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The portable mini fridge market size is estimated to increase by USD 1.42 billion and grow at a CAGR of 5.45% between 2022 and 2027. The market's expansion hinges on various factors such as the escalating demand for portable and compact refrigeration solutions, advancements in technology, increasing disposable income, and urbanization.
However, the market encounters impediments like restricted storage capacity, diminished replacement needs attributed to extended average lifespan, and issues like compressor failure. Despite the growing appeal of refrigerators due to their portability and compactness, challenges persist in accommodating sufficient storage, while the prolonged lifespan of existing units curtails replacement frequency. Additionally, technical glitches such as compressor failures pose significant hurdles to market growth. These obstacles underscore the importance of addressing infrastructure limitations and enhancing product reliability to sustain the market's upward trajectory amidst evolving consumer preferences and urban lifestyles.
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This portable mini fridge market analysis and forecast report extensively covers market segmentation by end-user (commercial customers and residential customers), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the commercial customers segment will be significant during the forecast period. The commercial customer segment refers to companies or organizations that require portable mini refrigerators for commercial use. This segment covers a wide range of customers such as hotels, restaurants, cafes, offices, hospitals, grocery stores, and other commercial establishments. Commercial customers need portable mini refrigerators for various reasons, such as storing beverages and food, storing medical supplies and vaccines, displaying products, and providing customers with easy access to refrigerated products. Portable mini refrigerators are ideal for commercial customers as they are easy to carry, take up less space, and are energy efficient.
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The commercial customers segment was valued at USD 2.32 billion in 2017 and continued to grow until 2021. Hotels, restaurants, and cafes use portable mini-fridges to store perishable foods such as dairy products, fruits, vegetables, and cold drinks. Offices and workplaces use portable mini-fridges to cool employee lunches and snacks, while hospitals and clinics use them to store medicines and vaccines that require refrigeration. Convenience stores and supermarkets use portable mini-refrigerators to display chilled products such as drinks and snacks, while food trucks and mobile vendors use them to store and transport groceries. Therefore, the commercial customer segment is expected to be a key market during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America has the largest share of the global market and is expected to grow steadily during the forecast period. Factors associated with the market growth are the increasing acceptance of outdoor leisure activities by millennials across the region and the strong presence of the hospitality industry, including hotels, which is expected to continue to be a major driver of the market.
The market caters to various needs, from storage of vaccines in medical settings to providing convenient refrigeration for food and beverage items during outdoor activities like camping, road trips, and boating. It serves diverse users, including women consumers looking for compact solutions for their bedrooms or dorm rooms. These fridges come in different sizes and shapes, including mini fridges, with features like freezing space and direct cooling technology. They are also used by roadside vendors, food truck owners, and mobile offices to keep perishable food fresh in emergency situations. With their versatility and efficiency, portable fridges address the needs of domestic consumers and enhance convenience in home spaces and beyond. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for portable and compact refrigeration solutions is notably driving the market growth. The rising demand for portable and compact cooling solutions is one of the major factors driving the growth of the market. These mini refrigerators are compact and portable, perfect for use in tight spaces, during outdoor activities, and while traveling. They are also energy efficient and affordable, making them an attractive option for consumers looking to save money on their electricity bills.
With the emergence of single-person households and shrinking living spaces, many consumers are looking for smaller, more compact devices to meet their needs. Portable mini-fridges are great for people who live in small apartments or dorms and don't have the space for a full-size refrigerator. As people become more mobile and travel more, they need a portable cooling solution that can keep their food and drinks cold on the go. Portable mini refrigerators are compact, easy to carry, and great for travel. Therefore, rising demand for compact and portable refrigeration is expected to boost the growth of the market during the forecast period.
The increasing popularity of solar-powered portable mini fridges is a key trend influencing the market growth. Solar-powered portable mini-fridges are growing in popularity due to the growing demand for sustainable and eco-friendly devices such as solar freezers. It works without the need for electricity, making it ideal for outdoor activities and off-grid living.
