Smart Refrigerator Market size is set to surpass USD 7.5 billion by 2026; according to a new research report by Global Market Insights, Inc. 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 2019-2026. 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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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.
For any market to reach significant heights, the distribution and sales channels play a vital role and in this era of digitization, the online sales channel for smart refrigerator industry is expected to garner phenomenal gains over the stipulated time period. This is attributable to the burgeoning sales of electronic appliances through vivid e-commerce platforms and company online portals. The ease of payment, installation, delivery, and no mess in installation have provided an added on advantage for the growth of online sales business across the market, engaging more and more customers to the seamless buying experience.
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 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. 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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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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