How will the Smart Wine Cellar Market incorporate innovation?

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.

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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

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Key Segments Covered

• Capacity

  • Up to 500 Bottle Smart Wine Cellars
  • Up to 1,000 Bottle Smart Wine Cellars
  • Up to 1,500 Bottle Smart Wine Cellars
  • More than 1,500 Bottle Smart Wine Cellars

• Application

  • Residential Smart Wine Cellars
  • Commercial Smart Wine Cellars
    • Smart Wine Cellars for Restaurants & Bars
    • Smart Wine Cellars for Hotels & Others

• Distribution Channel

  • Online Sales of Smart Wine Cellars
  • Offline Sales of Smart Wine Cellars
    • Smart Wine Cellars Sold at Specialty Stores
    • Smart Wine Cellars Sold at Mega Retail Stores
    • Smart Wine Cellars Sold via Other Distribution Channels

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Regional analysis includes

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
• EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
• CIS & Russia
• Japan
• Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
• Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)

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The Smart Wine Cellar Market report addresses the below-mentioned queries:

• Why are vendors shifting away from traditional methods of manufacturing Smart Wine Cellar Market does?
• How the global Smart Wine Cellar Market does looks like in the next five years?
• Which end use industry is expected to surpass segment by the end of 2029?
• What innovative products are being introduced by the players in the global Smart Wine Cellar Market does?
• Which regions are showing the fastest market growth?

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