The global portable mini fridge market is expected to expand at a CAGR of 5.6% during the forecast period, 2021 - 2028. The growth of the market is attributed to the rising enthusiasm for outdoor recreational activities and growing occasions of small social gathering among family members globally.
Portable mini fridges are compressed in size, lightweight, and consume low energy, which are perfect for storing foods, medicines, and beverages for the outdoor trips and camps. These electronic equipment are widely used for several outdoor recreational activities including camping, trekking, outing, picnics, and adventurous road trips among the consumers of various age groups. The enthusiasm for outdoor activities such as camping are growing rapidly especially among working professionals across the globe.
Portable mini fridges are widely used in several applications especially in the hospitality industry besides household usage. High adoption of fridges in hotel rooms and suites to stock the food and beverage items for customers is anticipated to boost the market development. Furthermore, the rapid expansion of the hotel industry and emergence of fast-food chain restaurants across the globe are key aspects that can push the market growth at a substantial rate in the coming years. Additionally, some of the major trends that drive the market growth are due to rising producers of RVs, caravans, and motorhomes that add more luxurious items including portable mini fridges to attract more customers. Thus, the shifting consumers’ preference towards extra luxury features of their vehicles during their outing help to boost the use of portable mini fridge.
The report on the global portable mini fridge market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been involved in the report.
|Report Title||Portable Mini Fridge Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast|
|Segmentation||Distribution Channels (Online and Offline), Applications (Residential and Commercial)|
|Regional Scope||Asia Pacific, North America, Latin America, Europe, and Middle East & Africa|
|Report Coverage||Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast|
|Key Players Covered||Whirlpool Corporation; Midea Group; Electrolux AB; Engel Australia Pty Ltd.; Hilton group, ARB; Haier Inc.; and Danby|
Online channel is the fastest growing segment
On the basis of distribution channels, the market is classified into online and offline. The offline distribution channel segment held a substantial share of the market in 2020 accounting for more than 70% share of the global revenue. The segment growth is attributed to the rising production of advanced features mini refrigerators and its wide availability in offline stores. Meanwhile, the online segment is projected to be the fastest-growing segment, increasing at a CAGR of 6% from 2021 to 2028. The growing preference of consumers for online shopping and rising several manufacturers’ collaboration with e-commerce websites for selling their products. Wide availability of a varied range of products with special pricing and great discounts are the key driving factors for the segment growth. Factors such as shopping convenience and door-step delivery service offered by online platforms are the key aspects that help grow the segment.
Commercial segment held a dominant market share
Based on applications, the market is segmented into residential and commercial. The commercial segment held a large share of more than 62 % in 2020 and is expected to witness a substantial growth rate in the coming years. The rising installment of compact and portable mini fridges in the RVs, motorhomes, campervans, caravans, and vanity vans is a key factor that drives the segment growth. Moreover, the hospitality sector has expanded at a substantial rate. According to a statistics given by the International Hotel & Restaurant Association (IH&RA), the hospitality sector represents USD 950 billion every year to the global economy. However, the residential segment is anticipated to register robust growth during the analysis period. Growing interest of maintaining a minibar among working-class professionals at home and wide adoption of the products for home decors are the major driving factors that help boost the segment.
Asia Pacific is expected to constitute a large market share
In terms of region, the global portable mini fridge market is categorized as Asia Pacific, North America, Latin America, Europe and Middle East & Africa. The market in North America held a large market share accounting for more than 25.5% of the total revenue in 2020 due to wide culture of outdoor recreational activities in the U.S. and Canada.
Strong foothold of the hospitality industry including hotels and restaurants and wide expansion of the tourism industry are likely to remain a key factor in propelling the regional market growth. According to a data by the International Trade Administration (ITA), the U.S. Department of Commerce, the international tourists usually spent more than USD 300 billion on hotel accommodation. Meanwhile, the market in Asia pacific is projected to be the fastest-growing market, expanding at a CAGR of 6.5% from 2021 to 2028 due to growing enthusiasm for camping, trekking, and other outdoor recreational activities among the youths in the region. Moreover, the rapid growth of the hospitality industry is another key factor driving the regional market growth.
Segments Covered in the Report
The global portable mini fridge market has been segmented on the basis of
Major players competing in the global massage equipment market include Whirlpool Corporation; Midea Group; Electrolux AB; Engel Australia Pty Ltd.; Hilton group, ARB; Haier Inc.; and Danby.
The market is slightly fragmented in nature due to the presence of a large number of global players both at the regional and national level. Additionally, these players are providing compact, lightweight, and technologically developed fridge in order to enhance their products demand from customers. Furthermore, key manufacturers are adopting various strategies such as advanced product launch, development of retails and e-commerce channels, mergers, and acquisitions in expand its business operation. Recently, Engel Australia Pty Ltd. introduced its two new limited edition Retro Series portable fridge under the brand name ‘Engel MT45F-G4FT’ and ‘Engel MT60F-G4FT’ fridge. These portable mini fridges are especially designed for the camping trips and outdoor recreational activities. These product launches are projected to play a vital role in expansion of its market footprint.
Lately, Hilton group has decided to launch its new nine hotels in many countries around the world such as Algeria, Tajikistan, Colombia, China, and India.
Lately, Radisson Hotel Group opened a luxurious 230 room hotel ‘Radisson Ningbo Beilun’ in Ningbo’s Beilun district, China. Also, Hyatt Hotels Corporation opened 348 rooms in ‘Hyatt Regency Wangjing’ in Beijing.
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