GVR Report coverMinibar Refrigerators Market Size, Share & Trends Report

Minibar Refrigerators Market Size, Share & Trends Analysis Report By Technology (Absorption, Thermoelectric/ Peltier, Compression), By End-use (Transportation, Hospitality, Offices, Household), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68040-130-5
  • Number of Pages: 105
  • Format: Electronic (PDF)

Report Overview

The globalminibar refrigerators market sizewas estimated atUSD 337.75 million in 2022and is expected to grow at a compound annual growth rate (CAGR) of 3.1% from 2023 to 2030. The rapid growth of the hospitality sector is a key factor driving the growth. The hospitality sector, especially hotels, is characterized by its emphasis on unique designs, personalized services, and immersive themes. These factors are responsible for fueling the market growth. According to the Q4 year-end global construction pipeline trend report by Lodging Econometrics (LE), the global construction pipeline for hotels at the end of 2022 stood at 14,267 with 2,298,846 rooms, marking a year-over-year growth of 4%. Concerning the market, these properties often focus on curating high-quality minibar offerings that align with their brand identity, catering to guests who prioritize exclusivity and premium amenities. As a result, the rising number of hotels and resorts worldwide has benefited the market.

U.S. Minibar Refrigerators Market size and growth rate, 2023 - 2030

The rise in technological advancements has transformed minibar refrigerators from simple cooling devices to advanced appliances equipped with cutting-edge features and functions. For instance, smart minibar refrigerators can be remotely controlled, monitored, and stocked, allowing hotels to streamline operations and enhance guest experience. These appliances can also provide consumption data, enabling commercial establishments to optimize restocking and reduce wastage.

The market players are also offering energy-saving minibar refrigerators. For instance, Dometic Group AB’s HiPro series includes a set of premium minibars that are energy-saving and do not contain chromate, a commonly used corrosion inhibitor for absorption minibars that was recently flagged by the EU. The Dometic HiPro minibar refrigerators are engineered to chill drinks rapidly without over-cooling. The transparent door racks can fit 1.5L bottles, and the adjustable and removable shelves can fit various products.

The trend of gatherings and house parties among U.S. households has led to a need for extra space to store beverages and frozen snacks while dining across the outdoors, such as backyards, terraces, and gardens. The homeowners’ increased preferences towards dedicated cold storage facilities for an uninterrupted supply of drinks and appetizers for such occasions have fostered minibar fridge adoption across residential settings.

Moreover, the increased participation of millennials in outdoor recreational activities and the strong presence of the hospitality sector, particularly hotels, are indeed expected to play a significant role in driving the market for portable mini fridges in the U.S. Many hotels in the country now offer amenities that align with the desire for a personalized and comfortable stay.

Portable mini fridgesin hotel rooms provide guests with the convenience of storing snacks, drinks, and medication, enhancing their overall experience. Such an aspect will significantly drive product adoption rates across the hospitality sector. Bartech Systems International Inc. specializes in providing automatic minibar solutions to hotels globally. These solutions are designed to enhance guest experience and optimize revenue opportunities for hoteliers.

Technology Insights

The absorption technology-based minibar refrigerators segment held a market share of 55.86% in 2022. This can be attributed to a combination of factors that emphasize energy efficiency, quiet operation, and technological innovation. Absorption technology, which relies on a heat-driven process to cool the refrigerator rather than a traditional compressor-based system, has gained significant traction due to its unique advantages. One key driver is the growing global emphasis on sustainability and energy conservation. Absorption technology minimizes electricity consumption, making it an attractive choice for eco-conscious consumers and businesses aiming to reduce their carbon footprint and energy costs.

The thermoelectric/Peltier technology-based minibar refrigerators segment is expected to grow at a CAGR of 3.5% from 2023 to 2030. The market is being driven by several key factors that have contributed to its growing popularity and adoption. One of the primary drivers is the increasing demand for energy-efficient and environmentally friendly cooling solutions. Thermoelectric/Peltier technology offers a distinct advantage in this regard, as it operates without the need for refrigerants or compressors, which are associated with higher energy consumption and potential environmental harm.

