LONDON--(BUSINESS WIRE)--The portable coolers market is expected to grow by USD 5.17 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The purchase and consumption of draft beer is high during various social events. 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 prove to be a convenient mode to transport and store beer. Manufacturers are also introducing customized coolers and covers to enhance the overall appearance. 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, the high consumption of draft beer and home-brewed beer will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Portable Coolers Market: High Consumption Of Draft Beer And Home-Brewed Beer
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.
“Factors such as increasing sales through the online channel, and the growing trend of customization will have a positive impact on the growth of the portable coolers market value during the forecast period,” says a senior analyst at Technavio.
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Portable Coolers Market: Segmentation Analysis
This market research report segments the portable coolers market by product (hard-sided, soft-sided and others), end-user (residential or recreational, commercial and government), distribution channel (offline and online), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the portable coolers market in 2019, followed by Europe, APAC, MEA and South America. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing urbanization and the growing disposable income of the population in emerging economies.
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Some of the key topics covered in the report include:
- Residential or recreational
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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