Smart Refrigerator Market: What are the Future Growth Opportunities? Top Plyers: Danby Appliances, Electrolux, Haier, Hisense Group, LG Electronics, Liebherr Group, Midea Group (Fortune Global 500 Company), Panasonic USA, Samsung Electronics, Whirlpool Co

In this era riddled with the requirement of smart appliances and electronics, the global smart refrigerator market is set to gain a massive momentum during 2020-2026. The integration of touch screen displays and provision of connectivity with the smartphone applications, voice assistants, and search engines have on a large scale enabled the consumers to carry out ample tasks whilst working with or around the fridges.

The rising demand for intelligent refrigerators across the high standard residences in the APAC and North America regions is likely to stimulate smart refrigerator market dynamics over the forecast period. On these grounds, an upsurge in the manufacturing activities and a robust presence of well established brands in the Asian countries are contributing to the high product sales and a feasibility of low-cost options. In essence, China, owing to the significant adoption of the product, is estimated to emerge out as a region leader in the due course of time.

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Smart refrigerator market has witnessed a remarkable surge in sales through online channels. Customers can avail heavy discounts from online sales channels as compared to retail stores. In addition, relative advantages offered in terms of delivery, payment, and installation services, have encouraged people to buy electric appliances from online portals. E-commerce firms have been collaborating with smart refrigerator manufacturers for facilitating faster delivery, advanced offerings, and convenience to customers. For example, in February 2017, LG introduced a smart refrigerator, which incorporates Amazon's virtual assistant, Alexa. The new product facilitates purchase of groceries from Amazon Prime by directing the appliance through voice commands.

Asia Pacific is witnessing growth in disposable income of population, which has driven smart refrigerator industry demand at an appreciable pace. Asia Pacific houses major intelligent appliance brands, resulting in availability of products at low-cost and high sales in the region. China is expected to emerge as a major growth avenue for smart refrigerator market due to the large adoption of smart appliances as compared to other countries.

Moreover, the e-commerce companies and the manufacturers are engaging in collaborations and partnerships to deliver advanced offerings, convenience, and faster delivery for improved customer satisfaction. In light of this, one of the prominent electronics companies, LG, in February 2017 unveiled a smart refrigerator in unison with retail giant, Amazon's Alexa. This enables the consumers to make a purchase through Amazon Prime by voicing out their orders to the appliance.

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Speaking on the same lines, the industry mammoths including Panasonic Corp., Samsung Electronics, Siemens AG, and multiple others, are incorporating new product launches, collaborations, and partnership strategies in the field of intelligent fridges enabling them to sustain a major geographical hold in the market.

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