Smart refrigerator market is expected to expand at a CAGR of 15.5% over the forecast period i.e 2017-2024. Smart refrigerator market is expected to witness a lucrative growth in near future owing to rise in need for advanced refrigerator for the consumers.
— “Smart Refrigerator Market: Global Demand Analysis & Opportunity Outlook 2024”
The global smart refrigerator market is segmented into technology such as Wi-Fi, radio frequency identification (RFID), cellular technology, Bluetooth, zigbee and touchscreen. Among these segments, bluetooth segment is expected to grow at highest CAGR in overall global smart refrigerator market during the forecast period. Growing demand for advanced refrigerators in the consumers is believed to impetus the growth of the smart refrigerator over the forecast period.
Global Smart Refrigerator Market is expected to flourish at a significant CAGR of 15.5% over the forecast period. Increasing disposable income and expanding urban population all across the globe is anticipated to drive the growth of the global smart refrigerator market over the forecast period. Moreover, rising technological advancement in electronics and communication sector is expected to intensify the overall market of smart refrigerator over the forecast period i.e. 2018-2024.
In 2017, North America dominated the overall smart refrigerator market and is expected to continue its control over the forecast period. Growing awareness among the customers regarding smart refrigerator is projected to accelerate the growth of the market in the upcoming years which in turn is likely to propel the demand for smart refrigerator. Europe smart refrigerator market is anticipated to witness robust growth during the forecast period. Further, rising purchasing power and improving lifestyles is expected to positively impact the growth of the global smart refrigerator in Europe.
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Rising Disposable Income and Expanding Urban Population
The growing urban population across the globe, characterized by urban upper class and high net worth individuals, has led to a strong demand for smart and connected products such as smart TV and smart refrigerators. Further, this factor is believed to positively impact the growth of the smart refrigerator over the forecast period. Moreover, rising trend of adoption of smart appliances all across the globe is anticipated to intensify the growth of global smart refrigerator market over the forecast period.
Technological Advancements in Smart Refrigerators
Increasing technological advancement in smart refrigerators such as wireless connectivity through smart phones and other smart devices is expected to positively drive the growth of the global smart refrigerator market over the upcoming years. Apart from this, massive adoption of advanced refrigerators with high end features is providing many opportunities for the smart refrigerator manufacturers to grow and diversify their portfolio. However, high cost of smart refrigerators and lack of awareness about the benefits of smart refrigerators in undeveloped regions are some of the key factors which are expected to limit the growth of global smart refrigerator market over the forecast period.
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The report titled “Smart Refrigerator Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global smart refrigerator market in terms of market segmentation by product, by technology, by price range, 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 global smart refrigerator market which includes company profiling of AB Electrolux, Haier Group Corporation, LG Electronics, Samsung Electronics Co. Ltd, Whirlpool Corporation, Siemens AG, GE Appliance, Hisense Co. Ltd., Midea Group and Panasonic Corporation. 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 global 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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