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Rapid Urbanization Coupled with Changing Lifestyle of the Consumers is Anticipated to Flourish the Growth of Smart Refrigerator Market by 2024, according to Research Nester

Rapid Urbanization Coupled with Changing Lifestyle of the Consumers is Anticipated to Flourish the Growth of Smart Refrigerator Market by 2024, according to Research Nester

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.

“Smart Refrigerator Market: Global Demand Analysis & Opportunity Outlook 2024”

The global smart refrigerator market is segmented into product type such as top freezer refrigerator, bottom freezer fridge, side-by-side refrigerator and french door refrigerator. Additionally, bottom freezer fridge segment is believed to capture the largest market in overall smart refrigerator market by 2024. Moreover, top freezer refrigerator segment is anticipated to mark a significant CAGR over the forecast period. In addition to this, expansion of urban population across the globe and adoption of innovative technology are the major factor propelling the growth of smart refrigerator market.

Global smart refrigerator market is expected to register a CAGR of 15.5% over the forecast period. Moreover, the global smart refrigerator market is projected to reach at noteworthy sales during the forecast period i.e. 2017-2024. The market of smart refrigerator is expanding on the back of rising demand for advance refrigeration system.

The wi-fi segment by technology is projected to grab the largest market in overall smart refrigerator market. Further, swift advancement in technology for instance integration of wi-fi into refrigerator is also positively impacting the growth of smart refrigerator market. In terms of geography, North America and Europe are the major regional market for smart refrigerator. In North America, U.S. has been the dominating region in the smart refrigerator market owing to rising disposable income coupled with availability of innovative smart refrigerator in the market.

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Rapid Urbanization

The rising urban population across the globe, characterized by urban upper class and high net worth individuals, has led to a strong demand for smart and connected products such as smart refrigerators and others. Further, the urban population in developing countries such as India is expected to reach 41.8% of the world’s total population by 2030, characterized by high income individuals that are expected to fuel the demand for smart refrigerators over the forecast period i.e. 2017-2024.  

Swift Advancement in technology

Increasing research and development activities in order to modernize the existing refrigerator system by major key players is predicted to bolster the market of smart refrigerator across the globe. Furthermore, rising trend of adoption of smart appliances is providing many opportunities for the smart refrigerator manufacturers to grow and diversify their portfolio. On the contrary, high cost associated with smart refrigerator and lack of awareness regarding smart home products such as smart refrigerator is anticipated to hamper the growth of smart refrigerator market during the forecast period.

The report titled “Smart Refrigerator Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global smart refrigerator market in terms of market segmentation by product type, by technology type, by price range, by distribution channel and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

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This report also provides the existing competitive scenario of some of the key players of the global smart refrigerator market which includes company profiling of AB Electrolux, Haier Group Corporation, LG Electronics, Samsung Electronics Co. Ltd, Whirlpool Corporation, Siemens AG, GE Appliance, Hisense Co. Ltd., Midea Group and Panasonic Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart refrigerator market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.

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