Portable Fridges Market Reckoned To Touch A Value Of Over US$ 3,000 Mn In 2022

Portable fridges are compact fridges that run on car battery, gas, and solar power energy systems, which are used to cool or preserve food, drinks, etc. at the time of travel. RVers, overlanders, and day trippers have all benefitted from having a portable refrigerator in their vehicles. Some portable fridges require constant power connection source to stay chilled, but they have wheels and other features that make them movable.  Some portable fridges use battery to power their refrigeration systems. They also include portable freezer technology that helps to cool of freeze food items depending on the requirements of the individuals.

According to report global portable fridges market was valued at US$ 2,792.8 Mn in 2016 and is projected to reach US$ 3,480.7 Mn in 2026 at a CAGR of 3.8% from 2017 to 2026.

Global Portable Fridges Market: Driving Factors

Increasing outdoor activities such as picnic, hiking, travelling, camping, group activities, different sport and other alike across the globe is a key factor driving the global portable fridges market. These leisure, recreational, and adventure-related activities require food, beverages, and medical products etc. to be kept cooled or frozen for extended durations of time, which increases the preference of portable fridges among the users. Portable fridges are widely used in medical applications such as transporting blood, donor organs, and vaccines etc., wherein the temperatures can be controlled and monitored as per requirements.

Furthermore, portable features are much power efficient as compared to mini fridges and standard fridges, and are recharged within short span of time and function for around six to eight hours on a single recharge. Availability of features such as convenient transport, lightweight, compact and user-friendly features such as digital temperature setting and sensing, integrated thermometer readings which further supports growth of the target market in the near future.

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Global Portable Fridges Market: Segmental Snapshot

The market report has been segmented on the basis of type, application, and region. The type segments include compression portable fridges, absorption portable fridges, and thermoelectric portable fridges. Application segments include automotive, ship, office, home, and others. The regions and countries covered in the analysis are North America, Europe, China, Japan, Southeast Asia, and India.

By type: On the basis of battery type, compressor portable fridge segment is expected to account for major share in terms of revenue in the global market and is projected to register a CAGR of over 3% over the forecast period, owing to features such as lower battery consumption and lesser noise as compared to other types. Also, it comes with temperature control knob which is a major factor driving growth of compressor portable fridges market.

By application: The lightweight and compact nature of portable fridge encourages its usage in automotive as they can easily fit in vehicles. Fridges that are ideal for general automotive applications are 12V / 24V compressor fridges and thermoelectric fridges. Also, the availability of portable fridges that can work on ambient temperatures and increased durability features majorly benefits its usage in automotive and travel applications.

By region: The market in Europe is expected to dominate the global portable fridges market in revenue terms, and is estimated to account for largest market revenue share of over 30% in 2017 as compared to that of markets in other regions. It is further expected to maintain its dominant revenue contribution in the global portable fridges market over the forecast period. This can be attributed to rising adoption of portable fridges in cars by prominent automotive manufacturers. Development of energy-efficient compressor technology by prominent OEMs is another major factor responsible for the market in Europe. The market in North America is estimated to account for second largest share in terms of revenue, followed by market in China, Southeast Asia, Japan and India.

Global Portable Fridges Market: Competitive Analysis

The research report on the global portable fridges market includes detailed competitive analysis on major companies such as Arb Corporation Ltd., Dometic Group, Sawafuji Electric Co., Ltd., Living Direct, Inc., Whynter LLC, Newell Brands, Haier Inc., Indel B. s.p.a., Evakool, DP Refrigeration Ltd., Fridgefreeze Inc., and Gourmia.

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The insight analysis on research report provides:

– The evaluated growth rate together with size and market share over the forecast period 2019-2028.
– The primary factors estimated to drive the Market for the forecasting period 2019-2028.
– The major Global market regulatory bodies and what has been their business expanding strategy for leading so far.
– Influential trends shaping the growth probabilities of the Market.

In-depth and complete business outlook, market revenue study, business expansion strategies, and SWOT analysis of the major leading players have been served in the report. Vendors in the Worldwide market are focusing to explore their operations to developing regions. More, companies in the market are concentrating on innovation and standing their products at competitive prices. A detailed analysis of supply chain in the report will help readers to understand market clearly.