What's driving the Smart Refrigerator Market trends? Haier Group, LG Corporation, Panasonic Corporation, Liebherr Group, Samsung Electronics, Whirlpool Corporation, Siemens AG, Bosch Group, and Midea Group
Increasing government & consumer initiatives related to energy-efficient appliances to reduce electricity usage are driving the smart refrigerator market demand across the globe. Smart fridges include smart sensors and power usage control technologies that limit the overall electricity consumption. Several governments across the globe are promoting the use of intelligent products to achieve digitization and smart home adoption at a rapid pace. The governments in Asia including China and India are promoting the development of the electronic manufacturing sector, supporting product availability at low costs. Under the Digital India campaign, the Government of India has been promoting the use of IoT & connectivity technologies further supporting the industry growth.
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Haier Group, LG Corporation, Panasonic Corporation, Liebherr Group, Samsung Electronics, Whirlpool Corporation, Siemens AG, Bosch Group, and Midea Group
Smart Refrigerator Market is expected to exceed USD 7.5 billion by 2026. The growing demand for intelligent refrigerators in residences due to rising household disposable income in the North America and Asia Pacific regions.
The online sales channel is expected to gain higher market share from 2019 to 2026 owing to the high sales of electronic appliances through e-commerce websites and company online portals. Convenient payment, delivery, and installation services offered by these channels are compelling consumers to purchase from e-commerce companies. These portals have huge discounts and payment offers compared to retail stores, resulting in consumer attraction and purchase of major electric appliances online. The manufacturers and E-commerce companies are partnering to provide advanced offerings, faster delivery, and convenience. For instance, in February 2017, LG launched a smart refrigerator integrated with Amazon's Alexa virtual assistant feature. The new product enables users to purchase groceries through Amazon Prime by speaking their orders to the appliance.
Some major findings of the smart refrigerator market report include:
- Rising consumer awareness on the usage and purchase of smart appliances to gain high-efficiency and convenience supports product demand
- Integration of touch screen displays and providing connectivity with smartphone applications, search engines, & voice assistants help consumers to perform various tasks while working around the fridges
- High manufacturing activities and the presence of all major brands in the Asian countries are adding up to the availability of low-cost options and increased product sales. China is expected to lead the market share during the forecast timespan owing to the heavy adoption of the product compared to the other countries
- Prominent companies in the smart refrigerator market are Haier Group, LG Corporation, Panasonic Corporation, Liebherr Group, Samsung Electronics, Whirlpool Corporation, Siemens AG, Bosch Group, and Midea Group
- Market participants are adopting new product launches, partnerships, and collaboration strategies. They are partnering with various technology, software, and component providers to support technical developments in intelligent fridges. For instance, in August 2017, Amazon filed a patent for spoilage-sniffing refrigerator, which includes chemical sensors and cameras to sniff out spoiled food items.
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