Car Refrigerator Market Size & Share, by Type (Compressor, Absorption, Thermoelectric); Price Range (Premium, Mid, Low); Distribution Channel (Physical Store, Online Store) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Global Car Refrigerator Market Highlights Over 2023 - 2033

The global car refrigerator market is estimated to garner revenue of ~USD 1010 million by the end of 2033 by growing at a CAGR of ~3% over the forecast period, i.e., 2023 – 2033. Further, the market generated revenue of ~USD 520 million in the year 2022. The growth of the market can be attributed primarily to the rapid growth and development of the automotive industry worldwide. For instance, the automotive industry in India is estimated to grow in vehicle exports by five times by the end of 2026, and automobile exports from India accounted for over 5,600,200 units in year 2021-22

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Car refrigerator is defined as a portable refrigerator which is designed to fit in any vehicle. It is optimized to fit on the floor in front of the smaller middle seat located in maximum cars. It is designed to run off the rechargeable battery or by the car AC port. Car refrigerator is more convenient and more efficient in storing supplies and food, rather than using an insulated food and beverage box with ice packs because as the ice packs melt, the box will begin to heat up. Therefore, the car refrigerators provide convenience and versatility in a simple form. Moreover the rising demand for premium products, growing purchasing power for innovative products, increasing changes in lifestyle coupled with desire to eat fresh and healthy while travelling are anticipated to drive global car refrigerator market growth over the forecast period. In a study of 1000 people aged over 18 years, it was found that lifestyle changes were identified in 18% of the population owing to healthy dietary habits.

Global Car Refrigerator Market: Growth Drivers and Challenges

Growth Drivers

• Rise In Number Of Road Trips And Vacations - For instance, nearly 38% of Americans take 1 vacation each year, and over 75 million adults go on trips and vacations by road by renting or using their personal vehicle.

A vacation or a road trip requires the packing of all essential items and food and drinks that will be consumed on the road or during the vacation. When traveling, it can be challenging to keep food and beverages fresh, as food can spoil and rot if not handled properly. As a result, while traveling on long distances, car refrigerators prove to be a handy and convenient option in order to avoid such situations. Therefore, an increasing number of road trips are expected to propel the demand for car refrigerators during the forecast period.

• Increasing Luxury Car Sales Worldwide- For instance, sales of luxury brand vehicles in the United States reached their highest level ever in June 2022 by 16%.
• Rapid Urbanization Around The Globe– World Bank data indicates that 57% of the total population is urbanized, which equates to approximately 4.5 million individuals. Furthermore, 7 out of 10 people in the world are projected to live in urban areas by 2050.
• Increase In Personal Disposable Income- According to the Bureau of Economic Analysis, personal income in July 2022 increased by USD 47.0 billion (0.2%) and disposable personal income by USD 37.6 billion (0.2%).
• Globally Rising Motor Vehicle Production- For instance, there were 79 million motor vehicles produced worldwide in 2021, an increase of 1.2% over the previous year.

Challenges

• Increased Price Of The Car Due To Incorporation Of Refrigerators
• High Maintenance Issue Associated With The Car Refrigerator
• Higher Price Associated With Replacement Parts

The global car refrigerator market is segmented and analyzed for demand and supply by type into compressor, absorption and thermoelectric. Among these segments, the compressor segment is anticipated to capture the largest market size in the global car refrigerator market owing to the emergence of innovative and technologically advanced car refrigerators by key manufacturers. In August 2019, recently a car refrigerator was launched which is composed of a 12L cabin, with a DC inverter compressor, maintaining -18°C optimum temperature and requiring only 3.75 Amps of power. Moreover, the compact size, ease of use, and low battery consumption are expected to contribute to segment growth over the forecast period.

Global Car Refrigerator Market Regional Synopsis

Regionally, the global car refrigerator market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 owing to favorable market conditions, growing indigenous demand for car refrigerators, and an increase in the adoption of new advanced technologies. Moreover, rising disposable income among the growing middle and affluent class along with rising passenger car sales in the region is anticipated to fuel car refrigerator market growth over the forecast period. It was observed that passenger car sales accounted for approximately 3,300,000 units in December 2021, a significant increase from 2,300,900 units in June 2021.

The global car refrigerator market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global car refrigerator market includes the following segments:

Top Featured Companies Dominating the Global Car Refrigerator Market

• Cool King Refrigeration Ltd.
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• TROPICOOL
• CARPIGIANI GROUP
• Mobicool
• PNDA
• NFA
• IndelB
• Kingcool
• Fiyilian
• Congbao