A key factor driving the growth of the market is the high consumption of draft beer and home-brewed beer. Portable coolers are preferred at events and parties. To fulfill the growing demand for beer and Wine, organizers need to set up a mobile beer and wine-dispensing solutions that fit their need and budget. Portable coolers are the best draft beer systems that are built into standard and insulated ice coolers. They depend on ice for refrigeration, and hence, do not require electricity to operate (excluding thermoelectric portable coolers). These portable coolers are reliable and easy to set up. Hence, the introduction of customized portable coolers and covers makes them aesthetically appealing at parties. Thus, such factors are expected to boost market growth during the forecast period.
As per Technavio, the multi-featured product offerings will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global portable coolers market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global portable coolers market: Multi-featured product offerings
Most of the portable coolers vendor in the market offer multiple features such as LED lights, easy to carry features, and product offerings according to the application. These products are also equipped with tracking devices and battery-operated features with advanced technologies. Smart connectivity enables real-time tracking of portable coolers. In addition, manufacturers are providing various mobile applications with their portable coolers, which contain built-in recipes and give them an option to make new recipes. Also, vendors are innovating products and introducing portable coolers with various functions and technological advances. For example, Newell Brands offers party coolers, camping coolers, fishing coolers, and collapsible coolers. Such offerings help to expand the consumer base and encourage customers to buy separate portable coolers for different activities which will drive the growth of the market during the forecast period.
“Apart from the multi-featured product offerings, other factors such as the growing trend of customization, rising number of events and meetings, high consumption of draft beer and home-brewed beer, and increased participation in outdoor recreational activities are expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global portable coolers market: Segmentation analysis
This market research report segments the global portable coolers market by distribution channel (offline and online), by product (hard-sided and soft-sided), by end-user (residential or recreational and commercial and government) and geographical regions (North America, Europe, APAC, MEA, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to increasing urbanization and growing disposable income in the region.
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Five Forces Analysis
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- Vendors covered
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- Competitive scenario
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