The U.S. mini fridge market size was valued at USD 31.12 million in 2022. The market is projected to grow to USD 59.11 million by 2029, exhibiting a CAGR of 9.60% during the forecast period.
Top Key Companies Covered in the U.S. Mini Fridge Market:
- Stanley Black & Decker, Inc. (U.S.)
- Viking Range, LLC (U.S.)
- Midea Group (China)
- SAMSUNG (South Korea)
- Whirlpool Corporation (U.S.)
- WHYNTER LLC (U.S.)
- BSH Hausgeräte GmbH (Germany)
- Hisense (China)
- Haier Group Corporation (China)
- Electrolux AB (Sweden)
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players’ market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Technological Innovations to Enhance the Market Trajectory
Technological advancements for enhancing product efficiency have been one of the key trends for the past few years. Buyers want a variety of features such as design, capacity, and temperature control options. Minibar Systems introduced a Wi-Fi-enabled guestroom refrigerator. The product has LED control that enables customers to have a personalized experience. The development of mini fridges with new technology is anticipated to propel lucrative business opportunities. Rising preferences of consumers for energy-saving fridges is expected to aid market growth. Retailers of home appliances usually sell and market these refrigerators, which is anticipated to propel the U.S. mini fridge market growth. Further, there is rising demand for refrigeration in the food and beverage industry and the growing adoption of energy-effective electric appliances.
However, limited storage capacity and high costs of mini-fridges are anticipated to hamper market progress.
Owing to Large Capacity Size, the Under-the-Counter Segment is Set to Lead
Based on type, the market is segmented into portable, cube, mid-sized, and under-the-counter. They are further divided into residential and commercial categories. The under-the-counter segment is anticipated to be the significant part due to large volume sizes in under-the-counter variants.
Due to its Energy Efficiency, the Compressor is a Prime Part of the Segment
Based on technology, the market is segmented into absorption, thermoelectric, and compressor. The compressor segment is set to lead due to the energy efficiency of the compressor technology. The thermoelectric segment is also anticipated to have a significant CAGR due to the increasing consumption of alcoholic drinks.
Due to Easy Accessibility, Specialty Stores are the Key Segment
Based on distribution channels, the market is categorized into specialty stores, hypermarkets, online, and others. The specialty stores segment holds the majority part due to the easy availability of various mini fridges with eye-catching features in such stores.
Market Players Adopted New Product Launch Strategies to Support Their Product Portfolio
Key players of the market have opted for new product development and product launch strategies. For example, in May 2019, Domestic Group AB, a Swedish company that specializes in marine, recreational vehicle, and hospitality industries, introduced the CL480 Series, its new line of hotel refrigerators. The company operates across the Americas, Asia Pacific, Europe, and the Middle East and Africa (EMEA). Such strategies of new product offerings for expansion will strengthen market growth.
Key Industry Development:
- February 2022: Michelin North America launched a new portable mini refrigerator, which is suitable for vehicles, offices, boats, dorms, and campsites. The fridge is designated to hold six beverage cans (12 fluid ounce/350ml) or four water bottles (16 fluid ounces/500ml).
Frequently Asked Questions (FAQs):
1. How much is the U.S. mini fridge market worth?
Answer: Fortune Business Insights says that the U.S. market size was USD 28.36 million in 2021 and is anticipated to reach USD 59.11 million by 2029.
2. What was the value of the U.S market in 2021?
Answer: In 2021, the U.S. market value stood at USD 28.36 million.
3. At what CAGR is the market projected to grow in the forecast period (2022-2029)?
Answer: Growing at a CAGR of 9.60%, the market will exhibit steady growth over the forecast period (2022-2029).