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.
Through 2025, Asia-Pacific is set to remain the largest and fastest growing region, supported by increased adoption of portable mini fridges to support the rise in activities such as adventure sports, fishing, and camping, along with the growth of the hospitality and medical industry.
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The Covid-19 pandemic has a vital impact on the growth of the global portable mini fridge market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global portable mini fridge market.
The key players profiled in the report include ARB, Danby, Dometic Group AB, EdgeStar (Living Direct, Inc.), Engel Australia Pty Ltd., Haier Inc, Koolatron, LG Electronics, Godrej Group, and Whynter.
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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Source: Allied Market Research
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