The North America Minibar Refrigerators Market would witness market growth of 3.5% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 458.6 thousand units, showcasing a growth of 3.9% (2019-2022).
The expanding hospitality sector is a major growth driver for the market. As tourism and travel expand, hotels and lodgings strive to improve guest experiences. Minibar refrigerators are a convenient and cost-effective way for hotels to provide refreshments and snacks in visitor rooms, contributing significantly to guest satisfaction and revenue. In many hotels, the desire to provide visitors with more personalized services has led to the adoption of minibar refrigerators, driving the demand for these appliances.
The trend of gatherings and house parties has created a demand for additional space to store beverages and frozen refreshments while dining in backyards, terraces, and gardens. The increased preference of householders for dedicated cold storage facilities for an uninterrupted supply of beverages and appetizers for such occasions has led to the widespread adoption of minibar refrigerators in residential settings. Moreover, the growing involvement of millennials in outdoor recreational activities and the robust presence of the hospitality sector, particularly hotels, are expected to play a significant role in propelling the market.
Minibar refrigerators have been popular amenities in various hospitality settings, including cruise ships and caravans (also known as RVs or motorhomes) across North America. These small refrigerators offer convenience to travelers by allowing them to store and chill beverages, snacks, and small food items in their cabins or vehicles. As transportation spending rises, businesses in the hospitality sector may invest in amenities like minibar refrigerators to attract travelers and enhance their overall experience. The factors mentioned above will drive the market growth in this region.
The US region dominated the North America Minibar Refrigerators Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $86.3 Million by 2030. The Canada region is experiencing a CAGR of 5.9% during (2023 - 2030). Additionally, The Mexico region would exhibit a CAGR of 5% during (2023 - 2030).
Based on End-use, the market is segmented into Hospitality, Transportation (Marines, Cruise Ships, Campervans/RVs and Others), Offices, Household and Others. Based on Technology, the market is segmented into Absorption, Thermoelectric/ Peltier and Compression. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Minibar Refrigerators Market is Predict to reach $427.2 Million by 2030, at a CAGR of 3.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Dometic Group AB, Felix Storch Inc., Minibar Systems, Indel B Group, Hisense International Co., Ltd., Omnitec Systems S.L., Royal Minibars, Tefcold A/S (Lindblad Group ApS), Koolatron Corporation and Bartech Systems international Inc.
By End-use (Volume, Thousand Unit, USD Million, 2019-30)
By Technology (Volume, Thousand Unit, USD Million, 2019-30)
By Country (Volume, Thousand Unit, USD Million, 2019-30)
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