Portable Mini Fridge Market Size & Forecast Report, 2015 - 2025

Synopsis:

The scope of the global Portable Mini Fridge Market was appreciated at US$ 918.6 million in 2018. The range is projected to touch US$ 1.3 billion by 2025, growing at a CAGR of 5.2% for the completion of the prediction period.

Drivers:

Growing interest for out-of-doors entertaining actions between the millennials at the global level such as an outcome of increasing alertness about better health is likely to endorse the usage of portable mini-fridges for keeping the freshness of food & beverages. Furthermore, increasing demand for the compact and portable fridge in private means of transportation and recreational vehicles (RV) between the fans of adventure is likely to encourage the usage of a number of potable mini-fridges during the following a small number of years.

During the previous, a small number of years, partaking in out-of-doors fun events comprising courageous trips by road, camp out, hiking, and day out, between the customers of diverse age crowds has boosted the demand for portable mini-fridges. These mini fridges ingest low energy, are light in weight, and compact in dimensions. These are perfect for the storage of food & beverages, and medications also, for open-air journeys. Aforesaid benefits are growing the acceptance of portable mini fridges between the buyers.

In line with the American Camper Report, published in 2017, 40.5 million people in the U.S.A took part in camp out such as an open-air activity. People had an inclination for cabins, RVs and tents, for their camp out, where these portable mini fridges discover the significant use for maintaining freshness in a number of food & beverages. Furthermore, the growing reputation of moveable homes and micro-homes because of the ever-changing emphasis concerning suitability and luxury for the duration of the adventure journeys comprising camp out is likely to increase the possibility for the portable mini-fridges.

These portable mini-fridges are likewise extensively utilized in the segment of hospitality comprising suits and rooms in hotels, where they increase amenity for the duration of staying in the hotel. During the previous a small number of years, the segment of hospitality has developed by a substantial percentage. Consistent with the information delivered by the International Hotel & Restaurant Association (IH&RA), the business of hospitality adds US$ 950 billion each year to the international economy. This most important calculation of the income within the economy is likely to upsurge the sum of hotel chains, as a consequence endorsing the usage of the portable mini fridge during the period of forecast.

Classification:

The global portable mini fridges market can be classified by Delivery Network, Application, and Region. By Delivery Network, it can be classified as Online, OEMs, Retailers, Distributors, and Dealers. By Application, it can be classified as Commercial, OEM, Institutional, and Residential.

Regional Lookout:

By Region, the global portable mini fridge industry can be classified as North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. Asia Pacific region is projected to be the speedily developing market. It is expected to develop by a CAGR of 6.0% from 2019 to 2025 due to the increasing interest in trekking, camping, and additional open-air activities of entertainment between the young generations of this region. Furthermore, the flourishing business of hotels is likely to motivate the portable mini fridge market within the region. Such as, Radisson Hotel Group released a deluxe 230 room hotel ‘Radisson Ningbo Beilun’ in Ningbo’s Beilun district, China in November 2018. In the same way, Hyatt Hotels Corporation released 348 rooms in ‘Hyatt Regency Wangjing’ in Beijing, in June 2018.

North America was the biggest provincial market for portable mini-fridge. It was responsible for the share of 30.7% of the global income, in 2018. Augmented contribution by millennials in the activities of out-of-doors entertainment, together with the solid position of the hospitality segment comprising hotels, is estimated to persist as an important reason in motivating the portable mini fridges industry. The state is one of the biggest markets for travel & tourism in the world. As stated by the information delivered by the International Trade Administration (ITA), U.S. Department of Commerce, in 2017, overseas travelers paid out over and above US$ 300 billion on hotel lodgings. The optimistic point of view concerning the hotel business within the region is expected to encourage the use of portable mini fridges during the period of forecast.

Companies:

Some of the important companies for the portable mini fridge market are Danby, Whirlpool Corporation, ARB, Electrolux AB, Haier Inc., Midea Group., Whynter, Koolatron, Engel, Edge Star, Dome tic.

Additional notable companies are XElectron, U-Line, Sears Holdings Company, MCA Corporation, LG Electronics, Igloo, Felix Storch, Go Urmia, Avanti Products, Vinotemp International, Uber Appliance, Panasonic, Indel B, Fridge Freeze, Kegco, Coleman, and AGA Marvel.

Market Segment:

Portable Mini Fridge Application Outlook (Revenue, USD Million, 2015 - 2025)
    • Residential
    • Commercial

Portable Mini Fridge Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
    • Offline
    • Online

Portable Mini Fridge Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • U.K.
        • Germany
        • France
    • the Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa
        • UAE