Global Portable Mini Fridge Market Revenue To Register Robust Growth Rate During 2018-2025 | Allied Market Research
October 14, 2021
Global Portable Mini Fridge Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018-2025 | COVID-19 Impact Analysis
Increasing demand from commercial vehicle drivers to cool food items during their long travels has positively impacted the growth of portable mini fridge.”PORTLAND, OREGON, UNITED STATES, October 14, 2021 /EINPresswire.com/ -- The portable mini fridges industry is expected to witness widespread adoption in the coming future. According to Allied Market Research, “the global Portable mini fridge market is estimated to reach $1,748.9 million in 2025 growing at a CAGR of 5.0% during the forecast period’.
— Roshan Deshmukh
The portable mini fridges market is expected to witness lucrative growth in the coming years owing to growing adoption of portable mini fridges in developing regions such as India, Brazil, South Korea and more among others. Furthermore, adoption of micro home concepts & mobile homes and increase in the adoption of recreational vehicles are expected to provide lucrative opportunities for growth for the portable mini fridge market in the coming years.
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Portable mini fridges are reduced size fridges that can be carried around. Portable mini fridge can be carried and placed virtually anywhere. It comes in a variety of shape, size, and capacity and requires very less power to function. Most portable mini fridge requires an input of 12V, 24V DC or 240V. These fridge not only fulfill the basic feature of cooling or keeping items fresh, but come in difference in capacity that dictates what can be kept inside the fridge. These fridges are widely used across the medical sector to keep drugs and similar items under a certain temperature. They are also used in the hospitality sector to cool drinks & food and has been widely adopted by modern offices to save space.
The compact form factor allows it to perfectly fit different areas of the home as well as cars, trucks, and even commercial vehicles. Portable mini fridges are very crucial for commercial vehicle drivers, as they often require perishable items such as food and drinks, to remain shelf stable during their long travel. Apart from having great significance for the commercial drivers, the portable mini fridges have also become an essential component for recreational vehicles for cooling needs.
Portable mini fridges have also had wide spread adoption for household use. Many households in the developed regions in Europe and North America often have portable mini fridge to cool drinks and food. They usually fulfill the purpose of outdoor cooling solution for perishables during trips and outings.
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The growth of this industry can be attributed to factors such as growing affinity of people toward outdoor activities such as picnics, trekking, camping, adventure tourism and more among others. Growth in the number of compact houses and recreational vehicles also drive the sales of portable mini fridges. Furthermore, growing number of business leading to an increase in requirement of commercial vehicle has further aided the market growth of portable fridge market worldwide.
Key Market Players Profiled In The Report::
○ Dometic Group AB
○ EdgeStar (Living Direct Inc.)
○ Engel Australia Pty Ltd.
○ Haier Inc
○ LG Electronics
○ Godrej Group
Key findings of the Portable Mini Fridge Market:
○ Based on type, the 45 cu. ft. segment was the highest contributor to the portable mini fridge market in terms of value in 2018 and is expected to grow at a CAGR of 5.1%, from 2018 to 2025.
○ Based on application, the commercial use segment was the highest contributor to the portable mini fridge market in terms of value in 2017, and is estimated to grow at a CAGR of 4.7% from 2018 to 2025.
○ Based on type, the 22.9 cu. ft. portable mini fridge segment is expected to grow at the highest CAGR of 5.4% from 2018 to 2025.
○ Based on application, the home use segment accounted for approximately one-fifth of the share in the portable mini fridge market in 2017, and is estimated to grow at a CAGR of 6.2%.
○ Based on type, the 33.9 cu. ft. segment accounted for more than three-tenth of the share in the portable mini fridge market in 2017, and is anticipated to grow at the higher CAGR of 4.8%.
○ In terms of value, Asia-Pacific and LAMEA collectively contributed around half of the global market share in the portable mini fridge market in 2017.
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