The new report by Expert Market Research titled, ‘Global Portable Coolers Market Forecast, Size, Share, Report and Outlook 2023-2028’, gives an in-depth analysis of the global portable coolers market, assessing the market based on its segments like distribution channel, application, end-use, product and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 14.0%
- Forecast Market Size (2028): USD 6.29 Billion
It has been reportedly observed that the earth’s temperature has been rising at a pace of 0.32° F (0.18° C) per decade over the last 40 years. This corresponds to the growing concern and consequence of global warming. According to National Oceanic and Atmospheric Administration (NOAA)’s temperature data, 2020 was the second-warmest year on record, with land areas reaching new highs. These factors have led to increasing usage of coolers, leading to the market growth of portable coolers as well. Increasing pollution levels due to rapid urbanisation and rising population in India and China, is expected to contribute a significant growth in the portable cooler market in Asia Pacific region.
Portable Coolers Industry Definition and Major Segments
Portable coolers, also known as ventless coolers, operate on the concept of evaporation. It consists of a box-like enclosure that has a walled fan and water-soaked pads inside. The fan takes in warm air and transfers it towards wet pads which helps to lower the temperature significantly.
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On the basis of end-use, the market is segmented into:
- Residential or Recreational
- Commercial and Government
Based on distribution channel, the market is divided into:
Based on product, the market is segmented into:
- Hard-Sided Coolers
- Soft-Sided Coolers
The application areas are bifurcated into:
- Dry Camping
- Off-road/RV Camping
The major regional markets include:
- North America
- Latin America
- Middle East and Africa
Portable Coolers Market Trends
Consumers are leaning towards more compact solutions, globally. Portable air coolers have the advantage of being lightweight, versatile, and do not require complex installation. They can also be more energy efficient to run because they are often used to cool only specific areas of the home or to supplement focused forced air systems. Some portable coolers are battery operated and cater to a single person’s use. Growing global concerns for rising global warming is also forcing people to consider more energy efficient solutions. Moreover, there is a lot of product innovation to adapt to various needs of the end users. For example, coolers for camping and also cooler bags for carrying food and beverage for trips are being developed to enhance the personal experience of campers. These trends are driving the portable coolers market globally.
Key Market Players
The major players in the market are AO Coolers, Bison Coolers, Engel Coolers, Grizzly Coolers, Igloo Products Corp., and K2 Coolers, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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