New York, May 22, 2023 (GLOBE NEWSWIRE) -- The global portable fridge market is estimated at US$ 1.85 billion in 2023 and is projected to reach a value of US$ 3.45 billion by the end of 2033, as per this latest market study report by Persistence Market Research.
The portable fridge market is growing rapidly, which is mainly being driven by rising demand for convenient and efficient ways to keep food and beverages cold or frozen. The market is being fueled by various factors such as rising consumer interest in outdoor activities, especially after the COVID crisis, increasing demand from the commercial sector, and growing awareness about energy efficiency and sustainability.
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North America is the leading regional market for portable fridges, followed by Europe and Asia Pacific. In Asia Pacific, China and India are the fastest-growing markets due to increasing adoption of portable fridges in both, the commercial and residential sectors.
Online retailing of portable fridges is expected to gain traction due to the increasing trend of online shopping across regions. Key players in the market are investing heavily in R&D to improve the performance, energy efficiency, and durability of their portable fridges. The market is highly competitive and manufacturers are focusing on strategic partnerships, product innovation, and mergers & acquisitions to strengthen their position in the market.
Key Takeaways from Market Study
- The global portable fridge market grew at a CAGR of 5.9% from 2018 to 2022 to reach US$ 1.73 billion at the end of 2022.
- Single-door fridges accounted for a leading market share of 58.4% in 2022.
- North America held a substantial market share of 32.1% in 2022 and is expected to continue its dominance over the forecast period.
- Sales of portable fridges accounted for around 30% value share of the global refrigerator market in 2022.
“Increasing demand for convenient and energy-efficient refrigeration solutions, along with technological advancements in the industry, is expected to drive market growth for portable refrigerators,” says an analyst at Persistence Market Research.
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Key Market Players
The report provides groundbreaking insights into the competitive scenario of the global portable fridge market, along with highlights of the differential strategies used by manufacturers.
Some of the leading manufacturers of portable fridges are Dometic Group, Engel Coolers, ARB Corporation, Whynter, Norcold, Indel B, National Luna, Snomaster, Iceco, Alpicool, KingsBottle, Black+Decker, Coleman, Koolatron, and Igloo.
Recent Developments
- The Dometic CFX3 line of portable refrigerators features a new user interface, improved energy efficiency, and increased durability.
- In 2020, Engel Coolers unveiled the 40-liter portable refrigerator with a retractable divider, an integrated battery monitor, and low battery protection.
Know More about Report Inclusions
Persistence Market Research published a new market report on the global portable fridge market, covering global industry analysis from 2018 to 2022 and forecasts from 2023 to 2033. This research report provides compelling insights based on product type, capacity, end user, sales channel, and across major regions of the world.
Market Segmentation
- By Product Type: (Single-door Refrigerators, Double-door Refrigerators)
- By Capacity: (Less Than 1 cu. Ft., 1 to 1.9 cu. Ft., 2 to 2.9 cu. Ft., 3 to 3.9 cu. Ft., 4 to 5 cu. Ft.)
- By End User: (Residential, Commercial)
- By Sales Channel: (Direct Sales, Hypermarkets/Supermarkets, Multi-Brand Stores, Specialty Stores, Independent Small Stores, Online Retailers, Other Sales Channels)
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses restraints that are projected to hinder market growth along with the latest trends and potential opportunities in the market.
For additional information on how the portable fridge market will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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About Consumer Goods Division at Persistence Market Research
The Consumer Goods team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs by offering expert analysis, actionable insights, and strategic recommendations. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the consumer goods industry lucidly in 50+ countries for over a decade. We provide end-to-end research and consulting services; reach out to explore how we can help.
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