The ‘Global Mini Fridge Market Size, Share, Growth, 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.
Global 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
Households are increasingly adopting mini fridges over larger refrigerators as they can efficiently conserve space and reduce electricity usage. The increasing popularity of cosmetic mini fridges, especially among female consumers, to store a variety of cosmetic products, including serums, masks, and creams, among others, is also fuelling the mini fridge market growth.
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Energy-efficient mini fridges that use less electricity while providing appropriate cooling are gaining popularity as awareness regarding energy conservation grows. As consumers become more ecologically conscious, this tendency is expected to further aid the market in the coming years.
Growing awareness regarding the availability of a variety of small-sized kitchen appliances is anticipated to fuel market expansion. Also, the increasing launch of technologically advanced mini fridges is likely to propel the market development in the coming years.
Mini Fridge Industry Definition and Major Segments
Mini fridges are compact refrigerators that can be used to store extra snacks and beverages. These refrigerators are a great option for storage in small spaces. They allow the consumer to reduce electricity expenses significantly as compared to regular refrigerators.
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Based on technology, the mini fridge market can be segmented as:
- Absorption
- Compressor
- Thermoelectric
Based on product, the market can be divided into:
- Cube
- Portable
- Mid-Sized
- Under-the-Counter
The market, based on distribution channel, can be categorised into:
- Speciality Stores
- Brand Stores
- Online
- Others
Based on applications, the market bifurcations include:
- Commercial
- Residential
The major regional market for mini fridges includes:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Mini Fridge Market Trends
Some of the significant mini fridge market trends are the surging popularity of international travel and the robust growth of the travel and tourism sector. Hotels are increasingly using mini fridges as a way to improve their luxury offerings. Hence, the demand for mini fridges is likely to grow amid the expansion of hotel chains and the flourishing hospitality sector.
Key players are offering tiny refrigerators with high-tech components like LED lighting, integrated speakers, and smart technology. These characteristics are intended to appeal to younger consumers who place a high value on convenience.
As one of the world’s top travel and tourism regions, North America is well-positioned to have a significant impact on the mini fridge market demand. The expansion of online marketplaces in the US is also boosting the market growth. In addition, the rising popularity of RVs and tiny homes in the United States is expected to increase the demand for portable kitchen appliances like mini fridges in the forecast period.
Key Market Players
The major players in the global 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.
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.
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