Portable Fridges Market By Type (Compressor portable fridges, Absorption portable fridges, Thermoelectric portable fridges) By Application(Automotive, Ship, Office, Home) and Region - Global Forecast to 2026
11 December 2017
The global portable fridges market is projected to reach a value of over US$ 3,000 Mn in 2022 at a CAGR of 3.8% over the forecast period. The report offers in-depth insights, revenue details, and other vital information regarding the global portable fridges market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2022. The report also offers insightful and detailed information regarding the various key players operating in the global portable fridges market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global portable fridges market report has been segmented on the basis of type, material, design, application, and region.
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. If both freezing and chilling functions are required by users, then they can opt for portable refrigerator with separate freezing and chilling sections. In addition, portable fridges are available in various size profiles which provides options for consumers to choose products according to their requirements. The capacity of portable fridges is measured in cubic feet.
Global Portable Fridges Market Dynamics:
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.
Recent trend observed in the market is the adoption of portable fridges with thicker insulation and stronger durability by the users. This property of portable fridges helps to withstand travels over rugged terrain in a vehicle, or even to sustain minimal damage if dropped or bumped around. They are also perfect for off road vehicles as UV stable lid were designed with off-road drivers in mind from its super-durable patented hinge system with front-opening lid to its extreme angle up to 30 degrees from level operating capability.
Market Analysis by Portable Fridges Battery 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. Moreover, the compressor portable fridge segment is projected to maintain its dominant revenue contribution in the global market over the forecast period. The compressor fridges are also known as 2-way fridges. Compressor fridges use small compressor unit as a means of cooling power, and often have 2 ways of powering that compressor; 12V battery power or 240V mains power (hence the term 2 way). Compressor fridges can cool to lower temperatures more consistently than the 3-way options that are available in the market, regardless of ambient temperature due to presence of powerful compressor motor. Compressor fridges can also be used uneven terrains as they can operate easily regardless of being flat or on an incline.
High price of compressor portable fridge is due to expensive compressors which is a major restraining factor for this segment.
Global Portable Fridges Market Analysis by Application:
On the basis of application, automotive portable fridges 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 4% over the forecast period, owing to increasing outdoor and recreational activities by the users. An average portable fridge measures around 7X9X9 inches, weighs around five pounds, and has capacity to hold six wide-necked baby bottles at a time. 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. Moreover, the automotive portable fridges segment is projected to maintain its dominant revenue contribution in the global market over the forecast period.
Global Market Analysis 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.
The market in North America is projected to register a significant growth of around 4%, which is relatively higher than that of markets in other regions. Technological advancements and rising trend for adventure and recreational activities among individuals is major expected to support growth of the global market in North America market over the forecast period.
Product expansion by the key players in the emerging economies is another major factor boosting growth in the Asia Pacific region.
Moreover, markets in Latin America and Middle East & Africa are also projected to witness moderate growth over the forecast period owing to recent advancements in technology and rising preference for compact and sophisticated portable fridges are expected to boost the target market.
Global portable fridges market segmentation by battery type:
- Compressor Portable Fridges
- Absorption Portable Fridges
- Thermoelectric Portable Fridges
Global portable fridges market segmentation by application:
Global portable fridges segmentation, by region:
- North America
- Southeast Asia
- ARB Corporation Limited
- Dometic Grou
- Sawafuji Electric Co., Ltd.
- Haier Group, Newell Brands
- Living Direct, Inc.
- Whynter LLC
- DP Refrigeration
- FridgeFreeze Inc.
- MCA Corporation
- Felix Storch, Inc.
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Type
- 2.2.2 Market Snapshot, By Application
- 2.2.3 Market Snapshot, By Region
Request for Customization
Don't just take our word. We are trusted by these great companies!