The U.S. residential potable freestanding ice maker market was valued at USD 524.1 million in 2018 and is projected to reach USD 614.80 million by 2024, with a CAGR of 2.8% during the forecast period.
Residential portable freestanding ice makers are convenient and compact and thus, ideal for use in small kitchens and other compact spaces such as on boats, for picnics, and in vehicles. They are gaining popularity among households as they require no installation and are hassle-free. Changing lifestyles and increasing disposable income are propelling the demand for residential portable freestanding ice makers. Emerging countries such as India and China and countries with high spending capacities, such as the U.S. and Canada are expected to bolster the global residential portable ice maker market.
On the basis of type, the global market can be segmented into ice only and water dispenser. The ice maker is a system which is used for making only ice. The system comprises three main components such as an electric motor with a cooling unit, a heating unit, and an ice tray. It is used in a number of surroundings such as offices, homes, hospitals, and others. For instance, in June 2017, Elanpro, a leading commercial refrigeration company launched a portable ice maker with some of the distinctive features like single water tap and optional online plumbing.
The water dispenser is capable of producing cubelet ice, cubelet ice and water or dispense only water. This system can be used for multiple environments such as hospitality, catering, leisure, and healthcare. Ice maker with water dispenser supplies both ice and water in one appropriate portable unit. The unique design of this system uses a water-cooler-style 5-gallon water jug mainly to give bullet shaped ice and chilled drinking water.
Geographically, the residential portable freestanding ice maker market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America dominates the global residential portable freestanding Ice maker market and is projected to remain dominant during the forecast period, owing to high disposable income and growing spending on vacations at beaches and islands and long drives where ice makers are used. According to Trading Economics, in the United States, consumer spending has increased to USD 12953.29 billion in the third quarter of 2018 from USD 12842.02 billion in the second quarter of 2018.
Europe is expected to gain traction in the global residential portable freestanding ice maker market, owing to the region’s high standard of living and growing use of ice makers on vacations. Furthermore, technologically-advanced and attractive ice makers not only serve the purpose but also add value to the kitchen environment, which is expected to further provide impetus to market growth during the forecast period.
Asia Pacific is a growing region in the global residential portable freestanding ice maker market, owing to the region’s steadily increasing disposable income and growing standard of living. For instance, according to a report published by the India Brand Equity Foundation, total rural income in India was pegged at around USD 572 billion in 2018 and is estimated to reach USD 1.8 trillion by 2021. Furthermore, India's rural per capita disposable income is projected to increase at a CAGR of 4.4% and attain a value of USD 631 by 2020. Latin America and Africa are expected to witness sluggish growth in the global market, owing to the regions’ low spending capacity and lack of infrastructure.
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