Growth of the global market for smart refrigerators: a market of 4.56 billion euros by 2025. The global smart refrigerator market is expected to grow from EUR 2.5 billion in 2020 to EUR 2.9 billion in 2021 at a compound annual growth rate (CAGR) of 16%. The smart refrigerator market includes sales of smart refrigerators and related services used in the residential and commercial sectors.
What is a smart refrigerator?
A smart refrigerator is a programmed high-tech refrigerator that can identify the type of products stored in it and keep track of important information such as expiry date and usage.
What growth for this buoyant market
The growth is primarily due to businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote working, and the closure of business activities.
Smart refrigerators are generally more expensive than regular refrigerators. Additionally, the high cost of repairs is a key factor hindering the growth of the smart refrigerator market. This results in the use of used parts. The most common problems include a fridge that doesn’t work or a freezer portion that won’t stay cold. The cost to resolve these issues varies between €140 and €200 nationwide. The most recent problem with smart fridges is hacking.