Smart Refrigerator Market Size, Share, Trends, Growth and Forecast 2032

Global Smart Refrigerator Market: Overview

The global Smart Refrigerator Market size was worth around USD 3.52 Billion in 2023 and is predicted to grow to around USD 4.77 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 3.44% between 2024 and 2032.

Smart refrigerator market is expected to witness substantial rise over the coming years considering the rising disposable income in various developing countries of Asia Pacific region. China is the major attraction for market players. It is projected that by 2032, smart refrigerators shipments will reach almost 10 Million units in China as compared to about 5 Million units in 2023. Similarly, the overall refrigerator market in India was valued at USD 1.5 Billion and is estimated to reach USD 3.6 Billion of which, smart refrigerators are anticipated to make vital contributions. Further, key manufacturers such as Panasonic, LG, and Samsung are focusing on developing strategic partnerships with various regional suppliers of to increase their product offerings and gain a competitive advantage in the market. Thus, the smart refrigerator market will grow over the forecast period.

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Smart Refrigerator is a technologically advanced version of the traditional refrigerator, which has various digital features, connectivity options and advanced sensors that provide improved functionality and convenience. It provides real-time information about the contents of the fridge, reducing food waste, meal planning and streamlining the grocery shopping process. These refrigerators are a key part of the Internet of Things (IoT) ecosystem, allow to communicate and interact with other smart devices, applications, and users. The establishment of smart homes and smart kitchens across the world is driving the Smart Refrigerator Market growth.

Increasing adoption of numerous online platforms is fueling the demand for smart refrigerators. In 2018, it was valued that around 70% of Americans that have minimum income of USD 150 thousand, have “Amazon Prime” membership. Further, in 2018, the worldwide number of online consumers reached 1.6 billion in comparison to 1.07 billion in 2013. With the increasing adoption of mobile shopping, this number is expected to increase over the forecast period. Thus, it is expected that the usage on online platforms will boost the demand for smart refrigerator market.

Global Smart Refrigerator Market: Segmentation

The smart refrigerator market is bifurcated on the basis of technology, distribution channel, application, and region.

Based on technology, the global smart refrigerator market is split into Wi-Fi, RFID, Bluetooth, and others. The Wi-Fi segment is anticipated to hold a huge share of the smart refrigerator market during the estimated period. This share is due to the high number of users opting for Wi-Fi technology in their smart home.

On the basis of distribution channel, the global smart refrigerator market is divided into online and offline. The online segment is projected to rise at a considerable rate due to the growing adoption of internet by numerous retailers and distributors to broaden their customer base.

On the basis of application, the global smart refrigerator market is divided into residential and commercial.

Global Smart Refrigerator Market: Regional Analysis

North America is projected to hold a substantial share of the global smart refrigerator market over the forecast timespan. The U.S. is considered as a major contributor in terms of revenue for the smart refrigerator market in this region considering the rising demand for the product in residential sector. Europe is expected to grow at a notable rate in the smart refrigerators market due to the increasing usage in various commercial places such as restaurants, retail outlets, hotels and many more.

Smart Refrigerator Market: Report Scope

Global Smart Refrigerator Market: Competitive Players

Top players in the smart refrigerator market are

• LG Electronics
• Samsung Electronics
• Electrolux AB
• Haier Group Corporation
• Whirlpool Corporation
• Panasonic Corporation
• Hisense Co. Ltd.
• GE Appliance
• Midea Group among others.

Major market players are focusing on collaborating with other organizations in the “IoT” technology. One such example is that of LG Electronics. The company has collaborated with Amazon and is now offering built in “Alexa” in its smart refrigerators.

The report segment of global smart refrigerator market as follows:

Global Smart Refrigerator Market: Technology Segment Analysis

• Wi-Fi
• Bluetooth
• RFID
• Others

Global Smart Refrigerator Market: Distribution Channel Segment Analysis

• Online
• Offline

Global Smart Refrigerator Market: Application Segment Analysis

• Residential
• Commercial

Global Smart Refrigerator Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa