Portable Mini Fridge Market Size, Share & Trends Report

Portable Mini Fridge Market Size, Share & Trends Analysis Report By Application (Residential, Commercial), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Aug, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-649-3
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 80

Industry Insights 

The global portable mini fridge market size was valued at USD 918.6 million in 2018. Increasing enthusiasm for outdoor recreational activities among millennials at the global level as a result of rising awareness regarding improved fitness is expected to promote the use of portable mini fridges for keeping the freshness of food and beverages. Moreover, rising demand for the portable and compact fridge in personal vehicles and recreational vehicles (RV) among the adventure lovers is expected to promote the use of various potable mini fridges over the next few years.

Over the past few years, participation in outdoor recreational activities including outing, picnics, camping, trekking, and adventurous road trips among the consumers of different age groups has propelled the demand for portable mini fridges. These mini fridges are compact in size, lightweight, and consume low energy, which is perfect for storing food, beverages, and even medicines for the outdoor trips. Above-mentioned advantages are increasing the adoption of portable mini fridges among the buyers.

U.S. portable mini fridge market

According to the 2017 American Camper Report, 40.5 million citizens in U.S. participated in camping as an outdoor activity. People prefer RVs, tents, and cabins for their camping, where these portable mini fridges find an important application of keeping freshness in various food and beverages. In addition, increasing importance of mobile homes and micro home on account of shifting focus towards luxury and convenience during the adventure trips including camping is expected to expand the scope for the portable mini fridges.

These portable mini fridges are also widely used in the hospitality sector including hotel rooms and suits, where they add luxury during hotel staying. Over the past few years, the hospitality sector has grown at a significant rate. According to the statistics provided by the International Hotel & Restaurant Association (IH&RA), the hospitality industry contributes USD 950 billion every year to the global economy. This major addition of the revenue in the economy is expected to increase the number of hotel chains, thus promoting the use of portable mini fridge over the forecast period.

Application Insights

The commercial application segment held the largest share of more than 70.0% in 2018. These compact and portable mini fridges are widely used in the RVs, caravans, motorhomes, campervans, and vanity vans. Key manufacturers including ARB, Midea Group, Danby, and Haier Inc. are launching new products in the countries including U.S., Canada, Germany, and U.K., where the recreational activity is significantly growing. For instance, in June 2016, ARB launched a new product for cars, boats, trucks, and RVs under the brand name ‘50-Quart Fridge Freezer’. The mini fridge is equipped with adjustable automatic battery protection system, which helps in avoiding the vehicle battery run-down.

The residential sector is expected to emerge as a lucrative segment over the projected period. Rising interest in minibar among working class professionals at the global level is expected to promote the scope for portable mini fridge in the coming years. Additionally, growing popularity of mobile homes as they are considered affordable for the first-time home buyers is expected to promote the use of various portable mini fridges over the next few years.

Distribution Channel Insights

Online is expected to be the fastest growing segment, expanding at a CAGR of 5.6% from 2019 to 2025. Consumers are now increasingly adopting e-commerce websites for the purchase of electronics including mini fridge as they can provide a wide range of products with special pricing and great discounts. Moreover, e-commerce websites help to get products as per the specific requirement of the customers even if the product is not available in the market of a particular region. Leading e-commerce websites including Alibaba and Amazon offer a wide range of products across the globe. Factors such as ease of shopping, convenience, and easy product accessibility irrespective of geographic boundary lines help to promote the scope for these channels to purchase products like portable mini fridges.

Global portable mini fridge market

The offline distribution channel was the largest distribution channel in 2018, accounting for more than 80.0% share of the global revenue. Major manufacturers in U.S. and Canada are opening their brand stores in various states of the country in order to cater to the vast customer base. For instance, in November 2015, Danby inaugurated is first official factory outlet store in Ontario, Canada. The store has a wide range of products including home appliances and houseware products. The company has also planned to introduce its new product line in the stores. These factory outlets and stores are promoting the offline purchase of the product, which is expected to drive the offline distribution channel in the next few years.

Regional Insights

North America was the largest regional portable mini fridge market, accounting for 30.7% share of the global revenue in 2018. Increased participation by millennials in outdoor recreational activities, along with strong foothold of the hospitality sector including hotels, is expected to remain a key factor in driving the market for portable mini fridge. The region is one of the largest travel and tourism markets in the world. According to the statistics provided by the International Trade Administration (ITA), U.S. Department of Commerce, in 2017, foreign tourists spent more than USD 300 billion on hotel accommodation. The positive outlook towards the hotel industry in the region is anticipated to promote the utility of portable mini fridge over the forecast period.

Asia pacific is expected to be the fastest growing market, expanding at a CAGR of 6.0% from 2019 to 2025 owing to increasing enthusiasm for camping, trekking, and other outdoor recreational activities among youths in the region. In addition, booming hotel industry is expected to drive the market for portable mini fridge in the region. For instance, in November 2018, Radisson Hotel Group opened a luxurious 230 room hotel ‘Radisson Ningbo Beilun’ in Ningbo’s Beilun district, China. Similarly, in June 2018, Hyatt Hotels Corporation opened 348 rooms in ‘Hyatt Regency Wangjing’ in Beijing.

Portable Mini Fridge Market Share Insights

The market is slightly fragmented in nature owing to the presence of a large number of players at the regional level. Strong players including Midea Group; ARB; Haier Inc.; Whirlpool Corporation; Electrolux AB; and Danby across the globe account for a large market share. Moreover, these players are offering lightweight, compact, and technologically advanced fridge in order to cater to increasing demand for portable mini fridge among customers. Furthermore, key manufacturers are adopting various strategies such as innovative product launch, expansion of retails as well as e-commerce channels, and mergers and acquisitions in order to cater to the vast consumer base. For instance, in April 2019, Engel Australia Pty Ltd. launched its two new limited edition Retro Series portable fridge under the brand name ‘Engel MT45F-G4FT’ and ‘Engel MT60F-G4FT’ fridge. These portable mini fridges are specially designed for the camping trips and outdoor recreational activities. These product launches are expected to play a crucial role in ensuring the access of the products to the consumers.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million & CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

Report coverage      

U.S., U.K., Germany, France, China, India, Brazil, and UAE

Country Scope

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global portable mini fridge market report on the basis of application, distribution channel, and region:

  • Application Outlook (Revenue, USD Million, 2015 - 2025)

    • Residential

    • Commercial

  • Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)

    • Offline

    • Online

  • Regional Outlook (Revenue, USD Million, 2015 - 2025)

    • North America

      • U.S.

    • Europe

      • U.K.

      • Germany

      • France

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

      • UAE

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