Global Smart Refrigerator Market: Overview
A smart refrigerator refers to those refrigerators that are connected to the cloud technology. Depending on the features that are integrated into the refrigerator, it allows the user to do things such as allowing calendar entries on the screen of the fridge, receive and send notes, and use one’s smartphones to see what is inside. It even sends alerts if the door of the fridge is left open. The global smart refrigerator market is estimated to observe growth in the increased penetration of intelligent appliances.
There has been a rise in the awareness about the benefits of smart refrigerators and smart home establishments, which is expected to drive the growth of the global smart refrigerator market over the period of analysis. Consumers in the developing countries are increasingly making a shift toward intelligent home appliances so as to benefit from the features of internet connectivity and diminish consumption of power. Smart refrigerators are gathering momentum from its ability to enable smartphone connectivity, which allows remote operations. Such features are likely to encourage growth of the global smart refrigerator market in the years to come. In addition, the global smart refrigerator market is also estimated to gather momentum from its ability to control use of technology and encouraging environment friendliness.
The global smart refrigerator market is likely to be adversely impacted by the ongoing outbreak of coronavirus, which has wreaked havoc across the globe taking lives and livelihood. The market is likely to witness fall in demand due to job losses and lockdowns. However, once lockdowns are lifted and business returns to normal, it is expected to gather momentum gradually.
Type, end use, sales channel, and region are the four important parameters based on which the global smart refrigerator market has been categorized. The sole aim of such segmentation is to offer a clearer and detailed view of the global smart refrigerator market.
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Global Smart Refrigerator Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global smart refrigerator market is mentioned below:
- In January 2018, South Korea-based electronics manufacturing giant, LG Electronics is giving its Alexa integrated smart refrigerators or Alexa refrigerators a boost and has brought in new branding. Now branded as InstaView ThinQ Refrigerator, the fridge will make use of artificial intelligence integrated onto it to establish connection and interact with other appliances of ThinQ-brand.
Some of the prominent organizations in the global smart refrigerator market include the below-mentioned:
- LG Electronics
- Haier Group Corporation
- Panasonic Corporation
- Samsung Electronics Co. Ltd
- Hisense Co. Ltd
- Whirlpool Corporation
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Global Smart Refrigerator Market: Key Trends
The global smart refrigerator market is characterized by the presence of the following restraints, drivers, and opportunities.
Rapid Progress in Wireless Communication Technology to Present Lucrative Growth Opportunities
The global smart refrigerator market is estimated to be influenced by the integration of advanced communication technologies to build a user friendly yet energy efficient appliances for better lifestyle of people. Rapid progress in the wireless communication and IT infrastructure allow hassle-free assimilation of refrigerators with smartphones or tablets or laptops. This integration of smart gadgets allows the users to optimize and control operations of fridge from far off places. Remote operation is one important factor that is likely to support growth of the global smart refrigerator market over the timeframe of analysis.
Smart refrigerators also help in minimizing or doing away with food wastage, which further likely to drive the demand for the product. It comes with ability to control shelf life of food products, which is estimated to work in favor of the market in the near future.
Global Smart Refrigerator Market: Geographical Analysis
Smart refrigerator market in North America and Europe are estimated to present substantial growth opportunities for the market players. High demand for these refrigerators together with availability of substantial disposal income and tech savvy consumers is likely to support growth of the market in North America and Europe.
Asia Pacific is a rapidly growing region in the global smart refrigerator market due to rising disposable income of the people and aggressive marketing strategies by the manufacturers of the consumer goods in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.