According to a report by Future Market Insights (FMI), the portable fridges market will expand at a steady pace between 2020 and 2030. The rising demand for high-performing and functional compact storage systems in commercial vehicles has been aiding growth of the portable fridges market.
Portable fridges are also in demand among people who enjoy camping and caravanning. The rising focus on outdoor recreational activities is identified as a chief factor driving sales of portable fridges. According to FMI, the market for portable fridges is expected to rise at above 5% CAGR between 2020 and 2030.
Cab drivers and truckers are often on road for extended time. Sometimes they even drive for days. Portable fridges can be perfect addition to their vehicles, enabling them to enjoy food or beverage on the go. Eating inside saves significant amount of time and money, which is why the demand for portable fridges is considerably high in among them.
“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.” says an analyst at FMI.
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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 Bn in 2019. 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
Portable Fridges – Key Trends
- Adoption of the latest technologies such as collaboration tools and mobile applications drives market growth.
- Expanding government budgets to adopt digitalization, speeding up the expansion of the Portable Fridges market
- The need for dynamic security solutions by business entities is escalating the need for the Portable Fridges market.
- Analysis of attack patterns and early detection to minimize risk to system privacy, identity, data, and integrity open up impressive growth prospects.
Portable Fridges – Competitive Landscape
Some of the leading manufacturers such as Danby, Midea Group, Haier Inc., and ARB are launching novel products across key markets such as the U.S., the U.K., Canada, and Germany to gain competitive advantage. Consumers across these countries share the common interest of camping and recreational activities.
Some of the key players operating in the global Portable Fridges market are:
- 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.
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Portable Fridges – Taxonomy
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
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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Get Valuable Insights into the Portable Fridges Market
Future Market Insights, in its new report, presents an unbiased analysis of the global portable fridges market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study reveals persuasive insights into growth witnessed into the market. In terms of size, the market can be segmented into mini-portable fridge and standard size portable fridge. Based on functionality, the market can be segmented into conventional, semi-automatic, and automatic. By price range, the market covers economic, mid-range, and premium. On the basis of end user it can be bifurcated into commercial and household. Based on sales channel, the market can be classified into online and offline channels. Regionally, the market encompasses North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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