Press release
Smart Refrigerator Market Scope and Opportunities Analysis 2019 – 2029 | Hisense Co. Ltd, Samsung Electronics Co. Ltd, Haier Group Corporation
Smart refrigerators are set to witness notable demand over the period of 2019 to 2029. As per TMRR, factors such as growing need for convenient products and increasing disposable incomes are supporting this growth. Additionally, heavy reliance on technology, supported by its advancement is leading to increase in market worth. It is notable here that smart fridges offer connectivity to other smart products, providing enhanced comfort, convenience, and efficiency to users.
In an increasingly busy world with too much technological clutter to take care of, it is heartening to have devices which can smartly take care of themselves and of the overworked individual, like these refrigerators. Since the millennial populace with such astronomical workloads appreciate smart technology that reduces their involvement in housework, the smart refrigerator market is due to grow in the near future.
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Global Smart Refrigerator Market: Notable Development
The market is witnessing to players deploying effective strategies to claim larger revenue. These are resulting in developments that are quite significant, shaping the vendor landscape for the future.
In 2018, Samsung showcased a new refrigerator with cameras, a touch display and speakers, to provide consumers better assistance with their day to day lives. This not only consolidated the already quite worthy image of the brand but also pushed other brands to step up their game.
Introduced recently, the innovative LG InstaView window lights up and becomes transparent when the appliance is knocked twice on the door, allowing one to check what’s inside the refrigerator without opening the door and losing cold air. This is a notable step forward in terms of development of environment friendly and power saving products.
The global smart refrigerators market is fragmented owing to the presence of a large number of global manufacturers. Some of the major market players in this smart refrigerator include
Electrolux AB
Hisense Co. Ltd
LG Electronics
Midea Group
Samsung Electronics Co. Ltd
Siemens AG
GE Appliance
Haier Group Corporation
Whirlpool Corporation
Panasonic Corporation
These market players recognize the importance of their products to an increasingly technology savvy generation and are hence using market outreach and penetration strategies to increase market hold.
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Global Smart Refrigerator Market: Key Trends and Drivers
Use of advanced technology is growing and becoming common in people’s life. Growth of smart refrigerator market rests on such strides in technology. The developing IT infrastructure and wireless communication technology enable easy integration of refrigerators with mobile devices such as smartphones, laptops, and tablets, which lets consumers control and optimize operations from remote locations. This is set to drive the global smart refrigerators market on an upward growth trajectory.
According to the Centers for Disease Control and Prevention (CDC), a stupendous 48 million Americans are affected by food borne diseases annually. A push for safe storage practices shall benefit the smart refrigerator market. The primary long term benefit of these products is that they significantly increase energy efficiency and save big on electricity costs. Smart refrigerators use less than half of the power used up by traditional refrigerators, while still providing an upscale of storage capacity by 21.9%. This goes vastly in favor of the market
Global Smart Refrigerator Market: Regional Analysis
North America currently leads the market share, which can be attributed to the presence of a huge urban population increasingly living as a nuclear family, with each individual now having a high spending potential. Rapid technological advancements in this region should push the market for smart appliances. Europe too follows suit as the second most popular market for these appliances.
The smart refrigerator market in the Asia Pacific region excluding Japan (APEJ) is expected to show maximum growth potential in the near future owing to a rise of the affluent middle class in these regions, coupled with an increasing awareness and acceptance of latest technologies.
Market Segmentation:
Door Type Outlook (Revenue, USD Million, 2015 – 2025)
Single
Double
Side by Side
French
End-User Outlook (Revenue, USD Million, 2015 – 2025)
Residential
Commercial
Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Offline
Online
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About TMR Research
TMR Research is a premier provider of customized market research and consulting services to busi-ness entities keen on succeeding in today’s supercharged economic climate. Armed with an experi-enced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.
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