The ‘Global Mini Fridge Market Size, Share, Analysis, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global mini fridge market, assessing the market on the basis of its segments like technologies, products, distribution channels, applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Mini Fridge Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 959 Million
• Forecast CAGR (2023-2028): 5.80%
• Forecast Market Size (2028): Nearly USD 1341 Million
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The global mini fridge market is being driven by growing awareness regarding the diversity offered by small-sized kitchen equipment. Portable compact refrigerators are cost-effective as compared to large refrigerator units, and they enable customers to save significant amounts of money on electricity, space, and cost. Moreover, there is a growing preference for mini fridges equipped with freezers, which is positively influencing the market.
With the robust growth of the e-commerce sector and the growing availability of diverse refrigerator models on online retail channels, the sales of mini fridges are likely to increase. Further, the surging launches of technologically advanced models by key players are expected to favour the mini fridge market growth in the forecast period.
Mini Fridge Market Definition and Major Segments
Mini fridges are compact and freestanding refrigerators that can fit in a tight space. They are used in both commercial and domestic applications. Mini fridges are portable, cost-effective, energy-efficient, and they are equipped with additional features like heating systems. They are typically available in a variety of specifications, sizes, and colours.
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The market for mini fridge, by technology, can be categorised into:
• Absorption
• Compressor
• Thermoelectric
Based on product, the market is divided into:
• Cube
• Portable
• Mid-Sized
• Under-the-Counter
The major distribution channels of mini fridge in the market include:
• Speciality Stores
• Brand Stores
• Online
• Others
By application, the market for mini fridges can be segmented into:
• Commercial
• Residential
The major regional markets for mini fridges include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Mini Fridge Market Trends
Due to the growth of the tourism and hospitality sectors, hotels are extensively placing mini-fridges in rooms and suites as a way to improve their luxury offerings. The expansion of major hotel chains, the surging popularity of luxury travel, and the increasing trend of solo travelling are further supporting the mini fridge market demand.
The growing interest in outdoor activities, especially by the young population, is bolstering the demand for mini fridges. In addition, there is a rising utilisation of large-capacity portable mini-refrigerators in commercial settings like hospitals and clinics to store drugs and medical equipment, which is favouring the market growth.
Key Market Players
The major players in the mini fridge market report include Haier Inc., LG Electronics Inc., Godrej & Boyce Manufacturing Company Limited, ARB Corporation Ltd, and Danby Products Inc, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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