Global Portable Mini Fridge Market 2016-2020
About Portable Mini Fridge
A portable mini fridge is the best option to keep food, beverage, medicines, and cosmetics cool while travelling. These mini fridges are smaller and lighter than conventional refrigerators. So, consumers can set them up wherever they want immediately after purchase. A light weight is a key property of these fridges. Due to this property, travelers install them in their vehicles and move around for long and short trips. Portable mini fridges are also called travel mini fridges.
Technavio’s analysts forecast the global portable mini fridge market to grow at a CAGR of 4.15% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global portable mini fridge market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of portable mini fridges (compressor and non-compressor based), and portable electric or battery operated coolers worldwide.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Portable Mini Fridge Market 2016-2020
Technavio recognizes the following companies as the key players in the global portable mini fridge market: ARB, Danby, Dometic, Engel, EdgeStar, Electrolux, Haier, Koolatron, Whirlpool, and Whynter.
Other prominent vendors in the market 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.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is trend for retro and colorful designs in residential portable mini fridges. Design and color have become important factors that influence consumers' purchasing decisions for appliances like portable mini fridges. 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. They want the appliances they use to reflect their individual style and design preferences even while travelling. Such desires are expected to shape volume growth over the forecast period owing to the fact that product offerings are becoming more individualized to cater to the various demands of consumers. Retro designs are gaining traction among consumers. 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. Portable mini fridges with trendy colors and printed designs are gaining the attention of the consumers.”
According to the report, one of the primary drivers in the market is need for cold storage in commercial vehicles. Road truckers and cab drivers are always on the road. Many of these professionals prefer eating food packed from home or elsewhere inside their vehicles to eating out as it saves time and money. Thus, they need portable mini fridges to keep their food and beverages fresh. As long as the batteries of the vehicles work properly, portable mini fridges work well. With an increase in the number of road truckers and cab drivers on the road, the demand for portable mini fridges for commercial vehicles (trucks and cabs) is expected to increase.
Further, the report states that one major challenge in the market is lower demand for luxury cars and RVs in emerging economies. Luxury cars and RVs in which portable mini fridges are mostly used have lower demand in emerging economies like APAC and MEA owing to the premium prices of these vehicles. Unlike in developed countries like the US where overall shipments of RVs are increasing on a year-on-year basis ($10 billion RV sales in 2015), in emerging countries like India, the sales of these vehicles are low. The low penetration of luxury and RVs in the emerging regions restricts the use of portable mini fridges in the commercial segments in these regions.
ARB, Danby, Dometic, Engel, EdgeStar, Electrolux, Haier, Koolatron, Whirlpool, Whynter, 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, XElectron.