I chose Apple as the company, the new product will be launching through. I’m most familiar with Apple and their products, as I use or own majority of their products daily; ranging from laptop/iMacs to iPhones and iPads to the Apple Watch.
The product concept that I chose is a smart refrigerator from Apple that monitors everything that’s inside and tells the consumer when you need to buy more or when food is nearing its expiration date. You can use the touch screen to look up recipes and plan your shopping list. Consumers who also have a HomePod from Apple will be able to have access to additional features, like be able to access your refrigerator data by asking Siri what’s expiring in the refrigerator or being able to control the temperatures and asking Siri to change those, if needed, etc.
According to Gale OneFile, the global smart refrigerator market size is expected to reach $624.7 million by 2025 at an annual growth rate of 13.7%, between 2021 and 2025. According to Statista, the annual growth rate of 13.7% results in $13,414 million by 2025 in revenue. It is predicted that in 2021 8.9% of homes will have smart appliances and will be expected to hit 18.9% by 2025. Smart homes are homes that have smart appliances. These appliances can range from large ones like, refrigerators, washing machines, ovens, etc. to smaller ones likes, microwaves, coffee machines, vacuum and mowing robots, etc.
Although Apple does not currently do anything with appliances such as a refrigerator, I believe that they have an opportunity to enter a world they could succeed at by creating a high-tech, user friendly, modern and sleek design refrigerator. Apple succeeds as allowing all of their current products to work smoothly together and are able to be integrated with one another well when done correctly.
*all forecasts from Statista have been adjusted for expected impact of COVID-19.