The global smart fridge market size is expected to grow rapidly because of the rising demand for innovative and energy-efficient fridges. The strong sales of smart fridges globally can bolster market growth, shares Fortune Business Insights™ in its report, titled, “Smart Fridge Market, 2023-2030.“
A smart fridge is a household appliance with advanced features that can simplify the consumer’s lifestyle. It is powered by the latest technologies such as voice recognition, touch screen, Bluetooth, and the internet to enhance the consumer’s experience. It offers support through a smartphone application for the easy operation and storage of food. It can signal users when ice or drinks are cooled according to the set temperatures. It offers excellent programmable features and customization to enhance the convenience of users. Its touch screen can be used to indicate the number of items so that it can inform consumers when a particular item is finished.
Manufacturers are focusing on developing energy-efficient and innovative products for their consumers. For example, LG announced its ‘InstaView ThinQ smart refrigerator’ in January 2018 It allows consumers to view the contents inside the fridge by tapping it twice. Therefore, these factors can propel the market growth during the upcoming years.
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Fortune Business Insights™ lists out all the smart fridge market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- AB Electrolux
- Samsung Group
- Haier Group
- Xiaomi Corp.
- Whirlpool Corp.
- LG Electronics
- Panasonic Corp.
- Hisense Group.
Highlights of the Report
- The report offers a study of the latest trends and the leading segments.
- It comprehensively analyzes the impact of COVID-19 and the driving and restraining factors.
- Examines the regional developments and strategies deployed by the key players.
Drivers and Restraints
Rising Adoption of Green Buildings and Residential Constructions to Stoke Market Growth
The demand for smart fridges is increasing due to the rising demand for advanced household applications. Increasing green building and residential constructions would facilitate the demand for great quality household products. For example, as per the Office of National Statistics U.K.’s article titled ‘Construction output in Great Britain: January 2020’, construction activities in the U.K. showcased a spike of 1.4% in January 2020 as compared to the previous year.
Further, the evolving consumer lifestyle and their sedentary lifestyle have led to the adoption of smart home appliances. It examines the contents of the fridge and informs consumers about the fridge’s contents. The adoption of processed and frozen foods can boost the demand for smart refrigerators.
For example, Electrolux and Karma announced a smart fridge for grocery shops in November 2018. It is powered by the Karma app that encourages consumers to purchase unsold items by offering them at reduced costs to lower food wastage. Therefore, these factors can drive the smart fridge market growth.
However, malware issues and security concerns are estimated to hamper market growth.
Segments
By door type, the market is segmented into single door, French door, side-by-side door, and others. Based on application, it is bifurcated into commercial and residential. As per distribution channel, it is divided into online and offline. Geographically, it is grouped into Europe, North America, South America, Asia Pacific, and the Middle East & Africa.
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Regional Insights
Increasing Population and Rising Spending Capacity to Boost Growth in North America
North America is expected to dominate in terms of the smart fridge market share because of the increasing population. For example, as per the United Nations Department of Economic and Social Affairs article, titled, ‘Household Size and Composition around the World’, in 2017, there were approximately 3 people in each household in the United States. In addition, the rising spending capacity and evolving consumer lifestyle would lead to the purchase of smart fridges. Therefore, these factors are responsible for the progress of the region’s market.
In Asia Pacific, the evolving consumer lifestyle and rising per-capita income would lead to the adoption of high-quality home appliances, which, in turn, can boost the product’s demand. The presence of dominant players, such as Hier Group, Xiaomi, LG, and Samsung can enhance the market growth.
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The Global Smart Fridge Market Research/Analysis Report Contains Answers to your following Questions:
- Which Manufacturing Technology is used for Smart Fridge? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Smart Fridge Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Was Global Market Status of Smart Fridge Market? What Was Capacity, Production Value, Cost and PROFIT of Smart Fridge Market?
- What Is Current Market Status of Smart Fridge Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Smart Fridge Market Trends by Taking Applications and Types in Consideration?
- What Are Projections of Global Smart Fridge Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
- What Is Smart Fridge Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is Economic Impact On Smart Fridge Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Smart Fridge Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Smart Fridge Industry?
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the Supply Chain Analytics market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, RandD activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Supply Chain Analytics market
Competitive Landscape
Prominent Companies Introduce Innovative Products to Enhance their Brand Image
Prominent companies operating in the market are announcing innovative products that are energy-efficient and offer smart features to enhance their brand presence. For example, Samsung announced a novel smart fridge powered by a Bixby virtual assistant in July 2019. It provides customized information by detecting the user’s voice. This launch can enhance the consumer’s experience and improve their brand image globally. Further, the adoption of better technology can enable companies to produce energy-efficient products. For example, Samsung announced a slew of SpaceMax Series Side-by-Side Refrigerator in April 2019. This smart fridge provides enhanced space for food storage and improves energy efficiency. This strategy can boost the product’s sales and improve the company’s annual revenues.
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