Global Smart Refrigerator Market Valuation to Cross USD 7.5 Billion By 2026

December 01, 2020

According to the research report titled ‘Smart Refrigerator Market Size By Type, By End-Use, By Sales Channel Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, global smart refrigerator market is expected to reach a valuation of USD 7.5 billion by the year 2026.

Surging disposable income have augmented the demand for advanced refrigeration systems, which in turn is a key factor driving the growth of global smart refrigerator market. Increasing awareness regarding availability of refrigerators with high convenience and efficiency coupled with integration of advanced technologies in refrigeration systems are also contributing towards the industry remuneration.

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Supportive government initiatives which promote digitalization as well as the use of energy-efficient appliances in order to reduce electricity usage are fueling global smart refrigerator market size. Rapid expansion of consumer electronics sector along with availability of smart refrigerators with power usage control and sensors are facilitating the business scenario.

As per type, global smart refrigerator market is segmented into side by side, door-in-door, French door, double door, and single door. The end-user scope of the overall market comprises of commercial and residential.

In terms of sales channel, the market is bifurcated into online channel and retail channel. The report states that online sales channel segment of global smart refrigerator market is estimated to amass notable gains in the ensuing years, primarily driven by increasing sales of electronic applications on e-commerce platforms.

Moreover, online sales channels offer convenient payment systems, deliveries as well as installation services. Besides, various leading companies are partnering with e-commerce platforms in order to provide convenience, faster delivery and advanced service offerings, which in turn is augmenting worldwide smart refrigerator market share from online sales channels.

From the regional point of view, Asia-Pacific smart refrigerator industry size is likely to project considerable growth in the forthcoming years, with China being the largest revenue generator. High concentration of prominent companies and rising adoption of advanced technologies are facilitating the business scenario in China

Speaking of which, the prominent companies operating in global smart refrigerator market are Midea Group, Xiaomi Corporation, Whirlpool Corporation, Samsung Electronics Co. Ltd., Panasonic Corp., Liebherr Group, Kenmore, LG Electronics Inc., Hisense Group, Haier Group Corporation, Frigidaire Appliance Company, Electrolux AB, Dongbu Daewoo Electronics Corp., Danby Products Inc., BSH Hausgeräte GmbH, and Aucma Co. Ltd. among others.

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