This site uses cookies, including third-party cookies, that help us to provide and improve our services. Read More

Smart Wine Cellar Market

High Demand Exhibited by Residential Grade Smart Wine Cellars, Growing at 7% CAGR: Fact.MR

Published : 22 Sep 2021 Industry: Consumer Goods

A recently published report by Fact.MR reveals that the global smart wine cellar market is projected to grow at a strong CAGR of 8.5% during the forecast period (2021-2031), slated to touch an impressive valuation of US$ 2.7 Bn by 2031. Incorporation of AI by leading players is expected to provide traction.

Historically, between 2016 and 2020, smart wine cellar demand expanded at a CAGR of 5%, to close in at a valuation of nearly US$ 1 Bn. Prospects declined significantly during the COVID-19 pandemic, especially across commercial settings. Mandatory social distancing measures led to a cessation of outdoor dining, prompting consumers to accumulate wine stocks at home leading to increase in residential grade smart wine cellar sales.

Future market demand will be heavily reliant on the surging popularity of smart homes, with more than 4 out of 5 consumers acknowledging that they are likely to purchase new houses equipped with smart technology. By 2023, it is expected that more than half of all homes in the U.S will be automated. Hence, consumers are likely to purchase more smart gadgets, including smart wine cellars.

Key Takeaways from the Market Study

  • Smart wine cellars with a capacity of up to 500 bottles to yield over 2/5th of global revenue
  • By application, residential smart wine cellars to surge at a CAGR of 7% until 2031
  • Online distribution channels to experience fastest growth, at nearly 8% value CAGR
  • U.S likely to account for 60% of North American smart wine cellar revenue
  • Half of the European smart wine cellar market revenue accounted for by Germany
  • China to emerge as the fastest growing Asian market, capturing 58% of overall demand

 “With key manufacturers bringing in a wide variety of compressor wine cellars and thermometric wine cellars, the global industry is subject to expand significantly in the near future,” says a Fact.MR analyst.

Competitive Landscape

Competition in the global smart wine cellar market is expected to rise, with players focusing on gaining a competitive advantage and increasing their market foothold.

  • In December 2020, the Middleby Corporation announced the acquisition of Zhuhai Guangdong China-based United Foodservice Equipment Group. The company is a leader in the design, manufacture, and supply of countertop commercial foodservice equipment with recent annual revenues of approximately US$ 10 million.
  • In September 2020, Haier announced the launch of its first Mono Zone and Double Zone connected wine cellars, created to enrich and complete the premium range that has led the brand to achieve market leadership.

More Valuable Insights

In its latest report, Fact.MR offers an unbiased analysis of the smart wine cellar market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. 

In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of capacity (up to 500 bottles, up to 1,000 bottles, up to 1,500 bottles, and more than 1,500 bottles), application (residential and commercial [restaurants & bars, and hotels & others]), and distribution channel (online and offline [specialty stores, mega retail stores, and others]), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).

Fact.MR’s Domain Knowledge in Consumer Products

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned consumer products team at Fact.MR helps clients from across the globe with their unique business intelligence needs.

With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the consumer products industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Yash Pathak

Fact.MR

Sr. Consultant - Consumer Products

E-mail: Yash@factmr.com

- Request for More Information -

Smart Wine Cellar Market

Smart Wine Cellar Market
*
*
*
*
*
*

I would like to request for

Increasing Wine Consumption Worldwide is Significantly Boosting Smart Wine Cellar Demand during 2021-2031