Smart Refrigerators Global Market Report 2023: Dawn of the IoT at Home Spurs Further Growth in the Sector - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Smart Refrigerators Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global smart refrigerators market will grow from $4.89 billion in 2021 to $5.23 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The smart refrigerators market is expected to grow to $6.84 billion in 2026 at a CAGR of 6.9%.

Asia Pacific was the largest region in the smart refrigerators market in 2022. Western Europe was the second-largest region in the smart refrigerators market. The regions covered in the smart refrigerators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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.

Smart refrigerators are generally more expensive than ordinary refrigerators. Although smart refrigerators have high-tech features and can be controlled via smartphones, the high cost is hindering their growth. Additionally, the high repair cost is a key factor hampering the growth of the smart refrigerator market. Consumers might have to invest more in specific parts that are difficult to locate, and there might also be a shortage of parts for some models in some cases. This results in using second-hand parts.

Popular issues include a non-running refrigerator or having a freezer portion that does not remain cold. The cost to fix these problems ranges between $140 and $200 nationally. The more recent issue with smart refrigerators is hacking. Smart refrigerators are not built with security and can't be protected by antivirus software. Using devices that incorporate hardware, cloud, and software designed to safeguard the appliance is an additional expense. Therefore, the high cost of smart refrigerators is expected to limit the growth of the smart refrigerator market.

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. In July 2020 Samsung launched its connected SpaceMax Family Hub Refrigerator which has additional storage space.

Reasons to Purchase

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Scope

Markets Covered:

1) By Product: Top Freezer Refrigerator; Bottom Freezer Fridge; Side-Sy-Side Refrigerator; French Door Refrigerator

2) By Technology: Wi-Fi; Radio Frequency Identification (RFID); Cellular Technology; Bluetooth; ZigBee; Touchscreen

3) By Door Type: Single; Double; Side by Side; French

4) By End Use: Residential; Commercial

A selection of companies mentioned in this report includes

• Haier
• Samsung Electronics
• LG Electronics Inc.
• Panasonic Corporation
• Whirlpool
• Siemens AG
• Midea Group
• Hisense Co. Ltd.
• Electrolux
• GE Appliances
• AB Electrolux
• Bosch Group
• Liebherr Group
• Frigidaire
• TCL
• Hitachi Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/jrja0l

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