Market Trends of Global Smart Refrigerator Industry
Rising Demand For Energy Efficient Refrigerators Driving the Market
Smart refrigerator makers are working quickly to make models that use less energy so they can reduce their carbon footprint and save consumers money on their energy bills.The rise of energy-efficient appliances can be traced to both government rules about electric home appliances and advances in technology.Energy-efficient appliances are made to do their job with the least amount of energy possible.Over 80 countries already have energy-efficient appliance regulations and labeling.
As food retailers look to reduce energy bills, every incremental savings counts. Increasing price competition means operating costs have an immediate impact on competitiveness and profitability-and, after staff, energy is the biggest bill most supermarkets have. In food retail, most of that energy is spent on refrigeration, so efficient new components, like the AKVP electric expansion valve and high-end case controllers, are usually a good investment.
The introduction of smart appliances that utilize IoT is reshaping the smart appliance industry.In the past few years, there have been a number of improvements to smart refrigerators, which have made them better at being sustainable.
In terms of retail value, Asia had the largest retail value of refrigerator appliances in 2022, followed by North America and Europe.
Asia Pacific Region Driving The Market
The Asia-Pacific market is expected to expand at the fastest rate over the forecast period, as smart connected refrigerator machines have gained popularity owing to their compatibility and user-friendliness features. Furthermore, the market expansion is fueled by rising urbanization and an expanding middle-class population. The presence of important market participants in the region also helps to support the development of innovative products to expand the customer base.
Product demand in this region is expected to be fueled by rising internet penetration and technological improvements in developing economies such as China and India. In India, the average rate of IoT penetration is in the single digits, whereas the global average rate is in the double digits. This creates a huge opportunity for the smart refrigerator machine industry to flourish in Asia Pacific's growing economies.
The Asia-Pacific region has the most price-sensitive customers, forcing companies to use promotional techniques like Black Friday specials, holiday sales, and additional online deals to boost sales of smart refrigerators.
