"Overview of Portable Mini Fridge market"
The Portable Mini Fridge Market Is Forecasted To Reach At US$ 2.0 Bn By 2027, Growing At A CAGR Of 6.8 % During The Forecast Period
The global Portable Mini Fridge market has shown moderate growth and is anticipated to grow rapidly in coming years. Some of the factors fuelling the growth if global market includes benefits of mini fridges, rising demand for these products in automotive sector, and significant participation in outdoor recreational activities
Rising Participation In Recreational Activities And Advantages Of Portable Mini Fridge Are Fuelling The Market Growth
Since last few years, a major rise has been observed in outdoor activities including adventurous trips, outing, trekking, camping and picnics among different age groups. This in turn increased the demand for portable mini fridges significantly. Moreover, the advanced features associated with these products such as low energy consumption, light in weight and compact size is expected to enhance the consumer base across the globe. The portable mini fridges are gaining traction from automotive industry. The mini fridge helps in minimizing the vehicle battery run-down as these are quipped with automatic battery protection system. This in turn, surge the demand for these products in recreational and personal vehicles.
Based on Application, the Commercial Segment Accounted for Significant Share in Global Market
On the basis of application, the commercial segment is anticipated to occupy significant share throughout the projected period. These products have wide applications from vanity vans, RVs, campervans, motorhomes, and caravans. Moreover, major companies including Haier Inc., ARB, Danby, and Midea Group are launching new products designed for commercial use which is anticipated to propel the segment growth.
Furthermore, the residential segment is projected to witness noteworthy growth in coming years. Rising popularity of minibar and affordable mobile homes is expected to widen the scope for adoption of mini fridges in residential sector.
Offline Distribution Channel Dominated the Global Market Whereas the Online Segment is projected to Show Prominent Growth
Based on distribution channel, the offline segment led the global market, accounting for larger market share. Several manufacturers are opening their offline stores intended to expand their retail chain in developed countries including Canada and U.S. For instance, in November 2015, Danby announced to open their first offline store in Canada. The new store offers wide range of household products and home appliances. Danby also stated that they are planning to launch their new product line exclusively available in stores. These factors are anticipated to fuel the segment growth.
Furthermore, the online segment is projected to witness rapid growth in coming years. The online stores a wide range of products with huge discounts and cashback offers. Moreover, the online channels provide the availability of products as per customers requirement even if the product is not available in market for specific reasons. The online stores offer several benefits such as easy product accessibility, hassle free shopping, and convenience which makes it more preferable among large consumer base.
North America held Key share in Global Portable Mini Fridge Market in 2018
By geography, North America is anticipated to lead the global portable mini fridge market throughout the forecast period. Rising prevalence of outdoor recreational activities by millennials and growing hospitality sector is estimated to propel the regional growth. Moreover, prominence of travel and tourism industry is expected to poise a positive impact on the regional growth. According to a data revealed by International Trade Administration, in 2017 the expenditure done by foreigners on hotels accommodation was almost 300 billion in United States. This is anticipated to surge the demand for portable mini fridges.
Asia Pacific is projected to witness an impressive growth during the forecast period. This is mainly due to rising popularity of outdoor recreation activities including trekking and camping among youth population across the region. Moreover, the rising hotel industry is expected to create new growth opportunities for the regional growth. For instance, in November 2018, one of the prominent player in hotel industry Radisson Hotel Group announced the inauguration of their luxurious hotel of 203 rooms in China.
Some of the major players operating in global market include Electrolux AB, Godrej Group, Whirlpool Corporation, Haier Inc., Engel Australia Pty Ltd., Living Direct, Inc., DOMETIC GROUP AB, Danby, ARB, and Midea Group.
Global Portable Mini Fridge Market by Application
Global Portable Mini Fridge Market by Distribution Channel
Global Portable Mini Fridge Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America