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2019

Portable Mini Fridge Market

Portable Mini Fridge Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type and Application : Global Opportunity Analysis and Industry Forecast, 2018 - 2025

CG : Consumer Electronics

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Author's: Sumesh Kumar & Shankar Bhandalkar | Roshan Deshmukh
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Portable Mini Fridge Market Overview:

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. Portable mini fridge is compact size fridge, which can be carried and placed virtually anywhere. It comes in a variety of shape, size, and capacity and requires relatively 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 comes in difference in capacity that dictates what can be kept inside the fridge. These fridges are widely used across medical sector to keep drugs and similar items under a certain temperature. They are also used in hospitality sector to cool drinks & food and has been widely adopted by modern offices to save space. These appliances are also in high demand in (RV) recreational vehicles, mobile home concepts and in small homes.

Activities such as outings and picnics are often carried out in the western countries. These activities often require portable cooling solution to maintain the freshness of food items. Due to high adoption of these activities the demand for portable mini fridge also increases and play an important role in the growth of the portable mini fridge market. The global portable mini fridge market is driven by rise in the preference of consuming fresh and cooked food especially among commercial vehicle drives as they travel long distances and are restricted on time. Moreover, technological advancements leading to the emergence of more energy efficient models boost the growth of the portable mini fridge market.

However, high cost of the product coupled with problems such as inefficient cooling at higher ambient temperatures hinders the market growth. 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 portable mini fridge market during the forecast period.

The global portable mini fridge market is driven by rise in the preference of consuming fresh and cooked food. Moreover, technological advancements leading to the emergence of more energy efficient models fuel the growth of the global market. Adoption of micro home concepts & mobile homes and increase in the adoption of recreational vehicles are expected to provide lucrative opportunities for the market growth.

In 2017, the 45 cu. ft segment had the highest share in the portable mini fridge market and is expected to retain its dominance across the forecast period. The 45 cu. ft. fridge, also known as medical refrigerator, is used mostly in the commercial areas such as medical and hospitality sector to store drugs, drinks, and food items. The features such as portability, high capacity, and efficient cooling drive the growth of the global market. Moreover, surge in the growth of the medical industry also contributes to higher growth of this segment.

In 2017, the commercial use segment accounts for the highest share in the portable mini fridge market based on application. This dominance in the share is due to surge in the growth of medical and hospitality industry coupled with higher adoption of portable mini fridge in both these sectors. The portable mini fridge owing to its portable nature has earned way in places such as caravans, tug boats, and yachts. It has also become a popular option in modern offices and transport trucks due to its ability to fit virtually anywhere and lower power consumption than traditional fridge.

In 2017, Asia-Pacific is expected to remain dominant and grow at the highest CAGR in the portable mini fridge market followed by Europe. This high market share and growth is attributed to adoption of activities such as adventure sports, fishing, camping, and more. These activities often require portable cooling solution to keep food fresh for extended period of time. Thus, the increase in adoption of these activities lead to high demand for portable mini fridge. Moreover, the hospitality and medical industry in this region has witnessed substantial growth over the past few years, which positively impact the growth of the portable mini fridge market as they often require portable cooling solutions.

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.

Key Benefits for Portable Mini Fridge Market:

  • The report provides an in-depth analysis of the current trends, drivers, and dynamics of the portable mini fridge market to elucidate the prevailing opportunities and tap the investment pockets.

  • It offers qualitative trends and quantitative analysis of the global market from 2018 to 2025 to assist stakeholders to understand the market scenario.

  • In-depth analysis of the key segments demonstrates the types of portable mini fridge available.

  • Competitive intelligence of the industry highlights the business practices followed by key players across geographies and the prevailing market opportunities.

  • Key players and their strategies and developments are profiled to understand the competitive outlook of the market.

Portable Mini Fridge Market Report Highlights

Aspects Details
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By Type
  • Less Than 1 cu. ft.
  • 1-1.9 cu. ft.
  • 2-2.9 cu. ft.
  • 3-3.9 cu. ft.
  • 4-5 cu. ft.
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By Application
  • Commercial Use
    • RV’s
    • Caravans
    • Tug boats & Transport boats
    • Others
  • Home Use
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Russia, Benelux, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Key Market Players

Haier Inc., ARB, LG Electronic, Danby, Engel Australia Pty Ltd., Godrej Industries, Dometic Group AB, Whynter LLC, EdgeStar (Living Direct, Inc.), Koolatron CA

Analyst Review

Portable mini fridge is a compact size fridge that can be carried around virtually anywhere. It is often used to keep food and drinks cool for extended period of time.

Based on the interviews of various top-level CXOs of leading companies, the trend of consuming cooked food has been prevalent over the years. This trend is particularly common with working professionals who are concerned about health and want to avoid processed or packaged meals. Cooked meals are perishable, which means they have small shelf life owing to negligible amounts of preservatives used. This has encouraged people to find ways to keep cooked meals fresh for longer period of time, which has paved the way for portable mini fridge, thereby supplementing the growth of the portable mini fridge market. Moreover, factors such as high demand for cooling in commercial vehicles and the augmented features such as portability and requirement of less space also drive the global market.

However, high cost and low penetration of RVs and large luxury vehicles in the emerging nation affect the growth of the portable mini fridge industry.

Author Name(s) : Sumesh Kumar & Shankar Bhandalkar | Roshan Deshmukh

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Portable Mini Fridge Market

Global Opportunity Analysis and Industry Forecast, 2018 - 2025