Thermoelectric/Peltier technology-based refrigerators can be seamlessly integrated into various settings, such as hotel rooms, offices, and residential spaces, without compromising on available space or visual appeal. For instance, the thermos-absorption minibar Hotel Pure-T by Omnitec Systems is silent and enables efficient cooling. It operates on 220-240V (with an optional 110V), consuming just 63W of power annually. It meets 2021 EU energy efficiency standards with an 'E' rating.

End-use Insights

The hospitality segment held the largest market share of 69.24% in 2022. One of the primary drivers for the demand for minibar refrigerators in the hospitality sector is the heightened emphasis on personalized and immersive guest experiences. Modern travelers are seeking more than just a place to stay; they are looking for memorable and unique experiences during their journeys. Accommodation providers are recognizing this shift and are utilizing minibar refrigerators as a tool to enhance guest satisfaction. By offering a curated selection of locally sourced beverages and零食in minibars, hotels can provide guests with a taste of the destination's culture, contributing to a more authentic and memorable stay.

According to an article published on AccomNews, implementing strategic pairing menus for minibars can enhance guest purchases by suggesting complimentary snacks and beverages, as successfully demonstrated by Hotel deLuxe in Portland, Oregon. Another effective approach is to stock minibars with innovative and distinctive products, setting the hotel apart from competitors and attracting guests seeking a unique experience. A prime example is the XV Beacon in Boston, which stocks the Life Detoxer, a homeopathic oral spray by Sprayology, in its minibars, designed to mitigate jet lag.

Global Minibar Refrigerators Market share and size, 2022

The transportation end-use industry is expected to witness a CAGR of 3.7% from 2023 to 2030. The use of minibar refrigerators in transportation is being driven by a convergence of several key factors that reflect evolving consumer preferences, technological advancements, and changing market dynamics. This convergence has created a unique set of opportunities and challenges for manufacturers, suppliers, and stakeholders in the transportation and hospitality sectors.

The other driver for the market growth is the growing demand for convenience and personalized experiences among travelers. As the global travel and tourism industry continues to expand, individuals are seeking seamless and comfortable journeys, leading to increased expectations for amenities within transportation modes such as yachts, airplanes, trains, buses, and cruise ships. The inclusion of minibar refrigerators in these modes allows passengers to access chilled beverages and snacks, enhancing their overall travel experience.

Regional Insights

Europe held a dominant position in the global market, capturing a revenue share of 31.48% in 2022. European consumers increasingly seek devices that offer convenience, energy efficiency, and connectivity features. This trend has encouraged companies to innovate and develop new refrigerator models with advanced features such as touch screens, remote monitoring, energy-saving capabilities, and integration with othersmart home系统。例如,2021年4月,贫困,一个年代wedish manufacturer of mobile solutions and refrigerators, introduced its HiPro line of minibars. The redesigned minibar improves cooling performance while consuming 40% less power, decreasing operational costs for hotel owners. The modular line offers a range of options: minibars with stainlesssteel, black mirror glass, or transparent doors; three refrigeration technologies; and a connectivity system with smart remote-controlled features.

In the UK, specialty retailers play a crucial role in addressing specific market demands and ensuring consumers can find the products they seek. As trends and consumer preferences continue to evolve, retailers like MiniFridge.co.uk and Alexander Appliances Direct Ltd can adapt and provide solutions that cater to the changing needs of their customers in the UK For example, Alexander Appliances Direct Ltd. plays a significant role in the UK commercial catering refrigeration industry. The retailer has a diverse product range, and supplies catering equipment directly to hotels, bars, restaurants, cafes, etc., for the smooth operation of businesses, institutions, and individuals that require catering equipment and refrigeration solutions.

