According to the market report published by Future Market Insights titled ‘Wine Cooler Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2027,’ the revenue generated from wine coolers is estimated to be valued at over US$ 2117.3Mn in 2018, which is projected to increase at a CAGR of 5.8% during the forecast period (2018-2027).
In the global wine cooler market, companies across the globe are focusing on the launching of new products with the latest technology and high quality, along with expanding their market presence through the establishment of new manufacturing facilities as well as sales channels to reach potential customers, which are among the key factors driving the demand for wine coolers across the globe. Moreover, favorable trade policies, the growing production of electronic goods, a global increase in per capita income, favorable demographics and shifting consumer preference to branded products are also among factors that are expected to boost the demand for wine coolers during the forecast period.
Factors such as increasing population and growth in the adoption of e-commerce for selling products globally has significantly boosted B2C businesses in various domains. Over the years, there has been a drastic change in consumer behavior, and an increasing number of consumers are shifting towards seeking products online, and purchasing various products, such as FMCG products, clothes, electronic products and others, through e-commerce, which is also contributing to the global growth of the wine cooler market.
The global growth of online sales channels, along with an increase in the product portfolio of wine coolers through new product launches, is projected to accelerate the growth of the global wine cooler market. Moreover, the frequent introduction of wine coolers targeting household consumers is creating considerable opportunities in the global wine cooler market.
The manufacturers of wine coolers have also adopted various key differentiation strategies to gain a competitive edge with an objective to outperform their competitors. Beside the size of population and per capita spending, other key factors driving the wine cooler market are population density, downstream industry effectiveness and changing economic policies as well as business legislation.
The rising trend of drinking has also significantly boosted the wine coolers market. Nowadays, consumers prefer to drink at home rather than going out, which is a major contributor to the growing demand for wine coolers.
The global market is segmented on the basis of regions, which include North America, Latin America, Asia Pacific Excluding Japan (APEJ), Europe, Middle East & Africa and Japan. Among all the regions, the Europe and North America regions are estimated to have a substantial value share. In terms of value, APEJ is the most attractive region in the global wine cooler market, and is expected to grow at a CAGR of 6.4% over the forecast period. The APEJ region is expected to gain 53 BPS during the forecast period.
On the basis of installation type, the wine cooler market is segmented into freestanding, countertop and built-in. In 2018, the freestanding segment accounted for the highest revenue share of 57.0% in the global wine cooler market and is expected to continue to do so throughout the forecast period.
Key Players in the Wine Cooler Market: Detailed profiles of companies are also included in the global wine cooler market report to evaluate their performance, key product offerings and recent developments.
Some of the key players profiled in the global wine cooler market study include Climadiff; Uline Company; Shenzhen VRBON Electrical Appliance Co., Ltd.; Siemens AG; Whynter LLC; Robert Bosch GmbH; General Electric Company; Perlick Corporation; Vinotemp; LG Electronics Inc.; Haier Group Corporation; The EuroCave Group; Newari Company; Viking Range, LLC; Donlert Electrical Co Ltd.; AGA Marvel; Danby Appliances Inc.; Electrolux AB; Avanti Products, Inc. and Allavino Company.
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