Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Smart Refrigerator market.
Trusted Business Insights presents an updated and Latest Study on Smart Refrigerator Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Smart Refrigerator market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ Smart Refrigerator Market: by Technology (Wi-Fi, Bluetooth, RFID, and Others) by Distribution Channel (Online and Offline) by Application (Residential and Commercial)-Global Industry Analytics, COVID-19 Business Impact, and Trends, 2020 -2029
Smart refrigerator market is expected to witness substantial rise over the coming years considering to the rising disposable income in various developing countries of Asia Pacific region. China is the major attraction for market players. It is projected that by 2021, smart refrigerators shipments will reach almost 10 Million units in China as compared to about 5 Million units in 2018. Similarly, the overall refrigerator market in India was valued at USD 1.5 Billion and is estimated to reach USD 3.6 Billion of which, smart refrigerators are anticipated to make vital contributions. Further, key manufacturers such as Panasonic, LG, and Samsung are focusing on developing strategic partnerships with various regional suppliers of to increase their product offerings and gain a competitive advantage in the market. Thus, the smart refrigerator market will grow over the forecast period.
Increasing adoption of numerous online platforms is fueling the demand for smart refrigerators. In 2018, it was valued that around 70% of Americans that have minimum income of USD 150 thousand, have Amazon Prime membership. Further, in 2018, the worldwide number of online consumers reached 1.6 billion in comparison to 1.07 billion in 2013. With the increasing adoption of mobile shopping, this number is expected to increase over the forecast period. Thus, it is expected that the usage on online platforms will boost the demand for smart refrigerator market.
The smart refrigerator market is bifurcated on the basis of technology, distribution channel, application, and region. Based on technology, the global smart refrigerator market is split into Wi-Fi, RFID, Bluetooth, and others. The Wi-Fi segment is anticipated to hold a huge share of the smart refrigerator market during the estimated period. This share is due to the high number of users opting for Wi-Fi technology in their smart home. On the basis of distribution channel, the global smart refrigerator market is divided into online and offline. The online segment is projected to rise at a considerable rate due to the growing adoption of internet by numerous retailers and distributors to broaden their customer base.
North America is projected to hold a substantial share of the global smart refrigerator market over the forecast timespan. The U.S. is considered as a major contributor in terms of revenue for the smart refrigerator market in this region considering the rising demand for the product in residential sector. Europe is expected to grow at a notable rate in the smart refrigerators market due to the increasing usage in various commercial places such as restaurants, retail outlets, hotels and many more.
Top players in the smart refrigerator market are LG Electronics, Samsung Electronics, Electrolux AB, Haier Group Corporation, Whirlpool Corporation, Panasonic Corporation, Hisense Co. Ltd., GE Appliance, and Midea Group among others. Major market players are focusing on collaborating with other organizations in the IoT technology. One such example is that of LG Electronics. The company has collaborated with Amazon and is now offering built in Alexa in its smart refrigerators.
The report segment of global smart refrigerator market as follows:
Global Smart Refrigerator Market: Technology Segment Analysis
Global Smart Refrigerator Market: Distribution Channel Segment Analysis
Global Smart Refrigerator Market: Application Segment Analysis
Global Smart Refrigerator Market: Regional Segment Analysis
Middle East and Africa
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