According to a report by Future Market Insights (FMI), the portable fridges market will expand at a steady pace between 2020 and 2030. The rising demand for high-performing and functional compact storage systems in commercial vehicles has been aiding growth of the portable fridges market.
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Portable fridges are also in demand among people who enjoy camping and caravanning. The rising focus on outdoor recreational activities is identified as a chief factor driving sales of portable fridges. According to FMI, the market for portable fridges is expected to rise at above 5% CAGR between 2020 and 2030.
Cab drivers and truckers are often on road for extended time. Sometimes they even drive for days. Portable fridges can be perfect addition to their vehicles, enabling them to enjoy food or beverage on the go. Eating inside saves significant amount of time and money, which is why the demand for portable fridges is considerably high in among them.
Compact electronic appliances are getting immensely popular, which has been encouraging leading brands to launch advanced versions of their portable fridges. Since they are seeking out opportunities in the residential sector, companies also will focus on getting energy star certification.
Their efforts to please and attract consumers with pave way for several developments. Product launches in the portable fridges market is therefore expected to gain pace in the coming years. FMI’s report on the market gives a holistic overview of the various factors enabling growth and influencing its trajectory.
Some of the key takeaways from the report are:
- The estimated value of the portable fridges market stood at around US$ 1 Bn in 2019. Steady growth is expected during the course of the report’s forecast period
- North America and East Asia are likely to showcase lucrative opportunities for growth
- Rising installation of portable fridges in hotel rooms and suite to offer better convenience to their visitors will offer lucrative opportunities for growth
- Commercial applications, although sluggish at the moment, are expected to pick up in the coming years
- Most brands are likely to focus on the expansion of online retail sales channels to mitigate supply chain challenges posed during the ongoing pandemic crisis
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Who is winning?
Companies operating in the portable fridges market are primarily focusing on improving load capacity and making refrigerator compressor stronger without compromising on the basic features. To make the product more feasible for residential applications, brands are giving special attention to energy star certification.
There is also immense attention towards leveraging their online presence. Some of the leading brands are therefore investing on building their online visibility to expand their footprint across the world.
Some of the leading companies operating in the market are Whirlpool Corporation, ARB Corporation, Danby, Dometic Group AB, EdgeStar (Living Direct, Inc.), Engel Australia Pty Ltd., Haier Inc., Koolatron, Whynter, AB Electrolux, and Samsung Electronics Co., Ltd.
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