The global smart refrigerators market was valued at USD 3.9 billion in 2021 and is projected to expand at a CAGR of 18.2% from 2022 to 2030. Smart refrigerators are equipped with advanced features such as convenience, enhanced connectivity, and energy savings. Smart refrigerators come with features such as voice-activated assistants, touchscreen displays, or built-in cameras. For instance, in May 2021, LG Electronics Inc. launched its new InstaView ThinQ refrigerator with Amazon Alexa and Google assistant compatibility that allows customers to control their refrigerator remotely.

Rising consumer awareness regarding the benefits of smart refrigerators is estimated to propel the market growth over the forecast period. Smart refrigerators offer convenience to consumers and also help to reduce energy consumption. Furthermore, the increasing adoption of smart appliances by consumers is expected to fuel the market growth in the coming years. For instance, in November 2021, Samsung Electronics Co. Ltd. launched Samsung Family Hub refrigerator with a 21.5-inch touchscreen display, powerful speakers, and a built-in camera that allow users to view and manage the contents of their refrigerator from anywhere, anytime.

The rapidly increasing demand for energy efficient products is driving the market for smart refrigerators. The increasing awareness of the need to reduce energy consumption is driving the growth of the market. Furthermore, the introduction of stringent regulations to reduce energy consumption is expected to boost the market growth. For instance, in October 2021, the European Union introduced a new regulation to reduce energy consumption in household appliances, which includes refrigerators.

The increasing trend of connected homes is driving the market growth. Smart refrigerators are widely used in connected homes as they allow users to control their fridge remotely. Furthermore, new product launches are expected to fuel the market growth in the coming years. For instance, in January 2021, Whirlpool Corporation launched its new smart refrigerator with advanced features such as voice assistant and an app that allows users to control their refrigerator from their smartphones.

The increasing presence of online retail channels is also aiding the growth of the market. Online retail channels such as e-commerce websites and mobile applications are providing convenience to consumers as they can purchase the product without visiting the store. Furthermore, the increasing popularity of online retail channels is expected to further propel the market growth. For instance, in April 2021, Amazon.com Inc. launched its new smart refrigerator, Amazon Basics Smart Refrigerator with Alexa, in the United States.

The smart refrigerators segment accounted for the highest market share in 2020 and is expected to register a CAGR of 10.2% over the forecast period. The growing adoption of smart refrigerators is attributed to the growing demand for convenience and comfort, along with the rising awareness of energy-saving solutions. In addition, technological advancements such as Wi-Fi connectivity, voice controls, automatic water and ice dispensers, and energy-efficient features have further increased the demand for advanced smart refrigerators. According to an article published by IHS Markit, in August 2020, smart refrigerators represent nearly 10% of the global refrigerator market.

Moreover, the increasing trend of healthy eating, along with advancements in food preservation and storage technologies, have further increased the demand for smart refrigerators with features such as multi-temperature settings and advanced cooling systems. Furthermore, the introduction of smart appliances in the market has led to the introduction of refrigerators with enhanced connectivity and user-friendly features, thus boosting the overall market.

The supermarkets and hypermarkets segment captured the major share of over 39.3% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase home appliances. According to a study by Consumer Reports in 2020, there has been a major shift in consumer preference towards smart refrigerators. This is mainly due to the convenience of managing food items and checking expiration dates through smart voice-enabled refrigerators. These establishments also provide a reasonable selection of products and assist customers in making rapid purchasing decisions for the required device.

The online segment is anticipated to expand at the highest CAGR of 12.9% over the forecast period. E-commerce development in the home appliance industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in December 2022, Amazon launched Alexa-enabled refrigerators, which allows customers to order groceries, play music, set reminders, and check the weather. The website will also offer the best brands and products for smart refrigerators along with expert advice and opinions on choosing the best device.

The freestanding segment held the leading share in the market in the year 2022. The rising adoption of freestanding smart refrigerators is attributed to their low installation cost and ability to fit in small spaces. Furthermore, there is no need for installation, which makes them an ideal choice for households. Moreover, the growing demand for energy-efficient products with stylish designs and large storage capacity is driving the freestanding segment.