Solar-powered mini-fridges are a greener option compared to traditional mini-fridges as they are more energy efficient and emit fewer greenhouse gases. It's also more cost-effective in the long run as it saves on utility bills. Due to the growing popularity of solar-powered portable mini-fridges, several new companies have emerged that specialize in sustainable and eco-friendly devices. The growing popularity of solar-powered portable mini-fridges will boost the growth of the market during the forecast period, and companies that offer sustainable and energy-efficient products will benefit from this trend.
The limited storage capacity is challenging the market share growth. Limited storage capacity is one of the major challenges to the growth of the market. Portable mini-fridges offer a compact and convenient solution for keeping food and drink cold on the go. However, the limited storage capacity of these refrigerators may lead to many challenges that hinder the market growth during the forecast period.
One of the major problems with limited storage capacity is that it can lead to consumer dissatisfaction. Consumers who want more storage capacity may be disappointed by the limited space of portable mini-fridges. This could lead to lower demand and slower market growth. In addition, another issue that can arise with limited storage capacity is price sensitivity. Consumers may be willing to pay higher prices for portable mini-fridges with limited storage capacity, especially if they can buy larger refrigerators for similar prices. Therefore, limited storage capacity is a significant challenge for the growth of the market during the forecast period.
The portable mini fridge market analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the portable mini fridge market forecast report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB Electrolux: The company offers different types of portable mini fridges, especially Electrolux 47 L Direct Cool Single Door Refrigerator.
The portable mini fridge market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The portable mini fridge market industry report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments
The market is experiencing significant growth, driven by diverse applications such as camping, road trips, boating, and tailgating. These fridges serve various purposes, including storing perishable food, Temperature-sensitive medications, and vaccines, making them indispensable for medical and emergency situations. With features like Wi-Fi connectivity, app controls, and solar panels, they ensure energy efficiency and convenience during power outages. Reinforced with high-density polyethylene and steel, these fridges offer durability and reliability. They cater to diverse consumer needs, from outdoor enthusiasts to urban dwellers, offering options like single-door and cosmetic mini fridges to store cosmetic items such as serums, and creams. Technological advancements and shifting consumer preferences are driving innovation in this market, emphasizing energy efficiency, compactness, and convenience in portable refrigeration solutions.
Moreover, the market caters to diverse needs, from medical purposes like storing vaccines to outdoor activities like hiking and tailgating parties. These fridges are essential for roadside vendors, food truck owners, and mobile offices, providing freshness and food safety. With features like Wi-Fi connectivity and reliable electricity supply, smart refrigerators ensure convenience even in off-grid living situations. Constructed with materials like High density polyethylene (HDPE) and reinforced steel, they offer durability and reliability. Available in various sizes, shapes, and configurations, including single-door and combination models, they meet the demands of domestic consumers and healthcare facilities alike. With increasing awareness and online retailing options, the market for portable fridges continues to expand, offering innovative products for diverse applications.
The market caters to a wide range of needs and applications. From storing vaccines and temperature-sensitive medications to providing convenience in bedrooms, dorm rooms, and van life setups, these fridges offer versatile solutions. They are essential for off grid living and outdoor activities like hiking, ensuring reliable food and beverage preservation. With features such as Wi Fi connectivity and direct cooling technology, they meet the demands of modern consumers. Constructed with materials like high-density polyethylene, they offer durability and reliability. Available in various sizes and configurations, including single-door models, they are suitable for both home spaces and on-the-go use. With increasing urbanization and online availability, the portable fridge market continues to grow, offering innovative products for diverse needs.
Portable Mini Fridge Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.45% |
Market growth 2023-2027 |
USD 1.42 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.85 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, France, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Electrolux, ARB Corp. Ltd., Danby, Felix Storch Inc., Ferguson plc, FridgeFreeze Inc., Godrej and Boyce Manufacturing Co. Ltd., Gourmia Inc., Haier Smart Home Co. Ltd., Indel B S.p.a., Koolatron, LG Corp., Marvel Refrigeration, Panasonic Holdings Corp., Sawafuji Electric Co. Ltd., Stanley Black and Decker Inc., The Legacy Co., Uber Appliance, Whirlpool Corp., and Whynter LLC |
Market dynamics |
Parent market analysis, Market forecasting, Portable mini fridge market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Portable mini fridge market worth and condition analysis for the market forecast period. |
Customization purview |
If our portable mini fridge market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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