AI Redefines the Portable Coolers Market, Projected to Grow by USD 5.36 Billion from 2024-2028, Driven by Rising Outdoor Activity Popularity
NEW YORK, Oct. 1, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global portable coolers market size is estimated to grow by USD 5.36 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 11.99% during the forecast period. Increasing popularity of outdoor activities is driving market growth, with a trend towards growing trend of customization. However, long product life cycle poses a challenge. Key market players include AO Coolers, Bison Coolers, Cordova Outdoors LLC, Delta T Systems, Dometic Group AB, Engel Coolers, Felix Storch Inc., Indel B S.p.a., K2 COOLERS, Koolatron, Newell Brands Inc., ORION Machinery Co. LTD., Otter Products LLC, Pelican Products Inc., Polar Bear Coolers, Uber Appliance, and YETI Holdings Inc..
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Forecast period | 2024-2028 |
Base Year | 2023 |
Historic Data | 2018 - 2022 |
Segment Covered | Product (Hard-sided, Soft-sided, and Others), End-user (Residential and Commercial and government), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) |
Region Covered | North America, Europe, APAC, South America, and Middle East and Africa |
Key companies profiled | AO Coolers, Bison Coolers, Cordova Outdoors LLC, Delta T Systems, Dometic Group AB, Engel Coolers, Felix Storch Inc., Indel B S.p.a., K2 COOLERS, Koolatron, Newell Brands Inc., ORION Machinery Co. LTD., Otter Products LLC, Pelican Products Inc., Polar Bear Coolers, Uber Appliance, and YETI Holdings Inc. |
Key Market Trends Fueling Growth
The portable coolers market is experiencing significant growth due to the increasing popularity of outdoor activities and the demand for customized cooling solutions. Vendors are responding to this trend by implementing mass customization strategies, allowing consumers to personalize their coolers with various options. Technological advances, such as computer-aided design and add-on features, enable vendors to cater to specific consumer needs. Major players in the market, including YETI, Bison Coolers, and Polar Bear Coolers, offer customization platforms for their customers. The growing number of participants in outdoor events in countries like the US, the UK, and Japan is fueling the demand for portable coolers with specific carrying capacity, durability, and color requirements. The market's growth is expected to continue as vendors focus on providing customized solutions to meet the unique needs of their customers.
The Portable Coolers market is witnessing exciting trends with innovative products like Solar-powered, WiFi-enabled, and USB port-equipped coolers gaining popularity. Families value these coolers for picnics and camping, making them essential appliances for travel and tourism. Coolers come in various types such as Portable refrigerators, Hard Side, and Soft Side, made of Plastic or Metal material. Temperature control is a key feature, with Refrigeration, Air coolers, Beverage coolers, and Evaporative coolers catering to diverse needs. Health and hygiene concerns have fueled demand, especially during the pandemic. Remote work and supply chain disruptions have increased the need for Smart cooling solutions. Camping statistics indicate a growing trend towards outdoor activities, driving demand for durable cooling solutions. Portable coolers find applications in Camping, Medical, and Military sectors. Consumer preferences, Middle-class population growth, and Retail sector investments are boosting market growth. Efficient cooling, low power consumption, and eco-friendly solutions are priorities. Strategic alliances and collaborations are shaping the future of this market.
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Market Challenges
The portable coolers market is driven by the production of superior-quality coolers with extended replacement cycles. These coolers, made from high-quality materials, are manufactured by major players in North America, adhering to safety and quality standards set by organizations like the American National Standards Institute (ANSI). Long replacement cycles and product warranties offered by brands such as YETI, Newell Brands, Bison Coolers, and Pelican Products Inc. (Pelican Products) lower the frequency of repeat purchases. However, the high initial costs associated with these coolers may hinder market growth. The global portable coolers market revenue exhibits cyclic trends, with long replacement cycles limiting the need for frequent cooler purchases.
