service. Some of the major players in this market are Electrolux Group, Haier Group Corporation, Whirlpool Corporation, Samsung Electronics Co. Ltd, and Panasonic Corporation.

Smart Fridge Market Leaders

  1. Electrolux Group

  2. Haier Group Corporation

  3. Whirlpool Corporation

  4. Samsung Electronics Co. Ltd

  5. Panasonic Corporation

*Disclaimer: Major Players sorted in no particular order

Smart Fridge Market Concentration
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Smart Fridge Market News

  • July 2023: Samsung launched its smart fridge that features a camera, speaker, and 21-inch touch display to provide a smart experience to its users in India.
  • April 2023: Haier, a major appliance manufacturer, plans to invest USD 182.8 million for expansion by 2025.

Smart Fridge Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS AND DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 Growth in the Tech-Savvy Millennial Population
    • 4.2.2 Increasing Purchasing Power and Rising Disposable Incomes
  • 4.3 Market Restraints
    • 4.3.1 Risk of Malware Attacks
    • 4.3.2 Higher Cost of Maintenance
    • 4.3.2.1
    • 4.3.3 Market Opportunities
    • 4.3.3.1 Technological Advancements in Smart Fridges
  • 4.4 Value Chain Analysis
  • 4.5 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.5.1 Bargaining Power of Suppliers
    • 4.5.2 Bargaining Power of Buyers
    • 4.5.3 Threat of New Entrants
    • 4.5.4 Threat of Substitutes
    • 4.5.5 Intensity of Competitive Rivalry
  • 4.6 Insights on Recent Developments in the Smart Fridge Market
  • 4.7 Insights on Technological Innovations in the Industry
  • 4.8 Impact of COVID-19 on the Market

5. MARKET SEGMENTATION

  • 5.1 By Type
    • 5.1.1 Side-by-side Refrigerators
    • 5.1.2 Bottom Freezer Refrigerators
    • 5.1.3 Double Door Refrigerators
    • 5.1.4 Single Door Refrigerators
    • 5.1.5 French Door Refrigerators
  • 5.2 By Distribution Channel
    • 5.2.1 Online Stores
    • 5.2.2 Offline Stores
  • 5.3 By End User
    • 5.3.1 Residential
    • 5.3.2 Commercial
  • 5.4 By Geography
    • 5.4.1 North America
    • 5.4.1.1 United States
    • 5.4.1.2 Canada
    • 5.4.1.3 Mexico
    • 5.4.1.4 Rest of North America
    • 5.4.2 Europe
    • 5.4.2.1 United Kingdom
    • 5.4.2.2 Germany
    • 5.4.2.3 Italy
    • 5.4.2.4 Rest of Europe
    • 5.4.3 Asia-Pacific
    • 5.4.3.1 India
    • 5.4.3.2 China
    • 5.4.3.3 Japan
    • 5.4.3.4 Australia
    • 5.4.3.5 Rest of Asia-Pacific
    • 5.4.4 South America
    • 5.4.4.1 Brazil
    • 5.4.4.2 Argentina
    • 5.4.4.3 Rest of South America
    • 5.4.5 Middle East and Africa
    • 5.4.5.1 South Africa
    • 5.4.5.2 UAE
    • 5.4.5.3 Rest of Middle East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Market Concentration Overview
  • 6.2 Company Profiles
    • 6.2.1 Electrolux Group
    • 6.2.2 Haier Group Corporation
    • 6.2.3 Whirlpool Corporation
    • 6.2.4 Samsung Electronics Co. Ltd
    • 6.2.5 Bosch
    • 6.2.6 Midea Group
    • 6.2.7 Panasonic Corporation
    • 6.2.8 Hitachi
    • 6.2.9 Frigidaire
    • 6.2.10 Liebherr Group*
  • *List Not Exhaustive

7. MARKET FUTURE TRENDS

8. DISCLAIMER AND ABOUT US

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Smart Fridge Industry Segmentation

A smart fridge is a kitchen appliance that is connected to the internet. Smart fridges can also be connected to personal devices so that the functions and temperature can be modified through smartphones via software. The smart fridge market is segmented by type, distribution channel, end user, and geography. By type, the market is segmented into side-by-side refrigerators, bottom freezer refrigerators, double-door refrigerators, single-door refrigerators, and French-door refrigerators. By distribution channel, the market is segmented into online stores and offline stores. By end user, the market is segmented into residential and commercial. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The report offers the market sizes and forecasts for the smart fridge market in value (USD) for all the above segments.

By Type Side-by-side Refrigerators
Bottom Freezer Refrigerators
Double Door Refrigerators
Single Door Refrigerators
French Door Refrigerators
By Distribution Channel Online Stores
Offline Stores
By End User Residential
Commercial
By Geography North America United States
Canada
Mexico
Rest of North America
By Geography Europe United Kingdom
Germany
Italy
Rest of Europe
By Geography Asia-Pacific India
China
Japan
Australia
Rest of Asia-Pacific
By Geography South America Brazil
Argentina
Rest of South America
By Geography Middle East and Africa South Africa
UAE
Rest of Middle East and Africa
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Smart Fridge Market Research FAQs

The Smart Fridge Market size is expected to reach USD 6.43 billion in 2024 and grow at a CAGR of 8.87% to reach USD 9.83 billion by 2029.

In 2024, the Smart Fridge Market size is expected to reach USD 6.43 billion.

Electrolux Group, Haier Group Corporation, Whirlpool Corporation, Samsung Electronics Co. Ltd and Panasonic Corporation are the major companies operating in the Smart Fridge Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Smart Fridge Market.

In 2023, the Smart Fridge Market size was estimated at USD 5.86 billion. The report covers the Smart Fridge Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Smart Fridge Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Smart Fridge Industry Report

Statistics for the 2024 Smart Fridge market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Smart Fridge analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Smart Fridge Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)