The mobile refrigerator market is witnessing steady growth with worldwide revenue up 6.4% year-on-year in 2021. Revenue from the sales of mobile refrigerators across the world will nearly double over the next ten years, topping US$ 2.9 Bn by 2031. East Asia will be a lucrative market for manufacturers, rising at around 15.6% CAGR and capturing more than 14% share of the global market.
From 2016 to 2020, sales of mobile refrigerators increased at around 4.9% CAGR, wherein, the U.S., Canada, Germany, and U.K. held significant share in the global market. Over the decade, East Asia is likely to be the largest portable refrigerator market with the fastest market growth.
Mobile refrigeration is a concept built around providing refrigerator and freezer capacity in a portable format. There are different types of mobile refrigerators used in residential and commercial places, such as in automobiles, chemical supply & manufacturing, wine storage, inventory overflow storage, medical, biomedical & pharmaceuticals, hotels, and restaurants & caterers.
They're also used in the hospitality industry to keep beverages and food cool, and they've become popular in modern offices as a way to save space. Recreational vehicles, mobile home ideas, and compact residences all have a significant demand for these products.
Evolving customer desire for energy-efficient and economical refrigeration for outdoor activities is likely drive demand for mobile refrigerators. Demand for mobile refrigerators could be boosted by a growing travel and tourism industry.
Furthermore, governments are coming up with new policies in order to minimize the energy consumption of appliances. These policies support the consumption and manufacturing of energy-efficient electronic appliances, contributing to environmental sustainability. This, in turn, will fuel demand for energy-efficient cold storage devices.
With an absolute dollar opportunity of around US$ 552 Mn, North America is expected to be the most lucrative market for mobile refrigerator players. Increased participation of millennials in outdoor recreational activities along with strong foothold of the hospitality sector, including hotels, is expected to remain a key factor in driving demand for mobile refrigerators in North America.
Themarket in China grew 12.5% from 2016 to 2031. In its war against COVID-19, China has been increasingly relying on cutting-edge technology.
White goods and small appliances are in high demand in the Chinese market. Consumer brand awareness is increasing in the electronic appliance industry, with greater emphasis on design and feature functions, while price sensitivity is decreasing. As people become more environmentally concerned, demand for energy-efficient and ecologically friendly products is increasing.
In 2021 ICECO launched its JP60Pro multifunctional portable fridge, freezer, and cooler that comes with detachable wheels, a cutting board connected to the fridge to slice fruits and vegetables while camping, bottle opener/fish measuring ruler, and built-in water release.
Such high-feature fridges are anticipated to attract customers who love camping. As a result, China will continue to be a lucrative market for mobile refrigerators in East Asia.
In 2020, India accounted for 31.8% share of mobile refrigerator demand in South Asia, and is expected to grow at a rapid rate. Major players are suppressing costs and introducing new models with sophisticated features and fresh designs.
Consumers have been increasingly concerned about food spoiling as a result of the hot and humid weather, resulting in the need for efficient refrigerators. Refrigerators are popular among consumers because they provide convenience, reduce manual labour, and save time.
Consumers are upgrading their present appliances to advanced and smarter ones due to rising spending power, higher living standards, and the need for comfort, which is likely to increase market value in the country.
Which Mobile Refrigerator Category Dominates the Market?
In terms of product and value, built-in refrigerators currently account for a significant market share of around 61,8%.Built-in refrigerators are high-end appliances that provide superior inside visibility over standard free-standing refrigerators. They come in a range of widths, allowing users to maximise refrigerator space and customise the kitchen.
Which Sector Holds Lucrative Avenues for Mobile Refrigerator Manufacturers?
Currently, the commercial sector is the largest user of mobile refrigerators, and is set to hold around 62.4% market share in 2031.Medical and hospitality industries have experienced rapid growth, which has resulted in increased usage of refrigerators in both these industries. Due to their versatility to fit nearly anywhere and lower power usage than traditional refrigerators, these have also become a popular alternative in modern offices and transport trucks.
Will Online Retailing become the Most Prominent Sales Channel for Mobile Refrigerators?
As per market analysis, online retailing is expected to dominate at a highest CAGR of -12,2%.Consumer preferences have shifted as a result of the COVID-19 pandemic, and instead of buying offline, they are migrating to online retailing, which is driving players to expand their online presence in the market.
One of the major elements driving the growth of online sales channels is the availability of a wide range of mobile refrigerators such as Electric iCooler and WI-FI enabled portable fridges.
How Has COVID-19 Affected Sales of Mobile Refrigerators?
The ongoing COVID-19 pandemic has affected the global economy in various ways. It had serious implications for most manufacturers of mobile refrigerators in the form of supple chain disruptions. The crisis has decreased the purchasing capacity of consumers.Also, limited availability of raw materials, shortage of labor, and limited availability of components have drastically impacted market growth. Besides this, the outbreak of COVID-19 has further resulted in a drastic change in consumer buying behavior. Shift in consumer spending from non-essential to essential products further impacted sales in the initial period of the outbreak, posing numerous challenges on the sales front.
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