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Global Mini Fridge Market Share, Size, Growth, Forecast: By Technology: Absorption, Compressor, Thermoelectric; By Product: Cube, Portable, Mid-Sized, Under-the-Counter; By Distribution Channel: Speciality Stores, Brand Stores, Online, Others; By Application: Commercial, Residential; Regional Analysis; Competitive Landscape; 2023-2028

Global Mini Fridge Market Outlook

The global mini fridge market size reached a value of around USD 959 million in 2022. During the forecast period of 2023 and 2028, the market is expected to grow at a CAGR of 5.80% to reach around USD 1341 million by 2028.

 

Key Trends in the Market

Mini fridges are small refrigerators that fill the space between coolers and full-size refrigerators by allowing consumers to store extra snacks and beverages when the refrigerator is at capacity. Compact compressors, heat-exchanging pipes coiling outside the fridge, expansion valves, and refrigerant are some of the components of mini fridge.

 

  • When compared to larger refrigerators, mini fridges effectively save space and electricity, which is why they are growing in popularity among households. The ability to keep a variety of beauty products, including serums, masks, lotions, and other goods, has led to a surge in female consumers' preference for cosmetic mini fridges. This is propelling the global mini fridge market growth.
  • Due to the abundance of various sizes, styles, and capacities, along with the expanding popularity of energy-star certified equipment, mini refrigerator sales are surging. These fridges are frequently used in commercial settings because they are portable.
  • As a result of increased travel and the expansion of the tourism industry, an increasing number of people are travelling abroad. In order to increase their luxury offerings, a number of hotels are increasing the use of mini fridges. Due to the expansion of hotel chains and tourism, the mini refrigerator market will thrive.

 

Global Mini Fridge Market Analysis

Based on technology, the market is divided into absorption, compressor, and thermoelectric. The market on the basis of product can be segmented into cube, portable, mid-sized, and under-the-counter. 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 regional markets for mini fridge can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. 

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global mini fridge market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

 

  • Haier Inc.
  • LG Electronics Inc.
  • Godrej & Boyce Manufacturing Company Limited
  • ARB Corporation Ltd
  • Danby Products Inc.
  • Others

 

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. 

 

Competitive Landscape

Haier Inc., headquartered in China, is a worldwide manufacturer of consumer electronics and home appliances. Since its establishment in 1984, the company has designed, developed, produced, and sold a variety of goods, including refrigerators, air conditioners, washing machines, dryers, microwaves, cell phones, computers, and televisions.

 

LG Electronics Inc., with its headquarters in South Korea, is a top producer of consumer and business goods, including home appliances, TVs, monitors, service robots, air solutions, and automotive components. Products including cleaning, refrigerators, cooking, washing machines, and medical appliances are offered by its home appliance business division. 

 

Godrej & Boyce Manufacturing Company Limited, a Godrej group company founded in 1897, manufactures high-quality locks and continues to use its exceptional engineering skills in a variety of industries, including infrastructure development, consumer goods and furniture, industrial logistics, precision manufacturing and aerospace, real estate, and power distribution.

 

