According to a new report published by Allied Market Research, titled,"Portable Mini Fridge Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"The global portable mini fridge market size is estimated to reach $1,748.9 million in 2025 growing at a CAGR of 5.0% through the forecast period. The 45 cu. ft. segment dominated the global portable mini fridge market in 2017 and is expected to maintain the dominance throughout the forecast period. Portable mini fridge is a compact fridge with an augmented feature of portability, which is used for cooling food and drinks. Therefore, it is an ideal option for micro homes and RV (recreational vehicles) as it does not occupy a lot of space compared to the traditional counterpart. They are widely used across different hospitals and clinic to keep drugs under a certain temperature.
The portable mini fridge market is driven by rise in the preference of consuming freshly cooked food. Moreover, technological advancements leading to emergence of more energy efficient models fuel the growth of the portable mini fridge industry. Furthermore, increase in demand for cold storage in commercial vehicles, rise in the hospitality industry, and growth in popularity of mobile medical services and transport are expected to drive the growth of the global market. However, high cost and unreliable cooling efficiency of the product hinder the growth of the global market. Moreover, increase in the adoption of micro home concepts & mobile homes and growth in adoption of recreational vehicles along with the introduction of new innovative designs are expected to provide lucrative opportunities, thereby driving the portable mini fridge market growth in future.
The report segments the portable mini fridge market based on type, application, and region. Based on type, the market can be segmented into less than 1 cu ft, 11.9 cu ft, 22.9 cu ft, 33.9 cu ft, and 45 cu ft. Based on application, the market is divided into commercial and residential use. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
In 2017, the 45 cu. ft. segment accounted for the highest share in the global portable mini fridge market. This was attributed to the high demand for the product in medical sector to store drugs and other similar medical items that require cooling. However, the 22.9 cu. ft. segment is expected to grow at the highest CAGR throughout the forecast period. This is due to increase in requirements for portable cooling solutions for outing and camping. As these activities are being adopted all over the world, the demand for 22.9 cu. ft. portable mini fridge has increased and contributed to the market growth.
In 2017, the commercial use segment held a significant share in the portable mini fridge market. This segment is driven by rise in consumption of fresh food items particularly by commercial vehicle drivers. The home use segment is expected to grow at a higher CAGR throughout 2018-2025 due to growth in adoption of compact appliances for small houses and mobile home concepts.
Key findings of the Portable Mini Fridge Market:
- Based on type, the 45 cu. ft. segment was the highest contributor to the portable mini fridge market in terms of value in 2018 and is expected to grow at a CAGR of 5.1%, from 2018 to 2025.
- Based on application, the commercial use segment was the highest contributor to the portable mini fridge market in terms of value in 2017, and is estimated to grow at a CAGR of 4.7% from 2018 to 2025.
- Based on type, the 22.9 cu. ft. portable mini fridge segment is expected to grow at the highest CAGR of 5.4% from 2018 to 2025.
- Based on application, the home use segment accounted for approximately one-fifth of the share in the portable mini fridge market in 2017, and is estimated to grow at a CAGR of 6.2%.
- Based on type, the 33.9 cu. ft. segment accounted for more than three-tenth of the share in the portable mini fridge market in 2017, and is anticipated to grow at the higher CAGR of 4.8%.
In terms of value, Asia-Pacific and LAMEA collectively contributed around half of the global market share in the portable mini fridge market in 2017. The key players profiled in the report include ARB, Danby, Dometic Group AB, EdgeStar (Living Direct, Inc.), Engel Australia Pty Ltd., Haier Inc, Koola