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Smart Refrigerators Market Size, Share Analysis, Industry Insights, Growth, And Forecast To 2033
Smart Refrigerators Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increasing affluence and lifestyle changes, energy efficiency and sustainability concerns, rise in home automation trends, consumer demand for advanced features, increasing connectivity and internet penetration.
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 growth in the forecast period can be attributed to smart kitchen ecosystem integration, focus on health and wellness, data analytics and ai integration, smart grid and energy management integration, increasing urbanization and small living spaces. Major trends in the forecast period include integration of health and wellness monitoring, collaboration with food and grocery platforms, focus on design aesthetics and customization, digital shopping and e-commerce integration, environmental monitoring and reporting.
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Market Drivers and Trends:
The rise in the 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, the 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. according to IoT analytics the global number of connected IoT devices to grow by 9% to 12.3 billion active endpoints and grew to 27 billion connections by 2025. Therefore, companies are investing more in IoT due to growing interest in the smart home and this factor is driving the market for smart refrigerators.
The IoT-enabled family hub refrigerator is a key trend in the 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. For instance, in February 2023, Samsung Electronics Co. Ltd., a South Korea-based major appliance and consumer electronics company, revealed new additions to its Bespoke Home lineup for connected and customized kitchen experiences at CES 2023. This expanded lineup encompasses a broader selection of Bespoke refrigerator models, a larger 32-inch screen to enhance the immersive experience of the Bespoke 4-Door Flex with Family Hub+.
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Major Key Players of the Market:
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.S. (Arcelik), GE Appliances, Fisher & Paykel, Thermador, Sub-Zero Group Inc., Viking Range, Dacor Inc., Grundig AG, Beko, Gorenje Group, Smeg S.p.A.
Smart Refrigerators Market 2024 Key Insights:
• 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%.
• Smart Refrigerators Market Growth Fueled By Iot And Smart Home Trends
• Innovative Features Of The IOT-Enabled Family Hub Refrigerator
• Asia-Pacific was the largest region in the smart refrigerators market in 2023
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