Smart Refrigerators Market Size To Reach $6.19 Billion By 2030

Smart Refrigerators Market Growth & Trends

The global smart refrigerators market size is expected to reach USD 6.19 billion by 2030, registering a CAGR of 7.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Rapid advancements in IT infrastructure and wireless communication is anticipated to favor the growth. Multiple benefits such as energy efficiency, optimized cooling operations, facilities of digital display of the product expiry, alerts for timely usage of foods are spurring the acceptance of smart refrigerators across the residential and commercial sectors.

French door category is expected to register the fastest CAGR of 14.0% from 2018 to 2025, thereby accounting for a revenue share of 20.2% by 2025. This product generally has 3 or 4 doors to support the expanding number of nuclear families. Moreover, habit of stocking ample groceries due to busy lifestyles and growing trend of storing preserved food are expected to support the growth of this category in near future. French door smart refrigerators also have a wide application in the food service industry and food retailers wherein they need to maintain large stock of products to serve the customers.

In 2018, Electrolux and a Sweden based startup Karma had introduced smart refrigerators for grocery stores. The product is integrated with Karma’s application and will help reduce food wastage. It is designed to efficiently create storage and pickup points for all the unsold products. This facility will help the retailers keep a track of the expiry dates of left over items and sell them off on time.

In 2018, North America led the global smart refrigerators market with a share of 31.2%. Rising purchasing power, awareness about the advantages of the product, and rising standard of living have been driving growth of the regional market.

Asia Pacific is expected to expand at the fastest CAGR of 15% over the next few years. The growing urban population with high purchasing power is expected to favor strong regional demand for smart and connected refrigerators. Moreover, the noticeable rise in adoption of smart appliances is also expected to propel the regional market growth over the forecast period.

Some of the key players operating in the global market include Electrolux AB, Hisense Co. Ltd, LG Electronics, Midea Group, Samsung Electronics Co. Ltd, Siemens AG, GE Appliance, Haier Group Corporation, Whirlpool Corporation, and Panasonic Corporation.

Companies are continuously upgrading and introducing enhanced product features to cater to the changing requirements of the consumers with busy lifestyles. For instance, in 2018, Samsung introduced a new fridge integrated with a 21-inch touch display, cameras, and speakers, to allow the consumers to list down grocery items, read out schedules, view food expiry dates on digital screen, and watch video clips.

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Smart Refrigerators Market Report Highlights

• Double door refrigerators accounted for the largest market revenue share of 33.5% in 2023. This is due to their spaciousness, efficient storage options, and aesthetic appeal.

• French refrigerators are expected to register the fastest CAGR of 7.4% during the forecast period. These doors offer a blend of style and functionality, providing ample storage space while allowing easy access to both fresh and frozen foods.

• The commercial segment is expected to register the fastest CAGR of 7.5% during the forecast period. This growth is due to the need for efficient inventory management, food safety, and cost reduction.

• Offline stores dominated the market with 71.4% share in 2023. Consumers often prefer to physically examine and experience products before making a purchase, especially for high-ticket items such as refrigerators.

• North America smart refrigerators market dominated with 30.1% share in 2023 due to factors such as a high disposable income, early adoption of technology, and a strong emphasis on convenience and home automation.

Smart Refrigerators Market Segmentation

Grand View Research has segmented the global smart refrigerators market on the basis of on door type, end-use, distribution channel and region:

Smart Refrigerators Door Type Outlook (Revenue, USD Million, 2018 - 2030)

• Single

• Double

• Side By Side

• French

Smart Refrigerators End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Residential

• Commercial

Smart Refrigerators Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Offline Stores

• Online

Smart Refrigerators Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

• Australia & New Zealand

  • Thailand

  • Singapore

• Latin America

  • Brazil

• Middle East and Africa (MEA)

  • South Africa

List of Key Players in the Smart Refrigerators Market

• Samsung Electronics

• LG Electronics

• Whirlpool Corporation

• Haier Group

• Panasonic Corporation

• Robert Bosch GmbH

• Siemens

• AB Electrolux

• Midea Group

• Frigidaire