According to a Future Market Insights (FMI) analysis, the market for portable refrigerators would grow steadily between 2022 and 2032. The demand for highly effective and practical small storage solutions in commercial vehicles has been increasing, which has aided the market expansion for portable refrigerators.
|Portable Fridges Market Size Value in 2021||US$ 1,612.0 Mn|
|Portable Fridges Market Size Value in 2022||US$ 1,710.9 Mn|
|Portable Fridges Market Size Value in 2032||US$ 3,188.3 Mn|
|Portable Fridges Market Historical CAGR (2016-2021)||5.1%|
|Portable Fridges Market CAGR (2022-2032)||6.4%|
Campers and caravanners are also big consumers of portable refrigerators. One major element influencing the sales of portable fridges is the growing emphasis on outdoor recreational activities. Between 2022 and 2032, the market for portable refrigerators is anticipated to grow at a CAGR of more than 6.4 percent, according to FMI.
Truckers and cab drivers spend a lot of time on the road. They occasionally even travel for days. Their vehicles may benefit from adding portable fridges, which would allow them to enjoy food and beverages while on the go. Because eating at home saves a substantial amount of time and money, portable refrigerator demand is particularly high.
Due to the growing popularity of small electronic appliances, top manufacturers have introduced upgraded models of their portable refrigerators. Companies will concentrate on obtaining energy star certification since they are looking for prospects in the home market.
Their attempts to win over and draw in customers have paved the way for a number of innovations. Therefore, it is anticipated that product introductions in the portable refrigerator market would pick up speed in the upcoming years. The market analysis from FMI provides a comprehensive review of the many variables promoting growth and determining its course.
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Some of the key takeaways from the report are:
- The estimated value of the portable fridges market stood at around US$ 1,612.0 Mn in 2021. Steady growth is expected during the course of the report’s forecast period
- North America and East Asia are likely to showcase lucrative opportunities for growth
- Rising installation of portable fridges in hotel rooms and suite to offer better convenience to their visitors will offer lucrative opportunities for growth
- Commercial applications, although sluggish at the moment, are expected to pick up in the coming years
- Most brands are likely to focus on the expansion of online retail sales channels to mitigate supply chain challenges posed during the ongoing pandemic crisis
“A majority of companies operating in the portable fridges market are expected to focus on innovations to gain competitive advantage. The market consequently has been witnessing a slew of product launches since the last few years,” said a lead analyst at FMI.
Who is winning?
Companies operating in the portable fridges market are primarily focusing on improving load capacity and making refrigerator compressor stronger without compromising on the basic features. To make the product more feasible for residential applications, brands are giving special attention to energy star certification.
There is also immense attention towards leveraging their online presence. Some of the leading brands are therefore investing on building their online visibility to expand their footprint across the world.
Some of the leading companies operating in the market are Whirlpool Corporation, ARB Corporation, Danby, Dometic Group AB, EdgeStar (Living Direct, Inc.), Engel Australia Pty Ltd., Haier Inc., Koolatron, Whynter, AB Electrolux, and Samsung Electronics Co., Ltd.
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Portable Fridges Market by Category
- Mini Portable Fridge
- Standard Portable Fridge
- North America
- Latin America
- East Asia
- South Asia
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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