According to a recent market study published by Growth Market Reports, titled, “Global Minibar Refrigerator Market by Product Type, Technology, Design Type, Price Range, Capacity, End-use, Sales Channel, and Region: Size, Share, Trends, and Opportunity Analysis, 2017-2032”, the market was valued at USD 1,202.7 Million in 2023 and is anticipated to expand at a growth rate of 5.3% by 2032.

A minibar refrigerator is a compact solution for keeping beverages and snacks chilled. It is smaller than ordinary refrigerators, usually fitting beneath a counter or in a corner. Minibar refrigerators sometimes come with a small freezer section for ice or frozen snacks. Their size and simplicity make them ideal for spaces where a full-sized fridge is impractical. A minibar refrigerator is commonly seen in hotel rooms, offices, and residential spaces. The factors driving the minibar refrigerator market are growth in the tourism and hospitality sectors and a rise in the demand for compact cold storage solutions for beverages in residential and office spaces.

The global minibar refrigerator market has been segmented in terms of product type, technology, design type, capacity, price range, end-use, sales channel, and region. Based on product type, the market is segmented into portable, cube, mid-size, and under-the-counter. Based on technology, the market is trifurcated into absorption, compressor, and thermoelectric. Based on design type, the market is divided into solid door models, glass door models, and drawer models.

Get Sample Report @ https://growthmarketreports.com/request-sample/6667

In terms of capacity, the market is divided into below 35 liters, 36 liters to 55 liters, 56 liters to 70 liters, 71 to 100 liters, and above 100 liters. Based on price range, the market is segregated into economic, mid-range, and premium. In terms of end-use, the market is categorized into transportation, hospitality, commercial, and residential. Furthermore, the transportation segment is further classified as marine, cruise ships, campervans, and others. Based on sales channel, the market is bifurcated into online and offline. Furthermore, the online segment is further bifurcated into third-party e-commerce and company-owned websites. The offline segment is further fragmented into hypermarkets/supermarkets, specialty stores, and others. In terms of region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The COVID-19 pandemic adversely impacted the minibar refrigerator market. The pandemic led to a decrease in the demand for minibar refrigerators, due to the decline in the growth of the hospitality and tourism sector. Moreover, the consumer willingness to spend on high-end luxury electronic devices, including minibar refrigerators, lessened during the pandemic, as the income level of individuals declined. This overall deterioration in demand across commercial as well as residential spaces resulted in a reduction in sales of minibar refrigerators, which significantly hampered the market. Additionally, the pandemic led to the closure of factories and distribution centers in some regions, leading to a decrease in the production and distribution of minibar refrigerators. This resulted in a temporary decrease in demand for minibar refrigerators, as people were unable to purchase them due to supply chain disruptions.

Key Takeaways from the Study:

  • Key players competing in the global minibar refrigerator market include Whirlpool; SAMSUNG; LG Electronics.; Dometic Group AB; Minibar Systems; Elan Professional Appliances Pvt. Ltd.; Blue Star Limited; Indel B S.p.A.; Hisense; OMNITEC SYSTEMS S.L.; Royal Minibars; Tefcold A/S; Bartech Systems International Inc., and others. These players held a major share of the global minibar refrigerator market in 2023.

  • The increasing demand for compact beverage storage solutions among individuals and the expansion of the hospitality sector are key factors driving the minibar refrigerator market. Furthermore, the rising technological advancements are expected to create immense opportunities in the market in the coming years.

  • Based on product type, the market is segmented into portable, cube, mid-size, and under-the-counter. The mid-size segment is expected to hold a considerable share of the market during the forecast. The mid-size minibar refrigerator with an average height of 66 cm is extensively used in hotel rooms. It has an interior volume ranging from 80 to 96 liters, which is well suitable for preserving beverages.

  • Based on technology, the market is trifurcated into absorption, compressor, and thermoelectric. The thermoelectric segment is anticipated to expand at a significant CAGR during the forecast period, due to its special characteristics that cater effectively to short-term cooling requirements. Thermoelectric freezers use a pump to effectively transport heat from one side to the other, allowing for dry cooling and warming. They operate quietly, making them ideal for places including hotel rooms, where reducing noise is critical for visitor comfort. These features contribute to the popularity of thermoelectric mini refrigerators, making them perfect for applications that require noise reduction and variable temperature control capabilities.

  • In terms of design type, the market is classified as solid door model, glass door model, and drawer model. The solid door model segment is projected to expand at a significant CAGR during the forecast period, as it is ideal for built-in installations, enabling customers to attach a cabinet front to the door and blend the minibar refrigerator in with the surrounding area.

  • On the basis of capacity, the market is divided into below 35 liters, 36 liters to 55 liters, 56 liters to 70 liters, 71 to 100 liters, and above 100 liters. The 36 to 55-liter segment held a considerable share of the market in 2023. Minibar refrigerators with capacities ranging from 36 to 55 liters offer compact yet versatile storage solutions.

  • In terms of price range, the market is trifurcated into economic, mid-range, and premium. The premium segment is expected to expand at a significant CAGR during the forecast period. Premium minibar refrigerators are increasingly gaining popularity due to their sophisticated features, luxurious design, energy efficiency, and potential to improve guest experiences, which effectively cater to the demands of luxurious hotels and customers. 

  • Based on end-user, the market is categorized into transportation, hospitality, commercial, and residential. Furthermore, the transportation segment is further classified as marine, cruise ships, campervans, and others. The transportation segment is anticipated to expand at a significant CAGR during the forecast period. The segment growth is attributed to increased travel and tourism activities, rising demand for on-the-go refreshments, and the integration of minibars in various modes of transportation, such as trains, planes, and buses.

  • In terms of sales channel, the market is bifurcated into online and offline. The online segment is further divided into third-party e-commerce and company-owned websites. The offline segment is further fragmented into hypermarkets/supermarkets, specialty stores, and others. The offline segment is projected to expand at a significant CAGR during the forecast period, as consumers prefer offline shopping to make informed decisions while purchasing minibar refrigerators. Offline shopping allows customers to physically view, touch, and sample things before buying. This experience can boost customers’ satisfaction and trust in their purchasing decisions.

  • In terms of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a large share of the market in 2022. This growth is attributed to the expansion of the hospitality sector in countries such as the US and Canada. The demand for minibar refrigerators is anticipated to rise, as the number of hotels, resorts, and lodging services rises in the region. The region's inclination for luxury lodgings and convenience-driven travel habits contribute to increased demand for minibar refrigerators. Furthermore, the evolving preference for personalized experiences and the focus on environmental conservation create immense opportunities for minibar refrigerator manufacturers and suppliers.

   Report Scope:

Report Metric

Details

Market Value in 2023

USD 1,202.7 Million

Market Growth Rate (from 2022 to 2031)

5.3%

Historical Data

2017 & 2022

Base Year

2023

Forecast Period

2024 – 2032

Units Considered

Value (USD Million)

Market Segments

Product Type, Technology, Design Type, Price Range, Capacity, End-use, Sales Channel, and Region

Key Companies Profiled

Whirlpool; SAMSUNG; LG Electronics.; Dometic Group AB; Minibar Systems; Elan Professional Appliances Pvt. Ltd.; Blue Star Limited; Indel B S.p.A.; Hisense; OMNITEC SYSTEMS S.L.; Royal Minibars; Tefcold A/S; Bartech Systems International Inc., and Others

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

Target Audience:

  • Supply-side: Vendor, Manufacturer, Distributors, Supplier, Retailer.

  • Regulatory Side: Concerned government authorities, and other approved regulatory bodies.