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The portable mini fridge market size is estimated to grow at a CAGR of 5.45% between 2022 and 2027. The market size is forecast to increase by USD 1,417.8 million. The growth of the market depends on several factors, including growing demand for portable and compact refrigeration solutions, technological advancements, rising disposable income, and urbanization.
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.
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The growing demand for portable and compact refrigeration solutions is notably driving the market growth, although the limited storage capacity of the portable mini fridge may impede the market growth. 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 portable mini fridge 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 portable mini fridge market growth. Solar-powered portable mini-fridges are growing in popularity due to the growing demand for sustainable and eco-friendly devices. 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 of the portable mini fridge is challenging the portable mini fridge 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 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Portable Mini Fridge Market Customer Landscape
Vendors 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 report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, 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 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 2,317.35 million 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 for the portable mini fridge market during the forecast period.
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North America is estimated to contribute 34% to the growth of the global portable mini fridge 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.
In 2020, the growth of the market was adversely affected by the outbreak of COVID-19. The pandemic disrupted global supply chains and adversely affected the production and supply of portable mini-refrigerators. Manufacturers faced challenges in sourcing raw materials and components and shipping finished products to their customers. Additionally, retail store closures due to lockdown measures negatively impacted sales of portable mini-fridges. All these factors slowed the market growth in 2020. However, the start of a large-scale vaccination campaign restarted business and industrial activities, such as the production of mini-fridges and the resumption of leisure and hospitality. The demand for mini portable refrigerators increased. Moreover, rising demand for solar-powered portable mini refrigerators and the rise of e-commerce platforms are expected to fuel the growth of the market during the forecast period.
The portable mini fridge market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global portable mini fridge market as a part of the global household appliances market within the global household durables industry. The parent global household appliances market includes revenue generated by manufacturers of consumer electronics and related products. Household appliances include power and hand tools, including garden improvement tools. The global household appliance market is segmented into five segments, namely large appliances, small appliances, hand tools, power tools, and garden tools. The global consumer electronics market excludes televisions and other audio and video products, which fall under the consumer electronics category, and personal computers, which fall under the technology hardware, storage, and peripherals category.
Portable Mini Fridge Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
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 1417.8 million |
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 growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our 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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