Smart Refrigerators Global Market Report 2024

The smart refrigerators market size has grown rapidly in recent years. It will grow from $6.17 billion in 2023 to $6.94 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The historical growth can be attributed to factors such as the growing affluence and changes in lifestyle, concerns about energy efficiency and sustainability, the surge in home automation trends, consumer demands for advanced features, and the increasing connectivity and penetration of the internet.

The smart refrigerators market size is expected to see rapid growth in the next few years. It will grow to $10.41 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The anticipated growth in the forecast period can be ascribed to factors such as the integration of smart kitchen ecosystems, a heightened focus on health and wellness, the integration of data analytics and AI, the incorporation of smart grid and energy management, and the rising trends of urbanization and smaller living spaces. Major trends expected during the forecast period encompass the integration of health and wellness monitoring, collaborative efforts with food and grocery platforms, an emphasis on design aesthetics and customization, the integration of digital shopping and e-commerce, and a focus on environmental monitoring and reporting.

The surge in the adoption of smart cities and smart infrastructures emerges as a pivotal factor propelling the smart refrigerator market's growth. The expanding Internet of Things (IoT) market, coupled with the prevalence of smart home devices such as Google Nest, Ring, and smart fridges, signifies a broader trend of connectivity in everyday items. Companies are increasingly investing in IoT technologies due to the growing interest in smart homes, contributing to the rise of the smart refrigerator market. According to IoT analytics, the global number of connected IoT devices is projected to grow by 9%, reaching 12.3 billion active endpoints, and is expected to expand to 27 billion connections by 2025.

Elevated concerns regarding food spoilage are anticipated to be a driving force behind the smart refrigerators market's growth. Food spoilage, caused by factors such as bacteria, fungi, or enzymes, results in the deterioration of food, making it unsuitable for consumption. Smart refrigerators play a crucial role in preventing food spoilage by monitoring and controlling temperatures, issuing alerts, and suggesting recipes to utilize ingredients before they expire. Globally, about 600 million people, nearly 1 in 10, fall ill each year due to consuming contaminated food, leading to around 420,000 annual fatalities and a loss of 33 million healthy life years, according to the World Health Organization in May 2022. Hence, the escalating concerns about food spoilage are expected to drive the growth of the smart refrigerator market.

Smart refrigerators' comparatively higher costs compared to ordinary refrigerators pose a hindrance to their widespread adoption. Despite their advanced features and smartphone-controlled capabilities, the elevated cost is a limiting factor for the growth of the smart refrigerator market. Additionally, the high repair costs associated with smart refrigerators, including difficulties in locating specific parts and potential shortages for some models, further impede their market growth. Common issues such as non-running refrigerators or malfunctioning freezer sections incur repair costs ranging between $140 and $200 nationally. Furthermore, the emerging concern of hacking in smart refrigerators, lacking built-in security and antivirus protection, adds an extra layer of expense for implementing robust security measures. Consequently, the substantial costs associated with smart refrigerators are expected to restrain the market's growth.

The incorporation of IoT-enabled family hub refrigerators stands out as a prominent trend in the smart refrigerator market. The advanced Family Hub refrigerator introduces innovative features such as remote monitoring of its contents, leaving messages on the White Board, accessing connected doorbell views, thermostat adjustments, CCTV video surveillance, recipe suggestions, shopping recommendations, and more. Samsung Electronics Co. Ltd., a major South Korea-based appliance and consumer electronics company, showcased new additions to its Bespoke Home lineup at CES 2023, expanding the range of connected and customized kitchen experiences. The upgraded lineup includes diverse Bespoke refrigerator models, featuring a larger 32-inch screen to enhance the immersive experience of the Bespoke 4-Door Flex with Family Hub+.

Leading companies in the smart refrigerator market are actively developing Wi-Fi-enabled side-by-side convertible refrigerators to establish a competitive advantage. These refrigerators, equipped with Wi-Fi capabilities, enable remote control through dedicated apps. LG Electronics, a multinational electronics company based in South Korea, exemplifies this trend with the introduction of new Wi-Fi-enabled side-by-side convertible refrigerators in India in September 2023. These refrigerators, part of the 2023 Wi-Fi Convertible side-by-side refrigerator line, offer nine variants with matte and glass finishes, chrome-finished door handles, metallic decorations inside, and a spacious 650-liter capacity. Users can conveniently convert the freezer section into a fridge remotely using the LG ThinQ app.

Major companies operating in the smart refrigerators market report are Samsung Electronics Co. Ltd., Bosch Group, Hitachi Ltd., Siemens AG, LG Electronics Inc. (LG Corporation), Panasonic Corporation, Haier Group Corporation, Midea Group Co. Ltd., Xiaomi Corporation, Toshiba Corporation, Whirlpool Corporation, Sharp Corporation, Kenmore (Sears Holdings Corporation), Liebherr Group, Jenn-Air, Electrolux AB, Frigidaire, Hisense Kelon Electrical Appliances Co. Ltd., TCL Corporation, Arcelik A.Ş. (Arcelik), GE Appliances, Fisher & Paykel, Thermador, Sub-Zero Group Inc., Viking Range, Dacor Inc., Grundig AG, Beko, Gorenje Group, Smeg S.p.A.

Asia-Pacific was the largest region in the smart refrigerators market in 2023. Western Europe was the second-largest region in the global smart refrigerators market share. The regions covered in the smart refrigerators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart refrigerators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Smart refrigerators come in various types, including top freezer refrigerators, bottom freezer fridges, side-by-side refrigerators, and French door refrigerators. The technologies employed in these refrigerators include Wi-Fi, radio frequency identification (RFID), cellular technology, Bluetooth, Zigbee, and touchscreen interfaces. Top freezer refrigerators are known for their energy efficiency and convenient freezing capabilities. These smart refrigerators feature different door configurations such as single, double, side by side, and French doors, catering to both residential and commercial needs.

The smart refrigerators market research report is one of a series of new reports that provides smart refrigerators market statistics, including smart refrigerators industry global market size, regional shares, competitors with a smart refrigerators market share, detailed smart refrigerators market segments, market trends and opportunities, and any further data you may need to thrive in the smart refrigerators industry. This smart refrigerators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart refrigerators market consists of sales of top freezer refrigerators, bottom freezer refrigerators, side-by-side refrigerators, and other smart refrigerators. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.