Tuesday, 11 May 2021 10:18 GMT

Global Smart Refrigerator Market 2021 Segmentation, Gross Margins, Sales Revenue, Business Strategy and Key Players Analysis and Regional Forecast 2024 | Says Kenneth Research

(MENAFN - America News Hour) Kenneth Research has recently added a report titled Global Smart Refrigerator market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2024. Global Smart Refrigerator market is further anticipated to grow with a CAGR of 15.5% during the forecast period. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.

Smart Refrigerator Market overview

Smart refrigerator are also known as internet refrigerator. It is a technologically advanced refrigerator which is programmed to sense what kind of products is being stored inside it and thus it keeps the record through barcode or RIFD scanning. This kind of refrigerator is often equipped to determine whenever a food item needs to be replenished. This refrigerator allows for more efficient food management. It is remotely monitored and controlled (via: smart phones). It has an LCD panel for information display and interaction.

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Market size and forecast

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. Rapid growth in urbanization change in lifestyle is estimated to attract consumers to buy smart refrigerator .

'Final Report will add the analysis of the impact of COVID-19 on this industry.'

The demand for smart refrigerator is rising owing to growing concern for electricity cost and availability of innovative and affordable smart refrigerators in the market. North American market is presently dominating in the smart refrigerators market, owing to favorable market conditions and adequate awareness among the customers regarding smart refrigerator. Europe is the second leading region.

Asia-Pacific is expected to have a robust growth over the forecast period, owing to rise in the demand for smart refrigerator in the China, India and Japan. Rising personal disposable along with increasing purchasing power of people in these countries is anticipated to expand the growth of the market in Asia Pacific region over the forecast period.

Growth Drivers and Challenges

Disruptive technology and increasing customer personalization and customization is expected to drive the global smart refrigerator market over the forecast period i.e. 2017-2024. Technological advancement in electronics and communication sector and the growing need for energy efficiency is projected to impel the growth of smart refrigerator market during the period 2017-2024. Additionally, purchasing power and improving lifestyles would also foster the demand for smart refrigerator, globally.

Quick developments in Information Technology infrastructure and topology of wireless communication are the major factors lifting the integration of smart refrigerators with mobile devices such as laptops, smartphones, and tablets. Wireless communication plays vital role in monitoring and controlling refrigerator from remote locations, to reduce electricity consumption. Wi-Fi technology is mostly used in homes and commercial establishments as an alternative to wired LAN. Presently, this technology has emerged as an effective technology to operate a large number of refrigerators from remote locations which is further likely to boom the growth of smart refrigerator market in the next few years.

However, the higher cost of smart refrigerator is likely to dampen the global growth over the forecast period. Lack of awareness related to benefits and as well as proper utilization of technologies is the major factor which is expected to hamper the growth of the market in the next few years.

Key Players

The key players of smart refrigerator market are as follows:

AB Electrolux
Haier Group Corporation
LG Electronics
Samsung Electronics Co. Ltd
Whirlpool Corporation
Siemens AG, GE Appliance
Hisense Co. Ltd.
Midea Group
Panasonic Corporation

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Market Segmentation

Our in-depth analysis segmented the smart refrigerator market in the following segments:

By Product

Top freezer refrigerator
Bottom freezer fridge
Side-by-side refrigerator
French door refrigerator
By Technology

Radio frequency identification (RIFD)
Cellular technology
By Price Range

By Distribution Channel

Offline Channel
Online Channel
By Region

Global Smart Refrigerator Market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

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About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products' demand, growth and opportunities for new and existing players .

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James Bullock

James Bullock is a Research Expert with a demonstrated history of working in the professional training & coaching industry. Strong professional skilled in business strategy , Strategic Planning, Research Strategy, and Marketing. also have interest in new innovations and technology


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