Press release
Portable Mini Fridge Market Size Is Expected To Reach $1,748.9 Million In 2025, And Growing A Huge Demand In 2018-2025, Report
Portable Mini Fridge Market
The portable mini fridge market is driven by rise in the preference of consuming freshly cooked food. Moreover, technological advancements leading to emergence of more energy efficient models fuel the growth of the portable mini fridge industry. Furthermore, increase in demand for cold storage in commercial vehicles, rise in the hospitality industry, and growth in popularity of mobile medical services and transport are expected to drive the growth of the global market. However, high cost and unreliable cooling efficiency of the product hinder the growth of the global market.
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By application, the commercial use segment is expected to occupy more than three-quarter of the global share through 2025. This is attributed to the rise in medical and hospitality industry that adopts portable mini fridges. Moreover, the portability nature of such fridges has also made them an important addition in caravans, tug boats, and yatches. However, the home use segment is projected to grow at the highest CAGR of 6.2% from 2018 to 2025, owing to the high occurrence of outings and picnics in western countries along with the increasing demand for compact appliances to support compact houses and mobile home concepts.
By type, the 2 – 2.9 cu. ft. segment is poised to grow at the highest CAGR of 5.4% during the forecast period. This is attributed to the growth of adventure sports and camping, which has fueled the requirement of portable mini fridges pertaining to such size. The size is appropriate to fit multiple cans & bottles along with food items, which is perfect for camping. Additionally, its features such as low power consumption, lightweight, and portability are also set to boost future sales. Meanwhile, the 4 – 5 cu. ft. segment is expected to retain dominance through 2025, as they are widely used in medical & hospitality sector to store drugs, drinks, and food items.
Through 2025, Asia-Pacific is set to remain the largest and fastest growing region, supported by increased adoption of portable mini fridges to support the rise in activities such as adventure sports, fishing, and camping, along with the growth of the hospitality and medical industry.
The Covid-19 pandemic has a vital impact on the growth of the global portable mini fridge market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global portable mini fridge market.
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The key players profiled in the report include ARB, Danby, Dometic Group AB, EdgeStar (Living Direct, Inc.), Engel Australia Pty Ltd., Haier Inc, Koolatron, LG Electronics, Godrej Group, and Whynter.
Key Market Players Profiled In The Report:
○ ARB
○ Danby
○ Dometic Group AB
○ EdgeStar (Living Direct Inc.)
○ Engel Australia Pty Ltd.
○ Haier Inc
○ Koolatron
○ LG Electronics
○ Godrej Group
○ Whynter.
Key Benefits of the Report:
♦ This study presents the analytical depiction of the Portable Mini Fridge industry along with the current trends and future estimations to determine the imminent investment pockets.
♦ The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Portable Mini Fridge Market share.
♦ The current market is quantitatively analyzed from 2018 to 2025 to highlight the global Portable Mini Fridge Market growth scenario.
♦ Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
♦ The report provides a detailed Portable Mini Fridge Market analysis based on competitive intensity and how the competition will take shape in coming years.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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