The popularity of outings and adventure sports has increased over the years and these activities often require portable cooling solution to keep food items fresh for extended period. This has led to rise in adoption of portable mini fridge all around the world. Moreover, increasing demand from commercial vehicle drivers to cool food items during their long travels has positively impacted the growth of portable mini fridge.
According to the report, the global portable mini fridge market is expected to attain $1.75 billion by 2025, growing at a CAGR of 5.0% during the forecast period, 2018-2025. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The growth of the global portable mini fridge market is driven by the need for cold storage in commercial vehicles, the surge in demand from residential customers, and the unprecedented growth of hospitality industry & medical services. Additionally, the rise in adoption of mobile living has fueled innovation in terms of design and is set to provide lucrative opportunities to emerging market players in the near future. However, high cost associated with portable mini fridge, limited cooling efficiency & storage, and lower demand for luxury cars and RVs in developing economies hamper market growth.
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By application, the commercial use segment is expected to occupy more than three-quarter of the global share through 2025. This is attributed to the rise in medical and hospitality industry that adopts portable mini fridges. Moreover, the portability nature of such fridges has also made them an important addition in caravans, tug boats, and yatches. However, the home use segment is projected to grow at the highest CAGR of 6.2% from 2018 to 2025, owing to the high occurrence of outings and picnics in western countries along with the increasing demand for compact appliances to support compact houses and mobile home concepts.
By type, the 2 – 2.9 cu. ft. segment is poised to grow at the highest CAGR of 5.4% during the forecast period. This is attributed to the growth of adventure sports and camping, which has fueled the requirement of portable mini fridges pertaining to such size. The size is appropriate to fit multiple cans & bottles along with food items, which is perfect for camping. Additionally, its features such as low power consumption, lightweight, and portability are also set to boost future sales. Meanwhile, the 4 – 5 cu. ft. segment is expected to retain dominance through 2025, as they are widely used in medical & hospitality sector to store drugs, drinks, and food items.
The report segments the portable mini fridge market based on type, application, and region. Based on type, the market can be segmented into less than 1 cu ft, 11.9 cu ft, 22.9 cu ft, 33.9 cu ft, and 45 cu ft. Based on application, the market is divided into commercial and residential use. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Key Market Players Profiled In The Report:
• Dometic Group AB
• EdgeStar (Living Direct Inc.)
• Engel Australia Pty Ltd.
• Haier Inc
• LG Electronics
• Godrej Group
Portable Mini Fridge Market By Type:
○ Less Than 1 cu. ft.
○ 11.9 cu. ft.
○ 22.9 cu. ft.
○ 33.9 cu. ft.
○ 45 cu. ft.
Key Benefits of the Report:
♦ This study presents the analytical depiction of the Portable Mini Fridge industry along with the current trends and future estimations to determine the imminent investment pockets.
♦ The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Portable Mini Fridge Market share.
♦ The current market is quantitatively analyzed from 2018 to 2025 to highlight the global Portable Mini Fridge Market growth scenario.
♦ Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
♦ The report provides a detailed Portable Mini Fridge Market analysis based on competitive intensity and how the competition will take shape in coming years.
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