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Demand Of Smart Technology Propelling The Growth Of Smart Refrigerator Market

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The smart refrigerator market is segmented by product into top freezer refrigerator, side by side refrigerator, French door refrigerator, bottom freezer refrigerator; by price range into premium, economy and low); by end users into residential and commercial; by distribution channel into online and offline and by region. The smart refrigerator market is anticipated to record a CAGR of around 16.65% during the forecast period i.e. 2019-2027.

On the basis of regional analysis, the smart refrigerator market is segmented into five major regions, North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America market is anticipated to capture the largest market share in the smart refrigerator market owing to advancement in technology, growing digitalization and growth in home appliances industry. With growing demand for IOT enabled services and solutions, market of Asia Pacific is expected to observe a substantial growth. This can be primarily attributed to rising demand for innovative home appliances to address the growing needs of the constantly rising population in this region.

Expanding Urban Population

People are migrating from rural to urban areas on account of increasing job opportunities. The developing urban population over the globe has prompted an interest for reliable and time saving home appliances. Additionally, the appliances industry has witnessed an improved growth of smart and connected appliances. Rising population in urban cities have resulted in a strong demand for IOT enabled appliances which are quick and smart in operations. Additionally, rising application of artificial intelligence in industry is anticipated to further propel the growth of smart refrigerator market over the forecast period.

Improving Lifestyle

Strategic marketing strategies have resulted in improving the awareness about latest technologies across the globe. With the increase in the disposable income of the families, life style of the people has also improved. Changing consumer behavior has created enormous demand for smart appliances which make the lifestyle more comfortable and save time. Such factors are expected to increase the demand for smart refrigerators over the forecast period.

However, high cost of modern technologies is anticipated to be a key restraint for the growth of robotic automation process during forecast period. The high initial investment on smart refrigeration technology, rising cost of raw materials and dependence on highly skilled individuals to produce efficient electronic & communication technologies is expected to contribute towards the rising cost of the end product. Moreover, requirement for regular maintenance of systems also result in increasing the cost. Such factors are expected to restrain the growth of smart refrigerator market across the globe.

The report titled “Smart Refrigerator Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of smart refrigerator market in terms of market segmentation by Product, by price range, by end users, by distribution channel and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the smart refrigerator market which includes company profiling of AB Electrolux, Haier Group Corporation, LG Electronics, Samsung Electronics Co. Ltd, Whirlpool Corporation, GE Appliance, Siemens AG, GE Appliance, Hisense Co. Ltd., Midea Group, Panasonic Corporation and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the smart refrigerator market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.    

 


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