The Portable Fridges Market size is projected to be valued at USD 1,813.6 million in 2023 and is expected to rise to USD 3,385.9 million by 2033. The sales of portable fridges are expected to grow at a significant CAGR of 6.4% during the forecast period. Various factors propelling the demand for portable fridges are:
| Attributes | Details |
|---|---|
| Portable Fridges Market CAGR | 6.4% |
| Portable Fridges Market Valuation (2023) | USD 1,813.6 million |
| Portable Fridges Market Valuation (2033) | USD 3,385.9 million |
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 6.4% |
| H1,2022 Projected (P) | 6,5% |
| H1,2022 Outlook (O) | 7.2% |
| BPS Change: H1,2022 (O) - H1,2022 (P) | (+) 65 ↑ |
| BPS Change: H1,2022 (O) - H1,2021 (A) | (+) 72 ↑ |
Future Market Insights predict a comparison and review analysis of the dynamics of the portable fridges market, which is principally subjected to an array of industry factors along with a few definite influences concerning viewpoints that support industry innovation.
Some new advances that have taken place in the market include the key manufacturers increasing the production of portable fridges of different sizes and shapes to be carried out anywhere and on in vehicles. Besides this, rising outdoor/adventure activities across the globe are projected to boost the market.
Godrej Appliances, a part of Godrej & Boyce Group, in 2021, announced the launch of ultra-low temperature refrigerators, portable mobile freezers to store the highly temperature-sensitive vaccines.
According to FMI analysis, the variation between the BPS values observed in the portable fridges market in H1, 2022 - Outlook over H1, 2022 Projected reflects a growth of 10 units. However, compared to H1, 2021, the market is expected to spike by 12 BPS in H1 - 2022.
Key reasons for this change in growth rate are attributed to the steady uptake of the market during the first half of the forecast period, owed to the high demand from café/restaurants, food complex, stores and other F&B outlets to cater their daily needs.
Despite these prospects, there are some likely challenges that stay ahead for the industry, which include the high cost of portable fridges, limited lifespan, and high plastic content are major factors restraining the growth of the global portable fridges market.
As per Future Market Insights (FMI), the market witnessed a substantial CAGR of 5.5% from 2018 to 2022 period. Rising demand for high-performing and functional compact storage appliances for commercial applications will drive the sales and lift the growth trajectory to 6.4% between the 2023 to 2033 analysis period.
Following the outbreak of COVID-19, consumers have become more conscious regarding their lifestyle choices. Focus on outdoor recreational activities has increased the need for compact sized and advanced fridges.
Hence, key manufacturers are increasing the production of portable fridges with different sizes and shapes to enhance their convenience of portability.
For instance, according to the American Camper Report, in 2020, over 94 million people in North America, with nearly 49 million households in the USA participating in camping activities.
Regionally, North America is expected to dominate the global portable fridges market, contributing over 23.7% of revenue share in 2022. Rising camping activities in the USA has increased the focus on buying recreational vehicles (RV), fueling the sales of portable fridges, also known as camping fridges.
Camping Activities Among Millennials to Drive the Sales of Camping Fridges
Rising demand for convenient and compact refrigerators to carry food and beverages, medical supplies, pharmaceuticals, and other products that must be kept constantly cool or chilled, as well as increased use of portable fridges in the healthcare industry - due to ease of storing and transporting medicines - are some of the other key factors driving growth in the global portable fridges market, according to the report.
Increasing Demand for Portable Fridges from Hospitality Sector to Boost the Market
Customers now buy products that are not only more functional, but also have an aesthetic appeal that matches their personal preferences.
Furthermore, new products with added features such as Wi-Fi enabled portable fridges with inner cabinet LED lighting, as well as the inclusion of a rugged and durable exterior capable of withstanding extreme weather conditions, are expected to drive growth in the global portable fridges market over the forecast period.
According to FMI, North America will be the strongest portable fridges market in 2022, accounting for more than 80.1% of total sales. The growing use of portable refrigerators in the commercial sector is boosting the market.
Furthermore, the penetration of e-commerce platforms in the United States is facilitating growth in the portable fridges market. The increasing number of cabs, RVs, and truckers in the United States is expected to create a favorable environment for market growth.
Since portable refrigerators are compatible with most vehicles, manufacturers are increasing production with advanced features such as an additional compartment for cooling. This is expected to boost the market in the United States.
In the Chinese market, white goods and small appliances are in high demand. In the electronic appliance industry, consumer brand awareness is increasing, with a greater emphasis on design and functionality, while price sensitivity is decreasing.
As people are becoming more environmentally responsible, there is a greater demand for energy-efficient and eeco-friendlyproducts. Customers who enjoy camping are expected to be drawn to such high-tech refrigerators. As a result, China will remain a lucrative market for East Asian portable refrigerators.
Major players are cutting prices and launching new models with advanced features and innovative designs. This is likely to make it easier for the region's residents to use energy-efficient home appliances.
For example, the Ministry of Environment, Forests, and Climate Change of the Government of India proposed an India Cooling Action Plan (ICAP) in June 2020 to reduce the energy requirements of electronic appliances by 25% to 40% by 2037 to 2038. Furthermore, the region's population's increasing adoption of premium kitchen appliances is expected to drive market growth.
The commercial segment is expected to grow rapidly in the coming years, with a large share of more than 65.9% in 2022. The growing need for additional refrigerator storage capacity at food outlets or eateries for perishable food and beverage items as well as frozen packed food is expected to support future segmental growth.
The hospitality sector contributes USD 950 billion to the global economy each year, according to the International Hotel & Restaurant Association (IH&RA).
Built-in refrigerators are high-end appliances that offer more interior visibility than standard free-standing refrigerators. They are available in a variety of sizes, enables consumers to maximize refrigerator space and personalize the kitchen.
On the basis of distribution channel, the offline segment accounted for a strong market share of 71.5% of the portable fridge market in 2022 due to major manufacturers in the United States and Canada are opening brand stores in various states of the country in order to cater to the vast customer base.
The offline stores sell a wide range of products, including home appliances and housewares, and thus plan to launch their new product lines of portable refrigerators in the stores.
These factory outlets and stores are promoting offline product purchases with special discounts and attractive offers, which is boosting hospital segment market growth and is expected to continue during the forecast period 2023 to 2033.
Given the presence of a large number of regional players, the market is slightly fragmented. A large market share is held by global players such as Midea Group, ARB, Haier Inc., Whirlpool Corporation, Electrolux AB, and Danby.
Moreover, in order to meet the growing demand for portable mini fridges among customers, these players are offering lightweight, compact, and technologically advanced fridges. In order to cater to the large consumer base, key manufacturers are implementing various strategies such as innovative product launches, retail and e-commerce channel expansion, and mergers and acquisitions.
Important developments
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Billion for Value |
| Key Countries Covered | USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Covered | Size, Price Range, Functionality, End User, Sales Channel, Region |
| Key Companies Profiled | 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 |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
North America generated 80.1% of the global demand in 2022.
Asia Pacific witnessed higher growth in 2022.
The commercial segment held a 65.9% share of the market in 2022.
Availability of portable refrigerators in a variety of sizes, and shapes is the key opportunity.
Growing automation in the residential sector is a key trend in the market.
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Portable Fridges Market
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