Other market players include ARB Corporation Ltd and Danby Products Inc., among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Technology
  • Product
  • Distribution Channel
  • Application
  • Region
Breakup by Technology
  • Absorption
  • Compressor
  • Thermoelectric
Breakup by Product
  • Cube
  • Portable
  • Mid-Sized
  • Under-the-Counter
Breakup by Distribution Channel
  • Speciality Stores
  • Brand Stores
  • Online
  • Others
Breakup by Application
  • Commercial
  • Residential
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Haier Inc.
  • LG Electronics Inc.
  • Godrej & Boyce Manufacturing Company Limited
  • ARB Corporation Ltd
  • Danby Products Inc.
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface  
2    Report Coverage   – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Mini Fridge Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Mini Fridge Historical Market (2018-2022) 
    8.3    Global Mini Fridge Market Forecast (2023-2028)
    8.4    Global Mini Fridge Market by Technology
        8.4.1    Absorption
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Compressor
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Thermoelectric
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
    8.5    Global Mini Fridge Market by Product 
        8.5.1    Cube
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Portable
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Mid-Sized
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
        8.5.4    Under-the-Counter
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2018-2022)
            8.5.4.3    Forecast Trend (2023-2028)
    8.6    Global Mini Fridge Market by Distribution Channel
        8.6.1    Speciality Stores
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Brand Stores
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Online 
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Others
    8.7    Global Mini Fridge Market by Application
        8.7.1    Commercial
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Residential
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
    8.8    Global Mini Fridge Market by Region
        8.8.1    North America
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2018-2022) 
            8.8.1.3    Forecast Trend (2023-2028)
        8.8.2    Europe
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2018-2022) 
            8.8.2.3    Forecast Trend (2023-2028)
        8.8.3    Asia Pacific
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2018-2022) 
            8.8.3.3    Forecast Trend (2023-2028)
        8.8.4    Latin America
            8.8.4.1    Market Share
            8.8.4.2    Historical Trend (2018-2022) 
            8.8.4.3    Forecast Trend (2023-2028)
        8.8.5    Middle East and Africa
            8.8.5.1    Market Share
            8.8.5.2    Historical Trend (2018-2022) 
            8.8.5.3    Forecast Trend (2023-2028)
9    North America Mini Fridge Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Mini Fridge Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Mini Fridge Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Mini Fridge Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Mini Fridge Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Haier Inc.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    LG Electronics Inc.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Godrej & Boyce Manufacturing Company Limited
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    ARB Corporation Ltd
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Danby Products Inc.
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Others
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Mini Fridge Market: Key Industry Highlights, 2018 and 2028 
2.    Global Mini Fridge Historical Market: Breakup by Technology (USD Million), 2018-2022
3.    Global Mini Fridge Market Forecast: Breakup by Technology (USD Million), 2023-2028
4.    Global Mini Fridge Historical Market: Breakup by Product (USD Million), 2018-2022
5.    Global Mini Fridge Market Forecast: Breakup by Product (USD Million), 2023-2028
6.    Global Mini Fridge Historical Market: Breakup by Distribution Channel (USD Million), 2018-2022
7.    Global Mini Fridge Market Forecast: Breakup by Distribution Channel (USD Million), 2023-2028
8.    Global Mini Fridge Historical Market: Breakup by Application (USD Million), 2018-2022
9.    Global Mini Fridge Market Forecast: Breakup by Application (USD Million), 2023-2028
10.    Global Mini Fridge Historical Market: Breakup by Region (USD Million), 2018-2022
11.    Global Mini Fridge Market Forecast: Breakup by Region (USD Million), 2023-2028
12.    North America Mini Fridge Historical Market: Breakup by Country (USD Million), 2018-2022
13.    North America Mini Fridge Market Forecast: Breakup by Country (USD Million), 2023-2028
14.    Europe Mini Fridge Historical Market: Breakup by Country (USD Million), 2018-2022
15.    Europe Mini Fridge Market Forecast: Breakup by Country (USD Million), 2023-2028
16.    Asia Pacific Mini Fridge Historical Market: Breakup by Country (USD Million), 2018-2022
17.    Asia Pacific Mini Fridge Market Forecast: Breakup by Country (USD Million), 2023-2028
18.    Latin America Mini Fridge Historical Market: Breakup by Country (USD Million), 2018-2022
19.    Latin America Mini Fridge Market Forecast: Breakup by Country (USD Million), 2023-2028
20.    Middle East and Africa Mini Fridge Historical Market: Breakup by Country (USD Million), 2018-2022
21.    Middle East and Africa Mini Fridge Market Forecast: Breakup by Country (USD Million), 2023-2028
22.    Global Mini Fridge Market Structure

Key Questions Answered in the Report

In 2022, the global market for mini fridge attained a value of nearly USD 959 million.

The market for mini fridge is projected to grow at a CAGR of 5.80% during the forecast period of 2023-2028.

The mini fridge market is estimated to witness a healthy growth during the forecast period of 2023-2028 to reach USD 1341 million by 2028.

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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