The projected value of the portable fridges market is estimated to reach US$ 1,813.6 million by 2023 and is anticipated to increase to US$ 3,385.9 million by 2033, with sales expected to experience substantial growth at a compound annual growth rate (CAGR) of 6.4% throughout the forecast period.
The rising demand for cold storage systems in high end vehicles around the world is one of the key factors driving the market’s expansion. Furthermore, changing consumer preferences for mobile homes as an affordable alternative for first-time homeowners and frequent travelers are propelling market growth.
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.
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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.
- Growth Drivers:
- Increasing Demand for Outdoor Activities: The rising popularity of outdoor activities such as camping, road trips, and recreational boating is driving the demand for portable fridges. Consumers seek convenient solutions for storing perishable goods while on the move.
- Technological Advancements: Advancements in portable fridge technology, including energy efficiency, better insulation, and compact designs, are enhancing product appeal. Features such as dual-zone cooling, smartphone connectivity, and solar power compatibility attract consumers looking for versatile options.
- Expanding Automotive Industry: The growth of the automotive industry, especially in the recreational vehicle (RV) and off-road vehicle segments, is fueling demand for portable fridges. Manufacturers are increasingly integrating fridges into vehicle designs or offering them as optional accessories, boosting market growth.
- Rising Disposable Income: Increasing disposable income levels, especially in emerging economies, are enabling more consumers to afford portable fridges for their leisure activities. As discretionary spending power grows, so does the demand for convenience-oriented products like portable fridges.
- Growing Awareness of Food Safety: Heightened awareness regarding food safety and hygiene, particularly during outdoor excursions, is prompting consumers to invest in portable fridges to ensure the freshness and quality of perishable items. This awareness drives market expansion, especially among health-conscious consumers.
- Industry Restraints:
- High Initial Cost: The initial cost of portable fridges is relatively high compared to traditional coolers, which may deter price-sensitive consumers from purchasing them. Despite long-term savings in terms of food preservation and convenience, the upfront investment can be a barrier for some segments of the market.
- Limited Accessibility to Power Sources: Portable fridges rely on power sources such as batteries, vehicle DC outlets, or solar panels. However, limited access to reliable power sources in remote areas or during extended trips can restrict the usability of these fridges, affecting their market penetration.
- Weight and Size Constraints: While portable fridges are designed for mobility, their weight and size can still be cumbersome, especially for consumers with limited storage space or those traveling in compact vehicles. This limitation may restrict their adoption among certain demographics or for specific types of outdoor activities.
- Competitive Landscape: The portable fridge market is becoming increasingly competitive, with numerous manufacturers offering a wide range of products at various price points. Intense competition can lead to pricing pressures and margin erosion, posing challenges for both established players and new entrants.
- Environmental Concerns: Some portable fridge models rely on refrigerants that have a high global warming potential (GWP), contributing to environmental concerns. Manufacturers face pressure to develop more eco-friendly refrigeration technologies or face regulatory scrutiny, which may impact product development timelines and costs.
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
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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