The portable fridges market size is projected to be valued at US$ 1,813.6 million in 2023 and is expected to rise to US$ 3,385.9 million by 2033. The sales of portable fridges are expected to grow at a significant CAGR of 6.4% during the forecast period.
The rising demand for cold storage systems in high end vehicles around the world is one of the key factors driving the market's expansion. Furthermore, changing consumer preferences for mobile homes as an affordable alternative for first-time homeowners and frequent travellers are propelling market growth.
Portable mini fridges are used for energy-efficient cooling and keeping food fresh while on the go. In line with this, rising demand for high-capacity mini-fridges for storing temperature-sensitive pharmaceuticals with specific storage requirements is fuelling market growth.
Various product innovations, such as the introduction of variants with adjustable automatic battery protection systems to prevent vehicle battery rundown, are helping to drive market growth.
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Other factors expected to drive market growth include an increasing preference for outdoor reactionary activities such as outings, picnics, camping, trekking, and adventurous road trips, as well as the widespread adoption of mini fridges in premium and luxury hotels for improved customer experience.
Key Takeaways from the Portable Fridges market
United States dominated the portable fridge market in 2020, accounting for 80.1% of market share. Increased millennial participation in outdoor recreational activities, combined with the hospitality sector's strong foothold, including hotels, is expected to remain a key factor driving the portable mini fridge market.
The online segment is expected to grow at a CAGR of 7.0% over the forecast period of 2023-2033. Consumers are increasingly turning to e-commerce websites for the purchase of electronics, including mini-fridges, as they can offer a wide range of products at special pricing and great discounts.
In 2022, the offline distribution channel was the most significant, accounting for more than 71.5% of global revenue. To cater to the vast customer base, major manufacturers in the United States and Canada are opening brand stores in various states across the country.
The booming hotel industry is expected to drive the market for a portable fridge in India, which is expected to capture a market share of 25.9% in 2022. For example, in November 2018, Radisson Hotel Group opened the 'Radisson Ningbo Beilun,' a luxurious 230-room hotel in Ningbo's Beilun district, China. Similarly, Hyatt Hotels Corporation opened 348 rooms in the 'Hyatt Regency Wangjing' in Beijing in June 2018.
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Some of the market's leading players are developing technologically advanced products with high energy star certified products to meet growing consumer demands while also maintaining a competitive edge. Furthermore, collaboration with domestic distributors, strategic partnerships, seeking certifications, and entering into an e-commerce platform remain popular strategies among market leaders. Companies intend to broaden their geographic reach through mergers and acquisitions.
Godrej Appliances, a division of the Godrej Boyce Group, announced the launch of ultra-low temperature refrigerators, portable mobile freezers for storing highly temperature-sensitive vaccines, in August 2021.
Engel Australia Pty Ltd. launched two new limited edition Retro Series portable fridges in April 2019 under the brand names 'Engel MT45F-G4FT' and 'Engel MT60F-G4FT'. These portable mini fridges are ideal for camping trips and other outdoor recreational activities. These product launches are expected to play a critical role in ensuring consumer access to the products.
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