Automotive Portable Refrigerator Market: Overview and Dynamics
With an increasing number of hodophiles across the globe, their long journeys require the packing of essential items starting from brushes and toothpaste to medicines. Packing and stuffing medicines, food, and beverages come up with their challenges. These problems could be spillage, spoilage, poor hygiene, and sanitation that could lead to serious health problems. To avoid such situations, travelers have started carrying automotive portable refrigerators along with them.
The automotive portable refrigerator is a mini portable travel fridge that runs on vehicle power. Best in use to keep a drink, food, and pharmaceuticals while traveling. Lightweight and portability are the advantages that are driving the popularity of this product. The weather conditions that vary from place to place and the mode of transportation are the factors for the consumption of automotive portable refrigerators. However, people suffering from health risks intend to bring medicines that require suitable temperature and moisture conditions for storage. This also becomes a factor in the purchase of automotive portable refrigerators.
Consumers are rational and emotional in their buying approach, so they not only purchase the automotive portable refrigerator because of its remarkable advantages. Also, they purchase that product that provides aesthetic appeal, that satisfies and suits their taste. The coming generation is becoming aware of the environmental changes that the earth is going through. Their concern for reducing carbon footprint has led to the production of eco-friendly, low noise, long service life, and non-pollution feature automotive portable refrigerators.
Making the trend, the automotive portable refrigerator is blessings to the travelers who can keep their edibles cool and fresh for a long journey. With an increasing demand for cold storage in commercial vehicles, the market is opening new opportunities. Based on capacity or size category the automotive portable refrigerator manufacturers are providing different variants to fit in the commercial or personal vehicle of different shapes and sizes.
Furthermore, manufacturers are innovating automotive portable refrigerators with additional features. These features include Wi-Fi enabled, inner cabinet LED lighting, and PU foam insulation, rugged and durable exteriors that are capable of withstanding harsh weather conditions. However, their high cost, low product life span, plastic body, and parts are the factors threatening its growth.
The commercial segment for automotive portable refrigerators, used for cooling purposes includes commercial and road vehicles, campervans, caravans, transport, and tugs boats. They are also deployed in transporting blood, organs, and vaccines, etc. helping the medical industry at large. Study shows that in 2019, automotive portable refrigerator in-vehicle use totaled for four-fifths market share and is expected to grow by three-fourth in 2030.
COVID-19 Impact Insights
COVID-19 pandemic has forced countries to impose lockdowns and strict social distancing measures across the globe, flattening the global economic curve. This in a result has disrupted almost every market and the automotive portable refrigerator market has also been affected largely. COVID-19 pandemic has presented massive disruptions in the demand-supply equilibrium across multiple industries, leading towards economic losses at a global level.
The plant shutdowns in Europe, Asia, and North America in the second quarter of 2020 have reduced the production scale of the automotive portable refrigerator. With the strong hit to the travel and tourism industry during the pandemic the automotive portable refrigerator industry also took the hit. With the removal of lockdown and exploring the psychology of the population the automotive portable refrigerator manufacturing market to bounce back strongly in coming quarters.
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Automotive Portable Refrigerator: Regional Outlook
The automotive portable refrigerator market shows the presence in prominent regions including North America, Latin America, Europe, East Asia, South Asia and Oceania, and the Middle East and Africa. Among these, South Asia and Oceania is the region showing potential growth. The automotive portable refrigerator market in the following region is dominated by China in particular. Increasing industrialization, population, and increasing demand is the advantage to the South Asia region.
The North American automotive portable refrigerator market is set to observe significant growth which will be relatively higher than other regions. Increase in technological advancements and the growing craze for adventure and recreational activities toll on the rise of consumption of automotive portable refrigerator market over the forecast period. The advantages like durability, portability, size, the freshness of the food or beverages kept inside it, storage facility, hygiene, and cleanliness add up to the extensive popularity and use of the automotive portable refrigerator in the US.
In Europe, the market is segmented into Benelux, Italy, Spain, Russia, the UK, France, and the rest of Europe. Where, the UK has the largest market share of automotive portable refrigerators followed by Germany, France, and Italy. The UK accounts for one-fifth of the total market share in Europe. Technological advancement, ease in life, energy-efficient and portability are the driving factor of the automotive portable refrigerator market.
The automotive portable refrigerator market in Latin America and the Middle East and Africa is also set to witness a minimal rise over the forecast period. The technological advancements and rising preference for compact and aesthetics are the driving factors for future growth.
Automotive Portable Refrigerator Market: Key Players
According to the study, the automotive portable refrigerator market is fragmented in the Asia Pacific region but consolidated in other regions. The prominent players in the automotive portable refrigerator market are Yuton, Tropicool, Domestic group AB, Rubiks cube (husky international), ARB, Edge Star, and Koolatron. The environmental condition is one of the driving factors in the automotive portable refrigerator market.
The weather climate of Asia and MEA creates the demand, thus the reason for a fragmented market in the region. Whereas, the players in the region such as Europe, Oceania and others are consolidated and well established.
However, regional clusters including South and East Asia backing the local manufacturers are presenting challenges to global players offering their products at higher price points which in turn is significantly disturbing the overall automotive portable refrigerator market revenues. The automotive portable refrigerator market being moderately consolidated caters to global players but the rise in local players endanger the market reach and position of already existing players.
The research report presents a comprehensive assessment of the automotive portable refrigerator market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The automotive portable refrigerator market report provides analysis and information, according to market segments such as geographies, product type, material type, and end-use.
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The Automotive Portable Refrigerator Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The Automotive Portable Refrigerator Market Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (UK, Germany, Spain, France, BENELUX, Italy, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, ASEAN, Australia and New Zealand, Rest of South Asia & Oceania)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa, Turkey, Rest of MEA)
The automotive portable refrigerator report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The automotive portable refrigerator report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The automotive portable refrigerator report also maps the qualitative impact of various market factors on market segments and geographies.
An Adaptive Approach to Modern-day Research Needs
The Automotive Portable Refrigerator Market Report Highlights:
- A detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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Segmentation Analysis of automotive portable refrigerator Market
The global automotive portable refrigerator market is bifurcated into seven major segments: product type, material type, shape type, capacity type, and the number of doors, voltage, and region.
On the basis of product type, automotive portable refrigerator market has been segmented as follows:
- Compressor car
- Semiconductor car
On the basis of material type, the automotive portable refrigerator market has been segmented as follows:
- PE, PS, PP plastic
- Stainless steel
On the basis of shape type, the automotive portable refrigerator market has been segmented as follows:
- Box type
- Cabinet type
On the basis of capacity type, automotive portable refrigerator market has been segmented as follows:
- 5-10 L
- 10-15 L
- 15-20 L
- 20-30 L
- 30-40 L
On the basis of the number of doors type, automotive portable refrigerator market has been segmented as follows:
- Single door
- Multi door
On the basis of voltage type, automotive portable refrigerator market has been segmented as follows:
- 12 V
- 24 V
On the basis of region type, automotive portable refrigerator market has been segmented as follows:
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East and Africa
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