Portable Mini Fridge Market: Explore Top Factors That Will Boost the Global Market in Future
Research Reports
Feb 09, 2022
According to “Allied Market Research” the portable mini fridges market is expected to witness lucrative growth in the coming years owing to growing adoption of portable mini fridges in developing regions such as India, Brazil, South Korea and more among others. Furthermore, adoption of micro home concepts & mobile homes and increase in the adoption of recreational vehicles are expected to provide lucrative opportunities for growth for the portable mini fridge market in the coming years.
Portable mini fridges are reduced size fridges that can be carried around. Portable mini fridge can be carried and placed virtually anywhere. It comes in a variety of shape, size, and capacity and requires very less power to function.
Most portable mini fridge requires an input of 12V, 24V DC or 240V. These fridges not only fulfill the basic feature of cooling or keeping items fresh, but come in difference in capacity that dictates what can be kept inside the fridge. These fridges are widely used across the medical sector to keep drugs and similar items under a certain temperature. They are also used in the hospitality sector to cool drinks & food and has been widely adopted by modern offices to save space.
The compact form factor allows it to perfectly fit different areas of the home as well as cars, trucks, and even commercial vehicles. Portable mini fridges are very crucial for commercial vehicle drivers, as they often require perishable items such as food and drinks, to remain shelf stable during their long travel. Apart from having great significance for the commercial drivers, the portable mini fridges have also become an essential component for recreational vehicles for cooling needs. Portable mini fridges have also had wide spread adoption for household use. Many households in the developed regions in Europe and North America often have portable mini fridge to cool drinks and food. They usually fulfill the purpose of outdoor cooling solution for perishables during trips and outings.
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The portable mini fridges industry is expected to witness widespread adoption in the coming future. According to Allied Market Research, “the global portable mini fridge market is estimated to reach $1,748.9 million in 2025 growing at a CAGR of 5.0% during the forecast period’. The growth of this industry can be attributed to factors such as growing affinity of people toward outdoor activities such as picnics, trekking, camping, adventure tourism and more among others. Growth in the number of compact houses and recreational vehicles also drive the sales of portable mini fridges. Furthermore, growing number of business leading to an increase in requirement of commercial vehicle has further aided the market growth of portable fridge market worldwide.
The key players profiled in the report include ARB, Danby, Dometic Group AB, EdgeStar (Living Direct, Inc.), Engel Australia Pty Ltd., Haier Inc, Koolatron, LG Electronics, Godrej Group, and Whynter.
The Covid-19 pandemic has a vital impact on the growth of the global Portable Mini Fridge Market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global Portable Mini Fridge Market.
Key Benefits of the Report:
• This study presents the analytical depiction of the Portable Mini Fridge industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Portable Mini Fridge Market share.
• The current market is quantitatively analyzed from 2018 to 2025 to highlight the global Portable Mini Fridge Market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed Portable Mini Fridge Market analysis based on competitive intensity and how the competition will take shape in coming years.
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