Minibar Refrigerators Market Trends, by Region, 2023 - 2030

The Asia Pacific is expected to grow at a CAGR of 4.1% from 2023 to 2030. The market growth is mainly driven due to the flourishing travel and tourism industry and the presence of well-known hotel chains like Oberoi and Four Seasons. The growth in the travel and tourism industry typically leads to increased demand for hospitality services, including hotels and accommodations. As more people travel for leisure, business, or other purposes, the need for amenities like minibars in hotel rooms also tends to rise. Minibars provide guests with convenient access to a variety of beverages and snacks without having to leave their rooms.

The growing construction in the hospitality sector in China, including hotels, lodges, and guest houses, is likely to have a positive impact on the adoption of popular amenities such as mini bar fridges and other devices. According to the data from STR (Smith Travel Research), a well-known company that provides data insights for the global hospitality industry, the construction of hotel rooms in Asia Pacific significantly increased by 0.6% to 476,942 rooms in December 2022 compared to December 2021. Among all the Asia Pacific countries, China holds the largest number of rooms in construction, that is, 300,163. To attract and retain guests, establishments across the country emphasize offering amenities that meet or exceed guest expectations. Mini bar fridges are considered standard amenities in many modern hotels, and providing those helps meet guest demands for convenience and comfort.

北美的CAGR预计将增长3.2% from 2023 to 2030. 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. Minibar refrigerators are often found in cabins or suites of cruise ships. Passengers can use these refrigerators to store items they might want to access without having to go to public dining areas. Cruise ship minibars are typically stocked with a variety of drinks and snacks to enhance the onboard experience of passengers.

Key Companies & Market Share Insights

The market includes both international and domestic participants. Key players are focusing on strategies such as new product launches, partnerships, mergers & acquisitions, global expansion, and others. Some of the initiatives include:

  • In May 2022, Dometic progressed to the subsequent stage of its sustainability strategy. The entirety of its European plants and production facilities are now operating exclusively on 100% renewable electricity.

  • In September 2021, Dometic acquired Igloo, a leading company in passive cooling boxes and drinkware. This deal strengthened the company’s distribution network in North America.

Some prominent players in the global minibar refrigerators market include:

  • ISM Makine Elektrik Sanayi ve Ticaret A.Ş.

  • Dometic

  • Felix Storch (Summit Appliance)

  • Minibar Systems

  • Indel B SpA

  • HISENSE

  • OMNITEC SYSTEMS S.L.

  • Royal Minibars

  • TEFCOLD Group

  • Kollatron Corporation

  • Bartech

Minibar Refrigerators MarketReport Scope

Report Attribute

Details

Market size value in 2023

USD 347.75 million

Revenue forecast in 2030

USD 432.36 million

Growth rate

CAGR of 3.1% from 2023 to 2030

Base year for estimation

2022

Historical data

2017 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Technology, end-use, region

Regional scope

North America; Europe; Asia Pacific; Middle East & Africa; Central & South America

Country scope

U.S.; Canada; Mexico; UK; Germany; France; China; India; Japan; Brazil; South Africa; Turkey

Key companies profiled

Dometic; HISENSE; ISM Minibar; Indel B Spa; Bartech; Royal Minibars; Felix Storch (Summit Appliance); Kollatron; OMNITEC SYSTEMS S.L.; Minibar Systems; TEFCOLD Group

Customization scope

Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

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Global Minibar Refrigerators Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global minibar refrigerators market report based on technology, end-use, and region:

Global Minibar Refrigerators Market Report Segmentation

  • Technology Outlook(Revenue, USD Million, 2017 - 2030)

    • Absorption

    • Thermoelectric/ Peltier

    • Compression

  • End-use Outlook(Revenue, USD Million, 2017 - 2030)

    • Transportation

      • Marines

      • Cruise Ships

      • Campervans/RVs

      • Others

        • Light Duty Vehicles

        • Medium Duty Vehicles

        • Heavy Duty Vehicles

        • Jets

    • Hospitality

    • Offices

    • Household

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Central and South America

      • Brazil

    • 中东和非洲

      • South Africa

      • Turkey

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