Car Refrigerator Market Trends

Growth Drivers

• Rise In Number Of Road Trips And Vacations - For instance, nearly 38% of Americans take 1 vacation each year, and over 75 million adults go on trips and vacations by road by renting or using their personal vehicle.
• A vacation or a road trip requires the packing of all essential items and food and drinks that will be consumed on the road or during the vacation. When traveling, it can be challenging to keep food and beverages fresh, as food can spoil and rot if not handled properly. As a result, while traveling on long distances, car refrigerators prove to be a handy and convenient option in order to avoid such situations. Therefore, an increasing number of road trips are expected to propel the demand for car refrigerators during the forecast period.
• Increasing Luxury Car Sales Worldwide- For instance, sales of luxury brand vehicles in the United States reached their highest level ever in June 2022 by 16%.
• Rapid Urbanization Around The Globe– World Bank data indicates that 57% of the total population is urbanized, which equates to approximately 4.5 million individuals. Furthermore, 7 out of 10 people in the world are projected to live in urban areas by 2050.
• Increase In Personal Disposable Income- According to the Bureau of Economic Analysis, personal income in July 2022 increased by USD 47.0 billion (0.2%) and disposable personal income by USD 37.6 billion (0.2%).
• Globally Rising Motor Vehicle Production- For instance, there were 79 million motor vehicles produced worldwide in 2021, an increase of 1.2% over the previous year.

Challenges

• Increased Price Of The Car Due To Incorporation Of Refrigerators
• High Maintenance Issue Associated With The Car Refrigerator
• Higher Price Associated With Replacement Parts