The growth of the hospitality & service industry has increased the adoption of compact cold storage units, propelling the growth of the global portable mini fridge market
PORTLAND, Oregon, March 7, 2019 Allied Market Research recently published a report, titled, "Portable Mini Fridge Market by Type (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.) and Application (Commercial Use and Home Use): Global Opportunity Analysis and Industry Forecast, 2018 - 2025". According to the report, the global portable mini fridge market is expected to attain $1.75 billion by 2025, growing at a CAGR of 5.0% during the forecast period, 2018-2025.
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The growth of the global portable mini fridge market is driven by the need for cold storage in commercial vehicles, the surge in demand from residential customers, and the unprecedented growth of hospitality industry & medical services. Additionally, the rise in adoption of mobile living has fueled innovation in terms of design and is set to provide lucrative opportunities to emerging market players in the near future. However, high cost associated with portable mini fridge, limited cooling efficiency & storage, and lower demand for luxury cars and RVs in developing economies hamper market growth.
2 - 2.9 cu. ft. portable mini fridges are expected to grow at the fastest rate
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.
Commercial use segment to dominate the global market through 2025
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.
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Asia-Pacific to continue dominating the global market
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.
Key market players
The key players analyzed 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. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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SOURCE Allied Market Research