(I-BusinessNews.Com, July 09, 2021 ) Portable Mini Fridge Market size was valued at $889 million in 2020, and is anticipated to reach $1,985 million by 2026 after growing at a CAGR of 6.8% during the forecast period 2021-2026. The Portable Mini Fridge industry growth rate is attributed to the Increasing enthusiasm for outdoor recreational activities among millennials at the global level as a result of rising awareness regarding improved fitness and is anticipated bringing new opportunities. A portable mini fridge is a small refrigerator that can be transported and put almost anywhere. Portable mini fridges are also known as travel mini fridges. These types of fridges are equipped with evaporative cooling technology and the adequate freezing space provided makes them mostly used in marine cruises & leisure yachts, recreational vehicles (RVs), passenger and commercial vehicles, medical transport of vaccines and blood, and residences. It is available in a number of shapes, sizes, and capacities, and needs less power to operate. The majority of portable mini fridges need a 12V, 24V DC, or 240V input. These refrigerators not only perform the basic function of cooling or holding products new, but they also vary in size, which determines what can be stored inside. Portable mini fridge refrigerators are commonly used in the medical industry to hold medications and other related products at a specific temperature. Furthermore, technological advancements leading to the emergence of more energy-efficient models are further boosting the overall market growth.
Portable Mini Fridge Market Segment Analysis – By Application
On the basis of application, commercial use segment accounted for the largest segmental revenue of the portable mini fridge market in 2020. The abdominal aortic stent graft segment held the largest market on account of the fact that these compact and portable mini-fridges are widely used in recreational vehicles, caravans, motorhomes, campervans, and vanity vans. Key manufacturers including ARB, Midea Group, Danby, and Haier Inc. are launching new products in the countries including U.S., Canada, Germany, and U.K., where the recreational activity is significantly growing.
On the contrary, residential use segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 7.9%. The prime factors supplementing the growth of this segment during the forecast years include the rising interest in minibar among working-class professionals at the global level is poised to promote the scope for portable mini-fridge in the coming years. Additionally, the growing popularity of mobile homes as they are considered affordable for first-time home buyers is also bolstering the portable mini fridge market growth during the forecast period 2021-2026.
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Portable Mini Fridge Market Segment Analysis – By Distribution Channel
On the basis of distribution channel, offline segment accounted for the largest segmental revenue of the portable mini fridge market in 2020 and is poised to dominate over the forecast period 2021-2026 owing to the fact that major manufacturers in the U.S. and Canada are opening their brand stores in various states of the country in order to cater to the vast customer base. The offline stores has a wide range of products including home appliances and houseware products and hence are planning to introduce its new product line in the stores. These factory outlets and stores are promoting the offline purchase of the product, are boosting the market growth of the hospital segment and is likely to continue during the forecast period 2021-2026.
On the other hand, online segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 7.0%. The online segment is to witness healthy growth as consumers are now increasingly adopting e-commerce websites for the purchase of electronics including mini-fridge as they can provide a wide range of products with special pricing and great discounts. Moreover, e-commerce websites help to get products as per the specific requirement of the customers even if the product is not available in the market in a particular region. Furthermore, factors such as ease of shopping, convenience, and easy product accessibility irrespective of geographic boundary lines help to promote the scope for these channels to purchase products like portable mini fridges which is anticipated to positively impact the growth of this segmental market growth.
Portable Mini Fridge Market Segment Analysis – By Geography
North America is the major region dominating the Portable Mini Fridge market with a market share of 37.2% in the year 2020. This can be attributed to the increased participation by millennials in outdoor recreational activities, along with the strong foothold of the hospitality sector including hotels, is poised to remain a key factor in driving the market for portable mini fridge. The region is one of the largest travel and tourism markets in the world that is poised to have a significant impact on the portable mini fridge market. Apart from this, the positive outlook towards the hotel industry in the region is anticipated to promote the utility of portable mini fridge over the forecast period 2021-2026, are driving the market in North America.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to owing to increasing enthusiasm for camping, trekking, and other outdoor recreational activities among youths in the region. In addition, the booming hotel industry is to drive the market for a portable mini fridge in the region. According to recent studies, Radisson Hotel Group opened a luxurious 230 room hotel Ã‚Â‘Radisson Ningbo BeilunÃ‚Â’ in NingboÃ‚Â’s Beilun district, China and Hyatt Hotels Corporation opened 348 rooms in Ã‚Â‘Hyatt Regency WangjingÃ‚Â’ in Beijing; all these initiatives are thus promoting the use of portable mini fridge over the forecast period 2021-2026.
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Portable Mini Fridge Market Drivers
Rise in Demand for High Capacity Mini Refrigerator at Commercial Areas
The portable mini fridge market is poised to receive upswing owing to rise in demand for high capacity portable refrigerator in commercial areas such as hospitals and clinics to store drugs and medical devices that requires specific storage conditions is the primary factor anticipated to exhibit significant growth in the global mini-refrigerator market during the forecast period 2021-2026. Furthermore, unique features associated with portable mini refrigerator such as portability, efficient cooling temperature, and high capacity are also propelling the growth of the portable mini fridge market.
Portable Mini Fridge Market Challenges
High Cost of the Product Coupled With Problems
Despite several drivers high cost of the product coupled with problems such as inefficient cooling at higher ambient temperatures is anticipated to hamper the market growth in the mentioned forecast period 2021-2026.
Portable Mini Fridge Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Portable Mini Fridge Market. In 2020, Portable Mini Fridge Market share is fragmented by the top ten players present in the market. Portable Mini Fridge Market top 10 companies are The Whirlpool Corporation, Samsung Electronics, Videocon Industries, Godrej Appliances, LG Electronics, Haier Group Corporation, Electrolux AB, Panasonic Corporation, Siemens AG, ARB Company, Highsense Infotech, Zhongke Meiling Cryogenics Co., Ltd., Danby Appliances Inc., Whynter, LLC, Engel, Koolatron Corporation, Dometic Group AB, EdgeStar Appliances Company, Midea Group and others.
In April 2019, Engel Australia Pty Ltd. launched its two new limited edition Retro Series portable fridge under the brand name Ã‚Â‘Engel MT45F-G4FTÃ‚Â’ and Ã‚Â‘Engel MT60F-G4FTÃ‚Â’ fridge. These portable mini fridges are specially designed for the camping trips and outdoor recreational activities.
North America dominated the Portable Mini Fridge Market with a share of 37.2% in the year 2020.
The factors such as increasing requirement for cold storage in commercial vehicles and rising demand for smart & energy-saving home appliances among consumers are the major factor projected to impel growth of Portable Mini Fridge Market.
Growing demand for mobile homes, as they are affordable for first-time homeowners are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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