Global Smart Refrigerator market will reach 1399.14 million US$ by the end of 2025

Publisher: QYResearch

Published Date: 2019/11/13

Increasing government initiatives for the adoption of IoT devices is one of key factors driving industry growth over the forecast period, on account of changing lifestyles of people as well as increasing awareness pertaining to the benefits of such devices. The Smart Refrigerator is 545.79 million USD in 2019 and is projected to reach USD 1399.14 million USD by 2025, at a CAGR (Compounded Annual Growth Rate) of 16.99% between 2019 and 2025.

Second, the production of Smart Refrigerator increases from 24 K Units in 2014 to 185.2 K Units in 2019, with an average growth rate of more than 40.57%.

Third, North America is the largest consumption market in the world, which takes about 43.71% of the global consumption units in 2019.

The leading companies own the advantages on better performance, more abundant product’s types, better technical and impeccable after-sales service. Consequently, they take the majority of the market share of high-end market. Looking to the future years, the slow downward price trend in recent years will maintain. As competition intensifies, prices gap between different brands will go narrowing. Similarly, there will be fluctuation in gross margin.

The industry is expected to remain innovation-led, with frequent acquisitions and strategic alliances adopted as the key strategies by the players to increase their industry presence. Market stays in mature period with a clear concentration. Meanwhile, optimize product mix and further develop value-added capabilities to maximize margins. Manufacturers can take advantage of this situation by reinforcing their production units and supply-chains to avoid any delay in production turn-around-times (TAT) and supply-lead-times.

Significant and lasting barriers make entry into this market difficult. These barriers include, but are not limited to: (i) product development costs; (ii) capital requirements; (iii) intellectual property rights; (iv) regulatory requirement; and (v) Transitions’ unfair methods of competition.

Despite the presence of competition problems, due to the global recovery trend is clear, investors are still optimistic about this area, the future will still have more new investment enter the field. Even so, the market is intensely competitive. The study group recommends the new entrants just having money but without technical advantage and upstream and downstream support do not to enter into this field.

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