What is Smart Fridge Market?
Smart refrigerators can be defined as a high-tech programmed fridge along with the abilities such as detection of items stored inside it and tracking & monitoring of expiry & freshness of items. The smart fridge works on a barcode RFID system which also allows to scan the items in order to track the status. The global smart fridge market is expected to grow at a moderate pace during the forecast period, according to the AMA study. The increasing demand for smart & advanced kitchen appliances across commercial and residential applications is expected to be one of the major factors aiding the growth of the market. However, the market is expected to witness a decline in growth during FY 2020 but it is again expected to rise at a healthy pace after the COVID-19 pandemic is over.
The market study is being classified by Type (Single Door, Double Door, French, Side-by-Side, Bottom Freeze and Others), by Application (Residential and Commercial) and major geographies with country level break-up.
AB Electrolux (Sweden), BSH Home Appliances Group (Germany), Frigidaire (United States), GE Appliances (United States), Haier Inc. (United States), Hisense (China), Hitachi (Japan), Transform SR Brands LLC (United States), Liebherr Appliances (Denmark), LG Electronics (South Korea), Midea Group (China), Panasonic (Japan), Samsung Electronics (South Korea), Whirlpool Corporation (United States) and Xiaomi Global Community (China) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Smart Fridge market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Smart Fridge market by Type, Application and Region.
On the basis of geography, the market of Smart Fridge has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Demand for Advance Kitchen Appliances
- Growth in Consumer Electronics Industry Propelled by Rising Purchasing Power of Customers
- Growing Adoption of IoT Enabled Home Appliances
- High Cost of Smart Fridges Hampering the Growth of Market
- Opportunities Across Asia Pacific Region
- Rising Smartphone Penetration Worldwide will Generate Huge Opportunities for Market Vendors During the Forecast Period
- Reduced Investments Across Consumer Electronics Sector Owing to COVID-19 Pandemic has Impacted the Demand for Smart Fridge in the FY 2020
Stringent Government Regulations Regarding Shutting Down of Operations Across Different Sectors Worldwide Due to the COVID-19 Pandemic is Impacting the Demand for Smart Fridge Globally
Analyst CommentSince the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The impact of the COVID-19 has already hit many industries and will affect the global smart fridge market in FY 2020. The outbreak of COVID-19 has brought effects on many aspects, like scheduled public transportation cancellations; downfall in the real estate sector; travel bans and quarantines; closed operations across hotels & restaurants; banning of public gatherings & events; large slow-down in the supply chain of different markets; stock market unpredictability; declining business assurance, and uncertainty in the future market dynamics.
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