LONDON--(BUSINESS WIRE)--The global portable coolers market is expected to post a CAGR almost 14% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The purchase and consumption of draft beer is high during events and parties such as beer festivals, golf tournaments, corporate parties, and weddings. This drives the need for setting up of mobile beer and wine-dispensing solutions that fit the budget of organizers. As a result, portable coolers such as thermoelectric portable coolers are gaining prominence among end-users as they cater to the need for transportation and storage of beer at such events and parties. Manufacturers are introducing customized coolers and covers to improve their appearance at the parties. Thus, the high consumption of draft beer and home-brewed beer will boost the growth of the portable coolers market during the forecast period.
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As per Technavio, multi-featured product offerings, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This 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
Manufacturers are incorporating multiple features such as easy to carry features, LED light, and tracking devices along with battery-operated features. Integration of smart connectivity enables consumers to rely on built-in recipes and real-time tracking of portable coolers. Furthermore, there is an increase in the demand for multi-featured portable coolers due to the growing consumer awareness about multi-featured or innovative portable coolers with benefits such as enhanced durability, energy efficiency, and car fitting. This will widen the consumer base and boost the purchase of portable coolers. Thus, with the availability of such multi-featured product offerings, the market for portable coolers is expected to showcase a positive outlook during the forecast period.
“Apart from the multi-featured product offerings, the growing trend of customization and the increasing sales through online channel are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Portable Coolers Market: Segmentation Analysis
This market research report segments the global portable coolers market by end-user (residential or recreational, and commercial and government), distribution channel (offline and online), product (hard-sided, soft-sided, and others) and geography (APAC, Europe, MEA, North America, and South America).
The North America region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market due to the increasing consumption of beer in outdoor parties and events and rising number of dual-income households.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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