Portable coolers have gained significant traction in various sectors due to the increasing demand for efficient and durable cooling solutions. Challenges in temperature control for appliances like air coolers, refrigerators, beverage coolers, and evaporative coolers have led to innovation in smart cooling technologies. The health and hygiene concerns, especially during remote work and outdoor activities, have fueled the market growth. Supply chain disruptions and strategic alliances have impacted the portable coolers market. Consumer preferences towards eco-friendly and energy-efficient cooling solutions have led to the use of hydrofluorocarbons (HFCs) and other eco-friendly refrigerants. The market for portable coolers caters to diverse applications, including camping, medical, military, and commercial use. The middle-class population's growing purchasing power and retail sector investments have contributed to the market's expansion. Design innovations in hard side and soft side coolers have led to high-efficiency cooling solutions with minimal power consumption. The market's focus on efficient cooling, power consumption, and eco-friendliness has led to the development of cooling agents that are CFC and HCFC-free. Food preservation and beverage temperature maintenance are essential considerations in the portable coolers market. Humidity control and heating systems using PTC heating method are also gaining popularity. The vendor positioning grid and data triangulation help in understanding the competitive landscape and consumer behavior.
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Segment Overview
This portable coolers market report extensively covers market segmentation by
Product
1.1 Hard-sided
1.2 Soft-sided
1.3 Others
End-user
2.1 Residential
2.2 Commercial and government
Distribution Channel
3.1 Offline
3.2 Online
Geography
4.1 North America
4.2 Europe
4.3 APAC
4.4 South America
4.5 Middle East and Africa
1.1 Hard-sided- Hard-sided portable coolers are widely preferred by campers, sports participants, and travelers due to their increased ice retention capacity and durability. Compared to soft-sided coolers, hard-sided coolers can retain ice for extended periods, making them ideal for storing perishable food items and beverages. These coolers offer increased capacity, measured in volume, and can accommodate both canned and unpacked food products. Hard-sided coolers are made of hard plastic or stainless steel, making them suitable for rugged terrains and adverse weather conditions. They are available in various sizes, including 25, 50, 75, and 125 quarts, and can keep ice for more than five days. Advanced features such as rolling wheels, creative designs, and LED lighting are being introduced by vendors to enhance the popularity of hard-sided portable coolers. For instance, YETI TANK is designed for outdoor parties and beach activities, while LiT Coolers offer a Night Sight LED liner. These features, coupled with the expansion of the camping and outdoor recreation industry, are expected to fuel the growth of the global portable coolers market during the forecast period.
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Research Analysis
Portable coolers, also known as portable appliances, offer temperature control solutions for various applications, including residential and commercial use. These coolers come in different types such as refrigerators, beverage coolers, air coolers, and evaporative coolers. Efficient cooling is a key feature, with some models utilizing high-efficiency refrigerants like hydrofluorocarbons (HFCs) and eco-friendly alternatives to replace CFCs and HCFCs. Design innovations include smart cooling solutions, hard side coolers, and soft side coolers. The market for portable coolers has gained traction due to the increasing demand for health and hygiene, remote work, and the need to mitigate supply chain disruptions. Power consumption and energy transfer are essential considerations, with many manufacturers focusing on creating eco-friendly and high-efficiency solutions. Humidity control is also a valuable feature for certain applications, enhancing the overall cooling experience.
Market Research Overview
Portable coolers, a type of appliance designed for temperature control and refrigeration, have gained significant popularity in recent years due to their versatility and convenience. These cooling solutions come in various forms, including air coolers, beverage coolers, and evaporative coolers, catering to diverse needs such as health and hygiene, remote work, and outdoor activities. The market for portable coolers is driven by consumer preferences, the middle-class population, and retail sector investments. Portable coolers are essential for camping, medical applications, military applications, and other outdoor activities. Durable cooling solutions are in high demand, with hard side coolers and soft side coolers made of plastic or metal materials offering efficient cooling and power consumption. Strategic alliances and design innovations are shaping the market, with eco-friendly cooling agents such as hydrofluorocarbons (HFCs) and alternatives to CFCs and HCFCs being adopted. Innovative products include smart cooling solutions, solar power, WiFi connectivity, and USB ports. The market is also influenced by supply chain disruptions, heating systems using PTC heating method, and food preservation. The portable cooler market is expected to grow further with the increasing demand for efficient cooling, high-performance refrigerants, and humidity control.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
End-user
Distribution Channel
Geography
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio