Why Smart Refrigerator Market are Booming So Rapidly? Industry in-Depth Analysis with Growing Trends || Aucma, BSH Hausger�te GmbH, Danby Appliances Inc., Dongbu Daewoo Electronics, Electrolux AB, Frigidaire, Haier Group Corporation, Hisense Co. Ltd., Ken

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.

The introduction of new government initiatives and reinforcement of the already existing initiatives pertaining to the energy efficient appliances would drive the demand of smart refrigerators across the globe. This move would prompt the government and the consumers to ensure the reduced usage of electricity contributing in the market expansion. These governments are also focusing on the use of intelligent products worldwide with an intent of achieving smart home adoption and digitization at a rapid pace. As a matter of fact, the Digital India campaign lays huge emphasis on the use of IoT and the connectivity technologies.

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Rising consumer affinity for smart appliances, which render high efficiency and convenience has resulted in robust growth of smart refrigerator market size. Owing to the incorporation of advanced features, such as connectivity with smartphone apps, voice assistants, and search engines in smart refrigerators, consumer can perform a variety of tasks from a distance. Smart refrigerators are installed with energy control technologies, which limit electricity consumption and support environmental conservation programs.

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.

The online sales channel offer huge discounts and payment offers when compared to the retail stores in the likes of the customers, leading to the high consumer attraction and increased purchase of major electric appliances online.

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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.

Speaking on the same lines, the smart refrigerator market 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. For an instance, Amazon Inc., in August 2017, filed a patent for a spoilage-sniffing refrigerator which is anticipated to include chemical sensors and cameras to sniff out the spoiled food items.

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