Mini Refrigerator Market Value to Surpass US$ 1.8 Bn by 2029; Sales Continue to Dwindle in View of Raging COVID-19 Pandemic: Future Market Insights
Key mini refrigerator manufacturers are focusing on innovations towards developing appliances with low maintenance requirements, by leveraging tech advancements, upgrades, and new product designs.
DUBAI, UAE / ACCESSWIRE / April 8, 2020 /The global mini refrigerator market will cross a value pool of US$ 1.8 Bn by the end of the forecast period in 2029. As per the latest study by Future Market Insights (FMI), the market for mini refrigerators is largely influenced by increasing popularity of portable kitchen appliances and the rising trend of energy star ratings for appliances.
"Unique features associated with mini refrigerators including efficient cooling, portability, and higher capacities support the global mini refrigerator market," reveals the FMI report.
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Key Research Findings
- Single door mini refrigerators will remain a highly preferred product category through the forecast period.
- The double door forms of mini refrigerators will gain significant CAGR driven by the demand for high capacity appliances.
- The sales channel of online retailers will bolster sales figures through the forecast period.
- Gains of the global mini refrigerator market will remain largely concentrated in East Asia.
- The South Asia market will display a higher CAGR through the end of the forecast period.
Key Growth Drivers
- Rising consumer interest in outdoor recreational activities such as adventure sports plays a major role in the growth of mini refrigerator market.
- Efforts by manufacturers to gain certifications to compete in the market contributes to the global presence of producers.
- Extensive expansion of online sales and distribution platforms, with higher product availability will contribute to market growth.
- The growing trend of nuclear families and the rising demand for portable refrigeration will drive adoption.
- The mini refrigerator market is facing continued challenges from prevailing performance issues such as frost buildups, leakages, poor cooling, and mold.
Impact of COVID-19 on Mini Refrigerator Market
Firms across several industries are facing a massive decline in business in the wake of COVID-19 pandemic. Major manufacturers across the globe are turning their attention towards producing personal protective equipment and ventilators. Hence, other industries including the mini refrigerator market have taken a back seat. The slowdown is projected to continue for at least first half of 2020.
With consumers majorly spending on essential goods, the sales of mini refrigerators will decline in foreseeable future. The confinement imposed by lockdown along with limited spending capacity of the consumers is thus causing a decline in sales. However, as the outbreak begins to fade later in the year, the global mini refrigerator market will gradually expand before resuming to previously forecasted growth rate in the first half of 2021.
Explore the complete mini refrigerator market report with 197 illustrative figures, 96 data tables, and the table of contents. Also find a detailed market segmentation onhttps://www.futuremarketinsights.com/askus/rep-gb-11171
Competition Structure Analysis - Mini Refrigerator Market
The competition landscape of mini refrigerator market remains competitive and concentrated. Key producers are also pushing for integration of tech advancements in their products, with better energy star certifications and investing in e-commerce platforms. Manufacturers are also seeking strategic mergers and acquisitions to widen their geographical presence.
Some of the key players in the mini refrigerator market include, but are not limited to Uber Appliance Company, The Whirlpool Corporation, Midea Group, Samsung Electronics, EdgeStar Appliances Company, Videocon Industries, Dometic Group AB, Godrej Appliances, Koolatron Corporation, LG Electronics, Engel, Haier Group Corporation, Whynter LLC, Electrolux AB, Danby Appliances Inc., Panasonic Corporation, Zhongke Meiling Cryogenics Co. Ltd., Seimens AG, Highsense Infotech, and ARB Company.
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About the Report
This report offers global, regional, and national level analysis on the latest trends in the industry influencing the mini refrigerator market. The study provides actionable insights on the mini refrigerator market on the basis of product type (single door refrigerator and double door refrigerator), capacity (less than 1 cu. Ft., 1-1.9 cu. Ft., 2-2.9 cu. Ft., 3-3.9 cu. Ft., and 4-5 cu. Ft.), end user (commercial and residential), price range (economy, mid-range, and premium) and sales channel (wholesalers/distributors, hypermarkets/supermarkets, multi-brand stores, exclusive stores, independent small stores, online retailers, and others) across 30 countries spanning seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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