Quoted from Market Watch:
Sep 16, 2021 (AmericaNewsHour) — The global car refrigerator market segmented into type such as compressor, absorption and thermoelectric. Among these segments thermoelectric segment is expected to occupy top position in overall car refrigerator market during the forecast period. This can be attributed to the rising sale passenger car across the globe. Moreover, the car refrigerators provide convenience and versatility in a simple form. Passenger vehicle segments is further sub-segmented into sports car, luxury vehicles and economy cars, out of which, economy car segment is anticipated to account for highest percentage of market share in four wheeler car refrigerator market. Also, increasing demand for car equipped refrigerator from the consumers is expected to drive the market over the forecast period.
Global car refrigerator market is expected to flourish at a significant CAGR of 9.7% during the forecast period. Rising automotive production, increasing urbanization, rising disposable income are some of the key factors driving the growth of the car refrigerator market. Moreover, the global refrigerator market expected to garner USD 2615.9Million by the end of 2024.
In the regional market, North America captured the largest market share in overall Car Refrigerator Market and is expected to continue its dominance over the forecast period. Rising production of vehicle in the region is anticipated to aid the growth of the market. Further, increasing disposable income coupled with rising demand for premium vehicles with refrigerator technology is expected to accelerate the growth of automotive market in the upcoming years. Moreover, Asia Pacific is anticipated to grow at modest CAGR of 10.2% during the forecast period. Further, Further, the growing indigenous demand for car refrigerator in India and China is a result of rising disposable income among the growing middle and affluent class.
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Rising Disposable Income
Growing global population coupled with increasing per capita income is anticipated to bolster the growth to the automotive industry in the upcoming years. As a result, the demand for automotive parts such as car refrigerator is anticipated to witness significant growth in the upcoming years.Further, rising sale of luxury cars is believed to be the dynamic factor behind the growth of the car refrigerator market.
Rapid urbanization has led to the growth of global car refrigerator market. Furthermore, increase in demand for high-end electronics, mainly in commercial cars is anticipated to be the significant factor behind the rapid growth of car refrigerator market.
In contrast in corporation of refrigerators has resulted in increased price of the car. This factor is anticipated to restrain the growth of global car refrigerator market. Moreover, maintenance issue associated with the car refrigerator is hindering the development of car refrigerator market which is further likely to dampen the market growth in future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Post time: Nov-10-2021