The portable mini fridge market size is estimated to increase by USD 1.42 billion and grow at a CAGR of 5.45% between 2022 and 2027. The market's expansion hinges on various factors such as the escalating demand for portable and compact refrigeration solutions, advancements in technology, increasing disposable income, and urbanization.
However, the market encounters impediments like restricted storage capacity, diminished replacement needs attributed to extended average lifespan, and issues like compressor failure. Despite the growing appeal of refrigerators due to their portability and compactness, challenges persist in accommodating sufficient storage, while the prolonged lifespan of existing units curtails replacement frequency. Additionally, technical glitches such as compressor failures pose significant hurdles to market growth. These obstacles underscore the importance of addressing infrastructure limitations and enhancing product reliability to sustain the market's upward trajectory amidst evolving consumer preferences and urban lifestyles.
Portable Mini Fridge Market Segmentation
This portable mini fridge market analysis and forecast report extensively covers market segmentation by end-user (commercial customers and residential customers), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
By End-user
The market share growth by the commercial customers segment will be significant during the forecast period. The commercial customer segment refers to companies or organizations that require portable mini refrigerators for commercial use. This segment covers a wide range of customers such as hotels, restaurants, cafes, offices, hospitals, grocery stores, and other commercial establishments. Commercial customers need portable mini refrigerators for various reasons, such as storing beverages and food, storing medical supplies and vaccines, displaying products, and providing customers with easy access to refrigerated products. Portable mini refrigerators are ideal for commercial customers as they are easy to carry, take up less space, and are energy efficient.
The commercial customers segment was valued at USD 2.32 billion in 2017 and continued to grow until 2021. Hotels, restaurants, and cafes use portable mini-fridges to store perishable foods such as dairy products, fruits, vegetables, and cold drinks. Offices and workplaces use portable mini-fridges to cool employee lunches and snacks, while hospitals and clinics use them to store medicines and vaccines that require refrigeration. Convenience stores and supermarkets use portable mini-refrigerators to display chilled products such as drinks and snacks, while food trucks and mobile vendors use them to store and transport groceries. Therefore, the commercial customer segment is expected to be a key market during the forecast period.
Key Regions
North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America has the largest share of the global market and is expected to grow steadily during the forecast period. Factors associated with the market growth are the increasing acceptance of outdoor leisure activities by millennials across the region and the strong presence of the hospitality industry, including hotels, which is expected to continue to be a major driver of the market.
Portable Mini Fridge Market Dynamics and Customer Landscape
The market caters to various needs, from storage of vaccines in medical settings to providing convenient refrigeration for food and beverage items during outdoor activities like camping, road trips, and boating. It serves diverse users, including women consumers looking for compact solutions for their bedrooms or dorm rooms. These fridges come in different sizes and shapes, including mini fridges, with features like freezing space and direct cooling technology. They are also used by roadside vendors, food truck owners, and mobile offices to keep perishable food fresh in emergency situations. With their versatility and efficiency, portable fridges address the needs of domestic consumers and enhance convenience in home spaces and beyond. The researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Portable Mini Fridge Market Driver
Growing demand for portable and compact refrigeration solutions is notably driving the market growth. The rising demand for portable and compact cooling solutions is one of the major factors driving the growth of the market. These mini refrigerators are compact and portable, perfect for use in tight spaces, during outdoor activities, and while traveling. They are also energy efficient and affordable, making them an attractive option for consumers looking to save money on their electricity bills.
With the emergence of single-person households and shrinking living spaces, many consumers are looking for smaller, more compact devices to meet their needs. Portable mini-fridges are great for people who live in small apartments or dorms and don't have the space for a full-size refrigerator. As people become more mobile and travel more, they need a portable cooling solution that can keep their food and drinks cold on the go. Portable mini refrigerators are compact, easy to carry, and great for travel. Therefore, rising demand for compact and portable refrigeration is expected to boost the growth of the market during the forecast period.
Customer Landscape
The portable mini fridge market analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the portable mini fridge market forecast report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Who are the Major Portable Mini Fridge Market Players?
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The portable mini fridge market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
ARB Corp. Ltd.
Danby
Felix Storch Inc.
Ferguson plc
FridgeFreeze Inc.
Godrej and Boyce Manufacturing Co. Ltd.
Gourmia Inc.
Haier Smart Home Co. Ltd.
Indel B S.p.a.
Koolatron
LG Corp.
Marvel Refrigeration
Panasonic Holdings Corp.
Sawafuji Electric Co. Ltd.
Stanley Black and Decker Inc.
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