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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Market Share by Application
Over the forecast period, the commercial sector is likely to lead the market in terms of application. The market's expansion is anticipated to be aided by an increase in sales of large-capacity portable mini-refrigerators used in commercial settings like hospitals and clinics to keep medications and medical equipment.
Most RVs, caravans, motorhomes, campervans, and vanity vans use these small, portable mini fridges. The primary driver anticipated to witness significant increase in the global mini fridge market is the rise in demand for high-capacity portable refrigerator in commercial settings like hospitals and clinics. These commercial spaces contain medical equipment and drugs that must be stored under specific conditions.
Market Share by Region
In the forecast period, North America is anticipated to be the largest region in the global mini fridge market. A major driver of the mini fridge market in North America is anticipated to continue to be millennials' growing interest in outdoor recreational activities and the hospitality industry, which includes hotels.
The region is positioned to have a big impact on the portable mini fridge industry since it is one of the world's leading travel and tourism regions. Additionally, the proliferation of online platforms in the United States is promoting the mini fridge market. The demand for portable kitchen appliances like mini fridges is anticipated to rise as RVs and small houses become more common in the United States.
Mini Fridge Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global market for mini fridge attained a value of nearly USD 1,014.62 million.
The market for mini fridge is projected to grow at a CAGR of 5.80% during the forecast period of 2024-2032.
The mini fridge market is estimated to witness a healthy growth during the forecast period of 2024-2032 to reach USD 1,680.24 million by 2032.
The major drivers of the market include the growing number of cosmetic mini fridges female consumers, wide variety of shapes and capacities available, increased travel activities, and surge in demand for high-capacity portable refrigerator in commercial spaces, such as hospitals and clinics.
The growing trend of energy star certified appliances and the growing number of hotel chains are the key trends propelling the growth of the market.
The major regions in the mini fridge market are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
On the basis of distribution channel, the market is segmented into speciality stores, brand stores, and online, among others.
Based on applications, the market is divided into commercial and residential.
The major players in the market include Haier Inc., LG Electronics Inc., Godrej & Boyce Manufacturing Company Limited, ARB Corporation Ltd, and Danby Products Inc., among others.
A fridge, whether full-size or mini, can last for roughly 10 years, however the lifespan of any appliance can vary greatly depending on a number of factors.
Food in a refrigerator will remain safe for up to 4 hours if the doors are kept closed, 48 hours in a fully stocked freezer, and 24 hours in a partially stocked freezer.
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Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124