The Smart Refrigerator Market size is poised to be worth around US$ 6.2 Bn by 2026 and growing at a CAGR of around 13.1% during forecast period 2019 to 2026
LOS ANGELES, Feb. 05, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Smart Refrigerator Market (By Door Type: Single, Double, Side by Side, French; By Distribution Channel: Online, Offline; By End-user: Commercial, Residential) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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The global smart refrigerator market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America accounted for the largest share of the market in 2018. High domestic income, major presence of urban population and nuclear families, rapid technological development & adoption by people to make home smart are the key factors that responsible for the dominance of North America across the world. The Asia Pacific is anticipated to observe the highest CAGR during the forecast period. Increasing demand of smart refrigerators from the Asia Pacific countries such as China, South Korea, Japan, and India due to growing domestic income and availability of innovative products by multinational companies are some of the factors that fuel the market growth.
Based on door type, the market has been segmented into single, double, side by side, and French. In 2018, the double door smart refrigerator held the largest share of the market. This refrigerator is featured with a compact inbuilt freezer on the top. Affordability for household application, the energy efficiency of the double door refrigerator, and the introduction of various type double door refrigerators by companies are the key factors responsible for the dominance of this segment. For instance, recently in January 2020, Samsung and LG showcased their AI-powered smart refrigerator at the CES 2020 show.
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Based on the distribution channel, the market is segmented into online and offline. Offline stores accounted for the maximum share of the market in 2018 and the segment is anticipated to observe the fastest growth during the forecast period. This can be attributed to the high preference of buyers. Large appliances need a check and scanning before buying and hence customer prefers offline channel for smart refrigerators.
Based on the end-user of the smart refrigerator, the market is divided into residential and commercial. The residential segment held the largest share of the market and is expected to maintain its share during the forecast period. This can be attributed to the rise in the digitalization in the products, increasing the purchasing power of consumers, and the rising demand for fresh & safe food. Food & beverages, pharmaceutical, biotechnology, and healthcare providers such as hospitals & laboratories are the key industries that require reliable and more precise refrigeration technologies to store sensitive products.
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Key players operating in the smart refrigerator market are Hisense Co. Ltd, Liebherr Group, Electrolux AB, LG Electronics, Samsung Electronics Co. Ltd, Midea Group, Siemens AG, Haier Group Corporation, GE Appliance, Whirlpool Corporation, Bosch Group, and Panasonic Corporation. The introduction of innovative products by the addition of various smart functions and partnerships for the development and distribution of products are some of the key strategies adopted by market players to enhance their market share.
Some of the key observations regarding the smart refrigerator industry include:
- In January 2020, Samsung and LG showcased their artificial intelligence capabilities refrigerator at CES 2020 and are anticipated to launch in the same year for consumers. The latest edition of Samsung’s Family Hub refrigerator and LG’s second-generation InstaViewThinQrefrigerator both tout AI-equipped cameras that can identify food. These cameras can scan inside and let users know what items they’re short on.
- In December 2019, Yunmi Internet Smart Refrigerator launched by Xiaomi. The refrigerator comes with the three-door design and has a 21-inch display to control the settings. It can also be used to learn new recipes, check the weather, or order groceries. With the launch of a smart refrigerator, Xiaomitried to expand its portfolio beyond smartphones and smart TVs.
- In November 2018, Electrolux together with Karma, a Sweden born startup, introduced a smart refrigerator for grocery stores to reduce food waste. A refrigerator, beta, integrated with the Karma’s app and is expected to reduce food waste at grocery stores. The partnership helps to combine Electrolux’s expertise on food preservation with Karma’s knowledge of technology and food waste.
- In August 2017, Samsung Electronics announced to expand the smart feature, voice recognition function of the Family Hub refrigerator in European countries by the second half of this year. Samsung already applied cloud-based voice features to the Family Hub in the U.S. and Korea, and in 2017, the company is aiming to add European languages on a phased basis, starting with British English, French, German, and Italian.
- In January 2017, LG introduced a smart refrigerator embedded with Amazon Alexa virtual assistance technology. This feature allows users to purchase groceries through Amazon Prime by speaking their orders to the appliance.
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