The built-in segment is expected to register the highest CAGR of 10.7% during the forecast period. This is attributed to the growing trend of integrated kitchens and its increasing popularity among the middle and upper-middle-income segment. Furthermore, the increasing disposable income of consumers in developed countries has enabled them to invest in smart refrigerators. Moreover, the growing concerns regarding environmental issues are also driving the demand for built-in smart refrigerators as they consume less energy and require less space.

North America is expected to dominate the global smart refrigerators market with a market share of around 36.2% in 2022. Smart refrigerators are gaining high traction in this region due to the rising demand for energy-efficient appliances in this region. Moreover, the presence of several prominent players, such as Samsung and LG, is further driving the growth of the market in this region.

In Europe, smart refrigerators are becoming increasingly popular on account of the rising awareness about their benefits, such as optimal energy efficiency and cost savings. Moreover, the increasing availability of these products in the region is further propelling their demand.

In Asia Pacific, the growing focus on energy efficiency, along with the introduction of several government policies and initiatives to encourage the adoption of smart refrigerators, is expected to drive the growth of the market in the region. Moreover, the increasing disposable incomes of consumers in developing countries, such as China and India, is further expected to drive the growth of the market in the coming years.

In this part of the smart refrigerators products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your smart refrigerators products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a smart refrigerators products business comes from the sale of products and services. Here you will find a list with a description of each of them and other possible sources of profit such as partnerships, advertising, and leasing the products for parties and corporate events.

Projecting Expenses
In this section, all the regular expenses related to keeping the smart refrigerators products business running will be described. The list of operating expenses includes product development costs, wages, utilities, insurance policies, advertising, and others.

Some of the key companies operating in the smart refrigerators market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Samsung launched the Family Hub 4.0 refrigerator with features such as a large 21.5-inch touchscreen and a range of apps including a meal planner.

– In August 2022, LG Electronics launched the InstaView ThinQ refrigerator with features such as a voice recognition system, home-monitoring system, and the ability to control the refrigerator remotely.

– In October 2022, Whirlpool launched the Smart Refrigerator with features such as temperature mapping and built-in camera technology.

Some of the prominent players in the smart refrigerators market include:

– Samsung
– LG Electronics
– Whirlpool Corporation
– Haier Group
– Panasonic Corporation
– Electrolux AB
– BSH Home Appliances Group
– Sub-Zero Group, Inc.
– Viking Range Corporation
– Liebherr Group

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global smart refrigerators market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Bottom Freezer
– Side-by-Side
– Top Freezer
– French Door
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Connected
– Non-Connected

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are Smart Refrigerators?
[A]: Smart refrigerators are innovative appliances that are connected to the internet and are powered by artificial intelligence (AI). These refrigerators are equipped with numerous features, such as voice command, camera, and sensors, which enable them to perform tasks, such as automatically restocking, analyzing food consumption patterns, and providing personalized shopping list recommendations.

[Q]: What are the Advantages of Smart Refrigerators?
[A]: Smart refrigerators offer a range of advantages, such as energy efficiency, convenience, better food management, and improved food safety. Smart refrigerators are more energy efficient, as they are equipped with sensors and features such as door-open alarms, temperature controls, and automatic defrosting. Smart refrigerators also provide convenience with features such as voice commands, mobile apps, and cameras, which allow users to control and monitor the refrigerator from anywhere. Additionally, they help manage food better by providing personalized shopping list recommendations and analyzing food consumption patterns. Finally, they can help improve food safety by providing alerts if food is not stored in the refrigerator correctly or has expired.

[Q]: Who are the Major Players in the Smart Refrigerator Market?
[A]: Major players in the smart refrigerator market include Samsung, LG, Whirlpool, Electrolux, Panasonic, Haier, and Bosch.

[Q]: What is the Growth Potential of the Smart Refrigerator Market?
[A]: The global smart refrigerator market is expected to grow at a compound annual growth rate (CAGR) of 8.4% during the forecast period from 2021 to 2026. Growing demand for energy-efficient and smart home appliances is expected to drive the growth of the smart refrigerator market. Additionally, increasing disposable incomes and rising awareness about the various benefits of smart refrigerators are expected to further propel the growth of the market.