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