The refrigerator market is quite saturated and some key established brands have dominated the market. How much they are spending on innovations and what strategies they are employing to maintain their market shares.
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The refrigerator market is quite saturated and some key established brands have dominated the market. How much they are spending on innovations and what strategies they are employing to maintain their market shares.
The major global key players are
These players are catering the market with new product launches. They are effectively using innovative work to design high-quality refrigerators to retain their competitive position in the market.
Refrigerator manufacturers are trying to develop environmentally friendly designs which pose minimum threats to the environment. One of the aims of refrigerator manufacturers’ is to develop eco-friendly refrigerants such as isobutene refrigerant which is naturally occurred and results in low global warming.
Recently, the newly launched products have an Energy Star Label.
Refrigerator producers have also introduced the Internet of Things (IoT) technologies. The technology can detect information related to food items such as expiry dates and food quantity, and then transmit the information to the users through mobile applications.
A smart refrigerator can detect the type of food items. It collects the data through Radio-frequency identification (RFID) system or barcode related to the usage and expiry of food items.
In 2016, Liebherr digitalized the refrigerator and freezer for IoT applications. The innovation facilitated the user in simplifying their household routine. Samsung and LG spearheaded in the smart refrigerator market, and have been offering a wide range of products globally.