January 13, 2020
According to the research report titled ‘Smart Refrigerator Market Size By Type (Single Door, Double Door, French Door, Door-in-door, Side by Side), By End-Use (Residential, Commercial), By Sales Channel (Retail Channel, Online Channel) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026’, available at MarketStudyReport.com, the global smart refrigerator market is expected to cross USD 7.5 billion by the year 2026.
Increasing government initiatives which promote energy-efficient appliances in order to reduce electricity consumption is a major factor driving smart refrigerator market growth. Smart fridges comprise of smart power control and sensor technologies that reduce the consumption of electricity. Technological advancements in smart refrigerators such as integration of touch screen technology and wireless connectivity with smart phone applications, voice assistants, and search engines are also aiding the expansion of the market.
In terms of sales channel, the online sales channel segment of smart refrigerator market is expected to register substantial growth during the forecast period. Online sales channels offer convenient installation, delivery, and payment services. Moreover, the high sales of electronic appliances through e-commerce websites can be credited the payment offers and discounts provided by them.
Considering the geographical landscape, the governments of Asia-Pacific nations such as India and China are encouraging the growth of electronic manufacturing industries. High presence of key industry players coupled with surging manufacturing activities is leading to increasing availability and sales of low-cost products. According to the report, China will dominate the smart refrigerator market during the forecast period due to rising product adoption rates.
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On the other hand, growing inclination towards smart home equipment and rising per capita income will augment the demand for smart refrigerators across North America.
Xiaomi Corp., Whirlpool Corp., Samsung Electronics, Panasonic Corp., Midea Group, Liebherr Group, LG Electronics Inc., Kenmore, Hisense Co. Ltd., Haier Group Corp., Frigidaire AB, Electrolux AB, Dongbu Daewoo Electronics, Danby Appliances Inc., BSH Hausgeräte GmbH, and Aucma are the prominent companies operating in the smart refrigerator market.
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