Major players in the smart refrigerators market are Haier, Samsung Electronics, LG Electronics Inc., Panasonic Corporation, Whirlpool, Siemens AG, Midea Group, Hisense Co. Ltd., Electrolux, and GE Appliances.
The Global Smart Refrigerators Market is expected decline from USD 2.71 billion in 2019 and to USD 2.65 billion in 2020 at a compound annual growth rate (CAGR) of -2.4%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach USD 3.87 billion in 2023 at CAGR of 13.5%.
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.
North America was the largest region in the smart refrigerators market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
The IoT-enabled family hub refrigerator is a key trend in smart refrigerator market. The new Family Hub refrigerator provides features such as testing from anywhere what’s inside the refrigerator, leaving messages on the White Board, seeing who’s at the front door via a connected doorbell, adjusting the thermostat, watching CCTV video, suggestions for recipes, shopping recommendations, etc. Samsung launched its latest Family Hub refrigerator at CES 2018. These new smart fridges are launched with stronger Bixby connectivity and assistance for the SmartThings IoT ecosystem of Samsung.
The smart refrigerators market covered in this report is segmented by product into top freezer refrigerator, bottom freezer fridge, side-by-side refrigerator, French door refrigerator and by technology into wi-fi, radio frequency identification (RFID), cellular technology, Bluetooth, zigbee, touchscreen.
Smart refrigerators are generally more expensive than ordinary refrigerators. Although, smart refrigerators have high-tech features and can be controlled via smartphones, the high cost is hindering its growth. Additionally, the high repair cost is a key factor hampering the growth of the smart refrigerator market. Consumers might have to invest more on specific parts that are difficult to locate, and there might also be shortage of parts for some models in some cases. This results in using second-hand parts. Popular issues include a non-running refrigerator, or having a freezer portion that does not remain cold. The cost to fix these problems ranges between USD 140 and USD 200 nationally. The more recent issue with smart refrigerators is hacking. Smart refrigerators are not build with security and can’t be protected by antivirus software. Using devices that incorporates hardware, cloud and software designed to safeguard the appliance is an additional expense. Therefore, the high cost with smart refrigerators is expected to limit the growth of the smart refrigerator market.
In November 2018, Daikin Industries, Ltd., Japanese manufacturer of commercial air conditioning and refrigeration units acquired AHT Group for 881 million euros. With this acquisition, Daikin adds AHT’s own wide range of products, services and solutions focused on its air-conditioning and cooling equipment, this will allow the company to become a one-stop provider providing full air conditioning and refrigeration products coordination. AHT Group, a leading company in the commercial refrigeration market in Europe.
The rise in adoption of smart cities and smart infrastructures is a key factor driving the growth of the smart refrigerator 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. The global number of IoT-connected devices is projected to nearly triple from the 2018 estimates, reaching 43 billion by 2023, according to McKinsey & Co. Therefore, companies are investing more in IoT due growing interest in the smart home and this factor is driving the market for smart refrigerators.
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Ankur Gupta, Head Marketing & Communications