Global Smart Fridge Market Report 2022: Sector to Reach $3+ Billion in 2027 at a CAGR of 9.94%
DUBLIN, March 20, 2023 /PRNewswire/ -- The "Smart Fridge Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The smart fridge market is projected to grow at a CAGR of 9.94% over the forecast period to grow to US$3.237 billion in 2027 from US$1.667 billion in 2020.
A smart fridge or smart refrigerator is programmed for sensing the products which are stored inside and also helps to keep a track of the stock via RFID scanning. The refrigerator also helps the user in knowing about the food items which require replenishment.
The monitoring of this smart appliance can be easily managed through any remote location and can be controlled in case of any unauthorized access.
The booming consumer electronics industry, growing preference for customer personalization, and customization are some of the drivers driving the growth of the global smart fridge market. In addition, increasing purchasing power and rising disposable income will further contribute to the adoption of smart fridges due to improved lifestyle conditions.
Region-wise, North America and Europe are expected to hold a significant market share due to the adoption of innovative technologies while the Asia Pacific is considered the fastest growing.
An increase in purchasing power and rising disposable income is further likely to contribute towards the adoption of smart fridges due to the improving lifestyle conditions. Further, another major factor behind the rising demand for smart fridges is the tech-savvy millennial population.
Smart fridges have the capability of connecting to the internet, and very recently there have been new models that can be used to order groceries by simply using voice commands or the touch of a button. For instance, Samsung introduced a model that used "Groceries" through Mastercard mobile app to aid customers in easily ordering and paying for the items they need.
Therefore, the need for effective food management in the residential, as well as commercial sectors, is expected to result in the rising adoption of smart refrigerators. The ability of these products to monitor and control the quality as well as the shelf life of the food and generate user alerts is projected to drive the market.
Apart from the normal cooling and retaining the freshness of the food items, this product also allows users the provision of listing out shopping items, read out schedules, and also stream video clips. Further, the cameras equipped in this fridge display the expiry dates of food for effective usage.
The smart Fridge market in the Asia-Pacific region is expected to witness maximum potential growth in the forecast period. Growing personal disposable coupled with the rising purchasing power of people in the region is likely to expand the growth of the market in this region over the forecast period.
The smart fridge market in Europe, South America and the Middle East, and Africa are also expected to undergo positive growth during the forecast period.
Further, the decreased spending power of the general population due to the economic stir caused a dip in the sales of these smart fridges, thus, negatively affecting the market.
By Product Type
For more information about this report visit https://www.researchandmarkets.com/r/1t3efr
Research and Markets
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SOURCE Research and Markets