The global portable mini fridge market was valued at more than $3 billion in 2015 and is expected to reach around $4 billion by 2020, says Technavio.
Technavio’s home, kitchen, and large appliances portfolio has announced its latest market research report on portable mini fridge for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global portable mini fridge market during the forecast period. Some of the top vendors listed in this industry analysis include ARB, Danby, Dometic, Engel, EdgeStar, Electrolux, Haier, Koolatron, Whirlpool, and Whynter.
In terms of geographical analysis, the market in the Americas is expected to showcase considerable growth during the forecast period and will account for a revenue of almost $2 billion by 2020. The US will emerge as the key revenue-generator in this region.
“Retro and colorful designs are becoming increasingly popular in the global market for portable mini fridge. Consumers today are not only concerned about the function of an appliance but also about the way it looks in terms of design and are even ready to pay a little extra for a better design. This trend is especially prominent in the residential mini fridge segment. To cater to different kind of consumers, players are coming up with attractive designs. For instance, NFL is selling portable mini fridges with different sports designs to attract sports fans,” says Brijesh Kumar Choubey, a lead analyst at Technavio for home, kitchen, and large appliances.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Need for cold storage in commercial vehicles
Truckers and cab drivers spend most of their time on the road and hence prefer eating food packed from home or elsewhere inside their vehicles to save time and money. This creates the need for portable mini fridges to keep their food and beverages fresh. The functioning of a portable mini fridge works in tandem with that of the vehicle’s battery, making them convenient and easy-to-use. With an increase in the number of road truckers and cab drivers on the road, the demand for portable mini fridges for use in commercial vehicles such as cabs and trucks is expected to increase.
Increasing women employment and need to carry breast milk while traveling or at work
Employed women across the globe have a very hectic personal and professional schedule. This creates the demand for various time-saving and convenience appliances. For instance, one of the biggest obstacles for working mothers is traveling away from their babies while they are still breastfeeding. Pumping while on the road or while working is inconvenient as well as uncomfortable. As a result, a large number of working women with babies or infants are making use of portable mini fridges to store breast milk.
Growing hospitality industry and increasing popularity of mobile medical services and transport
Portable mini-refrigerators are also used for medical applications. They are increasingly used for the storage and transport of medicines and vaccines by diabetes clinics, medical laboratories, state and county health departments, immunization clinics, universities, centers for infectious disease, and governmental agencies. Such institutes offer mobile immunization service to patients through the distribution of medicines and vaccination and hence, require portable mini refrigerators for storage purposes. Ambulances are also often equipped with portable mini refrigerators as they can store many medicines and fluids that can be used for conducting lifesaving procedures while rerouting to the hospital.
Some of the other prominent vendors identified in this report are AGA Marvel, Avanti Products, Coleman, Gourmia, Kegco, Felix Storch, FridgeFreeze, Igloo, Indel B, LG Electronics, Midea, MCA Corporation, Panasonic, Sears Holdings Company, Uber Appliance, U-Line, Vinotemp International, and XElectron.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Portable Mini Fridge Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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