Europe Portable Mini Fridges Market is growing at CAGR of 3.2% by 2025

The Europe Portable Mini Fridges Market is expected to garner $440.7 million in 2025, growing at a CAGR of 3.2% during the forecast period according to Progressive Markets report, Europe Portable Mini Fridges Market Size, Trend, Share: Opportunity Analysis & Forecast, 2014-2025.

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Portable mini fridges are also called travel mini fridges. They are the best choice to keep food, drink, pharmaceuticals, and beautifying agents cool while traveling. These mini fridges are smaller and lighter than ordinary refrigerators. These can be set-up according to the choice of the buyer. Being light weight is a key property of these fridges, which facilitates their use for voyagers who can store them in their vehicles and move around during their trips. Increase in demand from residential customers and rise in need for cold storage in commercial vehicles drive the growth of the portable mini fridges market. However, limitations in refrigeration efficiency and limited opportunity in residential space are expected to hamper the market growth to a certain extent.

Based on type, portable mini fridges are categorized into less than 1 cu ft, 1 - 1.9 cu ft, 2 - 2.9 cu ft, 3 - 3.9 cu ft and 4-5 cu ft. 4 - 5 cu ft portable mini fridge was the largest segment that accounted for about two-fifths share of the industry sales in 2017. Features such as convenience, low energy usage, and less space, encourage consumers to replace their conventional refrigerators with portable mini fridges. Apart from this, 2 - 2.9 cu ft portable mini fridges segment experiences an increase in demand from customers who travel extensively as well as from urban dwellers who live by themselves in small apartments. In 2017, 2 - 2.9 cu ft segment market share was about one-seventh of industry sales and is estimated to grow at a CAGR of 4.2% from 2017 to 2025.

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Based on application, the market is categorized into commercial use and home use. The commercial segment consists of portable mini fridges used for cooling purposes in road & commercial vehicles, caravans, tug boats & transport boats, and other commercial places, such as hotels, restaurants, offices, and institutes. In 2017, portable mini fridges in commercial use accounted for four-fifths market share and is expected to be three-fourths of industry sales in 2025.

Based on country, the market is segmented into Germany, the UK, France, Russia, Benelux, Italy, Spain, and rest of Europe. The UK portable mini fridge market generated the highest revenue in 2017 with about one-fifths of total market share followed by Germany, France, and Italy. Technological advancements and change in lifestyle coupled with adoption of smart and energy saving home appliances are the key factors driving the growth of the portable mini fridge market in this region.

Some of the leading manufacturers profiled in this report are Dometic Group AB (Publ), Smeg S.P.A, Signature (LG Electronics), Caldura, Rubiks Cube (Husky International), Chillquiet, Igenix, Danby, GE Appliances, and Haier Inc.

The company makes use of primary corporate research and secondary inputs from trusted sources to build its own reference base. It maintains consistency in quality as it keeps itself updated with changes in market dynamics and gauging its net effect on global business trends.

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This release was published on openPR.