NEW
YORK, July 17, 2024 /PRNewswire/ -- The global
portable mini fridge market size is estimated to grow by
USD 1.41 billion from 2023-2027,
according to Technavio. The market is estimated to grow at a CAGR
of 5.45% during the forecast period. Growing
demand for portable and compact refrigeration solutions is
driving market growth, with a trend towards increasing
popularity of solar-powered portable mini fridges.
However, limited storage capacity poses a challenge. Key
market players include 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.
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Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
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)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
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
|
Key Market Trends Fueling Growth
The market for portable mini fridges with solar power
capabilities is experiencing significant growth due to the
increasing demand for eco-friendly and sustainable appliances.
Solar-powered mini fridges operate using solar energy, making them
ideal for outdoor activities and off-grid living. These
energy-efficient appliances produce fewer greenhouse gases and save
money on electricity bills in the long run. Brands such as Dometic,
EcoSolarCool, and Whynter are leading the way in producing
high-quality solar-powered mini fridges for consumers. This trend
towards sustainable and eco-friendly mini fridges is expected to
drive the growth of the global portable mini fridge market, with
companies specializing in solar-powered and energy-efficient
products set to benefit.
The portable mini fridge market is experiencing a surge in
demand, particularly in the cosmetics sector. Women consumers are
the primary buyers, seeking to keep their cosmetic items, such as
serums and creams, at optimal temperatures. Awareness of the
benefits of proper storage has fueled this trend. The market offers
a variety of innovative products, catering to different power
ratings and consumer needs. Alcoholic beverages and nutritious food
items are also popular choices. Shifting consumer preferences
towards outdoor activities, like camping, road trips, boating,
hiking, and tailgating, are driving growth. Ice makers and
absorption, compressor, and thermoelectric models cater to various
power sources and lifestyles. Commercial and residential uses, from
specialty stores and brand stores to online sales, serve diverse
markets. Portable fridges are essential for perishable food during
outdoor activities, medical purposes, and emergency situations.
They are also used in bedrooms, dorm rooms, and mobile
offices.
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Market Challenges
- The portable mini fridge market faces a significant challenge
due to the limited storage capacity of these appliances. Consumers
seeking larger storage solutions may express dissatisfaction,
negatively impacting market growth. This issue can also lead to
price sensitivity, as consumers might prefer purchasing larger
fridges at comparable prices. The constraint on storage capacity,
therefore, poses a substantial obstacle to the expansion of the
global portable mini fridge market during the forecast period.
- The portable mini fridge market caters to various sectors
including camping, road trips, boating, tailgating, outdoor
activities, medical purposes, and more. Mini fridges offer
convenience for storing perishable food and temperature-sensitive
medications during these activities. Roadside vendors and food
truck owners also benefit from these appliances. For businesses,
mini fridges are essential for mobile offices and ensuring food
safety and freshness. In emergency situations, they provide a
reliable source for storing essentials. Sizes and shapes vary, with
some offering direct cooling technology, freezing space, and
combination options. Domestic consumers use mini fridges in
bedrooms, dorm rooms, offices, and even for off-grid living.
Challenges include energy efficiency, Wi-Fi connectivity, app
controls, solar panels, power outages, and reliable electricity
supply. Reinforced steel and healthcare sectors are emerging
markets. Online retailing, refrigerator appliances, and sizes are
key considerations for consumers. Large-sized refrigerators require
significant home spaces and electricity costs.
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challenges - Download a Sample Report
Segment Overview
This portable mini fridge market report extensively covers
market segmentation by
- End-user
- 1.1 Commercial customers
- 1.2 Residential customers
- Distribution Channel
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Commercial customers- The commercial
customer segment is a significant market for portable mini fridges
due to the diverse needs of businesses and organizations. Hotels,
restaurants, and cafes utilize these appliances to store perishable
food items and beverages. Offices and workplaces use portable mini
fridges to keep employee meals and snacks cool. Hospitals and
clinics rely on them to preserve medical supplies and vaccines that
need refrigeration. Convenience stores and supermarkets display
chilled products with the help of portable mini fridges. Food
trucks and mobile vendors also use these fridges to transport and
store food items. Commercial customers value portable mini fridges
for their ease of movement, space efficiency, and energy savings.
Therefore, the commercial segment will remain a crucial market for
the global portable mini fridge market throughout the forecast
period.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data (2017 -
2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global smart refrigerator market is expanding with
innovations like IoT integration and AI capabilities. These
refrigerators offer advanced features such as remote control via
smartphones, food management systems, and energy efficiency
enhancements. Growing consumer interest in connected homes and
convenience is driving market growth, with key players focusing on
enhancing user experience through seamless connectivity and
sustainable technologies.
The global zeolite market is witnessing steady growth driven by
its diverse applications in water purification, detergents, and
catalysts. Zeolites' unique properties, including high adsorption
capacity and ion-exchange capabilities, make them crucial in
environmental and industrial sectors. Increasing regulations on
water quality and rising demand for eco-friendly detergents are key
factors boosting market expansion. Innovations in synthetic
zeolites and expanding industrial applications are further
propelling market growth worldwide.
Research Analysis
The portable mini fridge market caters to various consumer needs
beyond home use. These compact appliances are ideal for outdoor
activities such as camping, road trips, boating, and tailgating.
They offer convenience for storing perishable food and drinks
during these adventures. Additionally, portable mini fridges find
applications in medical purposes for storing vaccines and other
temperature-sensitive items. Roadside vendors and food truck owners
also benefit from these appliances for their businesses. In smaller
living spaces like dorm rooms and bedrooms, mini fridges serve as
space-saving solutions. With sizes and shapes ranging from compact
to larger models, there's a portable mini fridge for every need.
Technologies like direct cooling and freezing space, as well as
combination models, cater to various consumer preferences. The
market also includes cosmetic mini fridges designed for women
consumers to store their cosmetic items. Portable mini fridges are
energy-efficient and cost-effective alternatives to large-sized
refrigerators for domestic consumers, making them a popular choice
for various applications.
Market Research Overview
The portable mini fridge market caters to various consumer
segments, including camping enthusiasts, road trippers, boaters,
and individuals engaged in outdoor activities. These fridges offer
convenience for storing perishable food, temperature-sensitive
medications, and even cosmetic items during hiking, tailgating
parties, van life, and off-grid living. Mini fridges are essential
for medical purposes, especially in emergency situations, and for
food safety and freshness in healthcare and hospitality industries.
Online retailing has boosted the market, offering a wide range of
sizes, shapes, and innovative products to consumers. Energy
efficiency, Wi-Fi connectivity, app controls, and solar panels are
key features driving demand. Portable mini fridges cater to
domestic and commercial consumers, with power ratings varying for
different applications. The market includes a variety of cooling
technologies, such as compressor, absorption, and thermoelectric,
and serves diverse industries, including large-sized refrigerators
for home spaces and specialty stores for specific consumer
needs.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Commercial Customers
- Residential Customers
- Distribution Channel
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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