Global Smart Refrigerator Market Overview
The key driver impacting the Smart Refrigerator market is the rapidly growing smart home and smart kitchen establishments globally. For instance, as per the National Council for home security and safety, the smart house market would be estimated to reach 40 billion USD in the US by 2020. Also, 57% of Americans say that using smart products in their house saves around182.5 hours per year, or roughly a week and a half. The growing fraction of people owning smart products in their house is observed, with 47% of millennials already own some devices, whereas 70% who already own one product are looking to buy another one. The rising internet penetration and elevated focus of consumers towards buying kitchen appliances with advanced features such as smartphone controls, Wi-Fi connectivity, and voice controls through virtual home assistant are also estimated to be an important factor that adds growth to the market. Moreover, the residential infrastructure transformation contributes to Smart Refrigerator’ market growth in the coming years.
According to Value Market Research, the global Smart Refrigerator market size was valued at around USD 300 million in 2020 and is estimated to grow at a CAGR of about 12.5% during the forecast period 2021 to 2027.
The expanding commercial processed foodservice industry globally demands in the forecast period. For instance, The Institute of Food Technologists the report shows that the worldwide sales of packaged foods and drinks reached $2.1 trillion in 2017 and are estimated to climb at a compounded annual growth rate (CAGR) of 2.2% through 2022. The Middle Asia Pacific and the East/Africa food sectors are likely to increase in the coming years. However, the high product purchasing costs may hamper the market in the long run. Also, the threat of data insecurity negatively impacts the market. The current industry trends, such as the IoT-enabled family hub refrigerator and energy-efficient and technically advanced product launches, are expected to offer new lucrative market opportunities for the key players.
The Smart Refrigerator market is vast, with many local and global players. The Smart Refrigerator market is extensive, with many regional and international players. The important market leaders follow several strategies to raise their market status, such as extending product portfolio, acquisitions, expanding product portfolio, contracts, amalgamation, contracts, acquisitions, product upgrades to enlarge their market share across the globe. The significant players studied in the report include LG electronics, Hisense co. ltd, Haier group corporation, electrolux AB, Siemens AG, samsung electronics co. Ltd, whirlpool corporation, Midea group, GE appliance and Panasonic Corporation.
In this research report, the Smart Refrigerator market is segmented by door type, end-user, distribution channel, and region.
Analysis by Door Type:
By door type, the report is categorized into single, double, side by side, and french. The double door segment dominates the door type segment with over 34% share in 2020. It is due to growing preference from the residential sector, and also key players have been launching smart technology integrated with this category. Moreover, double door Smart Refrigerator are featured with a compact inbuilt freezer on the top, contributes to the massive demand for double door type segment in the coming years.
Analysis by End-User:
By end-user, the report is categorized into residential and commercial. The residential segment dominates the end-user type segment with over 65% in the forecast period. It is due to its increasing purchasing power of consumers, the introduction of digitalization, and sustainability is some of the factors leading to significant acceptance of the product. Moreover, increasing demand for fresh and safe food contributes to the massive market demand for the residential application segment in the forecast period.
Analysis by Distribution Channel:
By Distribution Channel, the report is categorized into online and offline. The offline application segment dominates the distribution channel segment with 75%in the forecast period. It is because large and complex appliances generally account for less than 10% of e-commerce and online retailers as they demand past checks and scanning of the product attributes and functionalities. Moreover, free installation & repairing services at consumer locations, resulting in high demand at retail stores, contribute to the massive market demand for the offline channel segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Smart Refrigerator market, the North America region dominates globally with a 32.5% market share in the forecast period. It is due to the presence of a massive number of the urban population, a rise in the number of nuclear families, high spending power. Moreover, rapid technological advancements and their implementation towards developing smart homes and appliances in this region contribute to tremendous market growth across North America.
Market Segmentation covered in the Report:
By Door Type
- Side by Side
By Distribution Channel
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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