FELTON, Calif., May 4, 2021 /PRNewswire/ -- The global Ice Maker Market size is expected to reach USD 4.39 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 4.3% from 2021 to 2028.
What are Key Factors Driving the Ice Maker Market?
The increasing demand for ice makers from the foodservice industry owing to the growing sales of processed foods and the individuals' rising income levels is expected to drive the market. Large fast-food chains such as McDonald's and KFC have been increasingly adopting this product, thus leading to the market growth globally. The adoption rate of ice makers is increasing among the major economies, including China and India.
Built-in and undercounter ice makers accounted for the largest share of over 55.0% in 2020. Portable and countertop ice makers are projected to expand at the fastest CAGR of 5.3% from 2021 to 2028. The adoption of portable and countertop ice makers is increasing for household and commercial applications due to their dynamic nature. They allow to meet several needs of the consumer at a time.
North America dominated the market with a revenue share of 30.96% in 2020. The extensive presence of fast-food joints is one of the major factors driving the U.S. market for ice makers. In addition, the increasing demand from households and hospitals is likely to support the growth of the North American market over the next few years.
Asia Pacific accounted for the second-largest share in 2020 and is projected to expand at the highest CAGR of 5.2% over the forecast period. Urbanization, coupled with the increasing middle-income population in emerging countries in Asia Pacific, is the major factor driving the sales of ice makers in the region. Additionally, increasing consumption of alcoholic drinks is anticipated to act as one of the major factors fueling the growth of the regional market. China is expected to remain the dominant market during the forecast period.
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Leading manufacturers of ice makers are investing in R&D activities to enhance the technical and economic aspects of ice makers, such as energy efficiency, technological advances, and performance optimization. Vendors adopt various organic and inorganic strategies, such as joint ventures, new product offerings, mergers & acquisitions, and collaborations, to enhance their foothold in the industry.
Key Questions Answered in the Ice Maker Market Report:
Which Segment of the Ice Maker Market to Register Fastest Growth Rate?
By product, portable and countertop ice makers are projected to expand at the highest CAGR during the forecast period. These ice makers are used in both residential and commercial applications owing to which they are high in demand.
Which Segment of the Ice Maker to Hold the Highest Market Share?
The foodservice application segment occupied the largest share of over 41.0% in 2020 and is projected to register the highest growth rate over the forecast period.
Which Region to Hold the Highest Market Share?
North America accounted for the largest share of 30.96% in 2020. The U.S. accounted for the largest share of 75.51% in 2020 in the North American market and is projected to register a significant CAGR from 2021 to 2028.
Which Region to Account Fastest Growth Rate?
Asia Pacific is expected to witness the fastest growth over the forecast period. China accounted for the largest share of 26.1%in 2020, followed by India and Japan. The growing demand from restaurants and bars has contributed to the growth of the regional market.
Browse 85 page research report with TOC on "Global Ice Maker Market" at: https://www.millioninsights.com/industry-reports/global-ice-maker-market
Million Insights has segmented the global ice maker market on the basis of product, application, and region:
- Ice Maker Product Outlook (Revenue, USD Million, 2017 - 2028)
- Built-in & Undercounter
- Portable & Countertop
- Ice Maker Application Outlook (Revenue, USD Million, 2017 - 2028)
- Ice Maker Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
- List of Key Players of Ice Maker Market
- HOSHIZAKI Corp.
- AB Electrolux
- Danfoss AS
- Howe Corp
- Biolab Scientific Ltd.
- Cornelius, Inc.
- Blue Star Ltd.
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