Portable Fridges Market Poised to Reach USD 3,385.9 Million by 2033: Production and Consumption Statistics | FMI

Portable Fridges Market
Portable Fridges Market

The portable fridges market size is projected to be valued at USD 1,813.6 million in 2023 and is expected to rise to USD 3,385.9 million by 2033. The sales of portable fridges are expected to grow at a significant CAGR of 6.4% during the forecast period.

The global market is witnessing expansion primarily fueled by the growing demand for cold storage systems in high-end vehicles. Concurrently, there’s a discernible shift in consumer preferences towards mobile homes, viewed as an affordable alternative by first-time homeowners and frequent travelers alike. These changing dynamics collectively drive market growth, as an increasing number of consumers opt for mobile homes equipped with advanced cold storage solutions.

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Portable mini fridges are used for energy-efficient cooling and keeping food fresh while on the go. In line with this, rising demand for high-capacity mini-fridges for storing temperature-sensitive pharmaceuticals with specific storage requirements is fueling market growth.

Various product innovations, such as the introduction of variants with adjustable automatic battery protection systems to prevent vehicle battery rundown, are helping to drive market growth.

Other factors expected to drive market growth include an increasing preference for outdoor reactionary activities such as outings, picnics, camping, trekking, and adventurous road trips, as well as the widespread adoption of mini fridges in premium and luxury hotels for improved customer experience.

Key Takeaways from the Portable Fridges market

  •  United States dominated the portable fridge market in 2020, accounting for 80.1% of market share. Increased millennial participation in outdoor recreational activities, combined with the hospitality sector’s strong foothold, including hotels, is expected to remain a key factor driving the portable mini fridge market.
  •   The online segment is expected to grow at a CAGR of 7.0% over the forecast period of 2023-2033. Consumers are increasingly turning to e-commerce websites for the purchase of electronics, including mini-fridges, as they can offer a wide range of products at special pricing and great discounts.
  •  In 2022, the offline distribution channel was the most significant, accounting for more than 71.5% of global revenue. To cater to the vast customer base, major manufacturers in the United States and Canada are opening brand stores in various states across the country.
  • The booming hotel industry is expected to drive the market for a portable fridge in India, which is expected to capture a market share of 25.9% in 2022. For example, in November 2018, Radisson Hotel Group opened the ‘Radisson Ningbo Beilun,’ a luxurious 230-room hotel in Ningbo’s Beilun district, China. Similarly, Hyatt Hotels Corporation opened 348 rooms in the ‘Hyatt Regency Wangjing’ in Beijing in June 2018.

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Competitive Landscape

Some of the market’s leading players are developing technologically advanced products with high energy star certified products to meet growing consumer demands while also maintaining a competitive edge. Furthermore, collaboration with domestic distributors, strategic partnerships, seeking certifications, and entering into an e-commerce platform remain popular strategies among market leaders. Companies intend to broaden their geographic reach through mergers and acquisitions.

  • Godrej Appliances, a division of the Godrej & Boyce Group, announced the launch of ultra-low temperature refrigerators, portable mobile freezers for storing highly temperature-sensitive vaccines, in August 2021.
  •   Engel Australia Pty Ltd. launched two new limited edition Retro Series portable fridges in April 2019 under the brand names ‘Engel MT45F-G4FT’ and ‘Engel MT60F-G4FT’. These portable mini fridges are ideal for camping trips and other outdoor recreational activities. These product launches are expected to play a critical role in ensuring consumer access to the products.

Key Manufacturers:

  • Whirlpool Corporation
  • ARB Corporation
  • Danby
  • Dometic Group AB
  • EdgeStar (Living Direct Inc.)
  • Engel Australia Pty Ltd.
  • Haier Inc.
  • Koolatron
  • Whynter
  • AB Electrolux
  • Samsung Electronics Co. Ltd.
  • Others

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Portable Fridges Market by Category

Size:

  •  Mini Portable Fridge
  •  Standard Portable Fridge

Price Range:

  •  Economic
  •  Mid-Range
  •  Premium

Functionality:

  •  Conventional
  •   Semi-Automatic
  •   Automatic

End User:

  •          Household
  •          Commercial

Sales Channel:

  • Online
  • Offline

Region:

  •  North America
  •  Latin America
  • Europe
  •  East Asia
  • South Asia
  • Oceania
  •  MEA

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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