The global smart refrigerator market is set to gain a massive momentum during 2019-2026, In this era riddled with the requirement of smart appliances and electronics. The integration of touch screen displays and provision of connectivity with the smartphone applications, voice assistants, and search engines have on a large scale enabled the consumers to carry out ample tasks whilst working with or around the fridges.
The introduction of new government initiatives and reinforcement of the already existing initiatives pertaining to the energy efficient appliances would drive the demand of smart refrigerators across the globe. This move would prompt the government and the consumers to ensure the reduced usage of electricity contributing in the market expansion. These governments are also focusing on the use of intelligent products worldwide with an intent of achieving smart home adoption and digitization at a rapid pace. As a matter of fact, the Digital India campaign lays huge emphasis on the use of IoT and the connectivity technologies.
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Increasing sales of electronic appliances via company online portals and e-commerce websites are likely to boost market share through the estimated period. The convenience of delivery, payment, and installation services provided by these channels are major factors influencing increased purchases from e-commerce platforms.
Further, numerous payment offers and discounts on smart refrigerator prices as compared to retail stores are other drivers attracting a large number of consumers. Major e-commerce companies and manufacturers are also partnering for the provision of faster delivery and advanced offerings, in turn stimulating industry growth.
On the whole, the incorporation of touch screen displays offering greater connectivity with search engines, smartphone applications, and voice assistants in smart fridges are poised to attract a large number of consumers, given that they could accomplish multiple tasks while working around the fridges. These and similar smart refrigerator features are touted to drive revenue growth, fostering smart refrigerator market demand through the estimated period.
Key industry participants are focusing on new product developments having multiple smart refrigerator features by entering into collaborations with various software, technology, and component providers for coming up with technical developments in smart fridges. Citing an example, in August 2017, Amazon registered a patent for a spoilage-sniffing refrigerator fitted with cameras and chemical sensors for sniffing out spoiled food items.
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The rising demand for intelligent refrigerators across the high standard residences in the APAC and North America regions is likely to stimulate smart refrigerator market dynamics over the forecast period. On these grounds, an upsurge in the manufacturing activities and a robust presence of well established brands in the Asian countries are contributing to the high product sales and a feasibility of low-cost options. In essence, China, owing to the significant adoption of the product, is estimated to emerge out as a region leader in the due course of time.
Prominent players in the smart refrigerator market comprise Haier Group, Midea Group, LG Corporation, Bosch Group, Panasonic Corporation, Siemens AG, Liebherr Group, Whirlpool Corporation, Samsung Electronics, and others.
Major Key Points from Table of Content:
Chapter 5. Smart Refrigerator Market, By End-Use (Revenue & Shipment)
5.1. Key trends by end-use
5.2.1. Market estimates and forecast, 2016 – 2026
5.3.1. Market estimates and forecast, 2016 – 2026
Chapter 6. Smart Refrigerator Market, By Sales Channel (Revenue & Shipment)
6.1. Key trends by sales channel
6.2. Retail channel
6.2.1. Market estimates and forecast, 2016 – 2026
6.3. Online channel
6.3.1. Market estimates and forecast, 2016 – 2026
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