Portland, April 29, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global portable mini fridge market is expected to attain $1.75 billion by 2025, growing at a CAGR of 5% during the forecast period, 2018-2025.
The growth of the global portable mini fridge market is driven by the need for cold storage in commercial vehicles, growing demand from residential customers, and the unprecedented growth of hospitality industry & medical services. In addition, the growing adoption of mobile living fueled innovation in terms of design and is set to provide lucrative opportunities to emerging market players in the near future. However, high cost associated with portable mini fridge, limited cooling efficiency & storage, and lower demand for luxury cars and RVs in developing economies act as restraints for the growth of the market.
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Among types, the 2 - 2.9 cu. ft. segment is likely to grow at the fastest CAGR of 5.4% during the forecast period, owing to the growth of adventure sports and camping, which has fueled the need for portable mini fridges pertaining to such size. Nonetheless, the 4 - 5 cu. ft. segment is expected to maintain dominance throughout the forecast period, as they are widely used in medical & hospitality sector to store drugs, drinks, and food items.
Among applications, the commercial use segment is likely to grab over three-quarter of the market share through 2025, owing to the growing medical and hospitality industry that adopts portable mini fridges. Moreover, the portability of such fridges makes them an important addition in caravans, tug boats, and yatches. However, the home use segment is likely to grow at the fastest CAGR of 6.2% through 2025.
Asia-Pacific is likely to remain the largest and fastest growing region through the forecast period. This is due to the increased adoption of portable mini fridges to support the growing activities such as adventure sports, fishing, and camping, along with the growth of the hospitality and medical industry.
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The prime market players analyzed in the report include ARB, Danby, Dometic Group AB, EdgeStar (Living Direct, Inc.), Engel Australia Pty Ltd., Haier Inc, Koolatron, LG Electronics, Godrej Group, and Whynter. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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