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.
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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.
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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
“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.
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.
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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
- 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
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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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Times of Chennai journalist was involved in the writing and production of this article.