Wine coolers and freezers are basically designed and developed to store wine bottles at a specific temperature. They help to preserve the quality and flavor of the wine. Wine coolers possess features such as bottle capacity. Many manufacturers use new technologies and innovative features to enhance the quality of the wine coolers and freezers. The advanced technology and innovative features are expected to increase the market attractiveness of wine chillers and freezers market across the world.
Increasing consumption of wine across the world is the key factor, which expected to increase the demand wine chillers and freezers across the world
Moreover, rising number of restaurants, supermarkets, and cafes have contributed crucially to the growth of wine coolers and freezers market
Technological innovations, such as interior LED lighting, interactive display systems, and safety locks, make the product easier and more convenient to use. This will also have a positive impact on the demand.
Other factor such as increasing population, rising number of households, improving living standards, and surging disposable income are expected to accelerate the market growth during the forecast period
Market players are improving their distribution channels to increase their sales. As a result, the market is estimated to witness rising adoption of wine chillers and freezers.
The global wine chillers and freezers market can be segmented based on product type, capacity, end-use application, distribution channel, and region
In term of product type, the wine chillers and freezers market can be segmented into standalone and portable. As compared to portable wine chillers and freezers, standalone chillers and freezers are available at high price. This expected to hamper the market growth of standalone chillers and freezers segment over the period.
In term of capacity, the market has been segmented into less than 16 bottles, 17 bottles - 30 bottles, 31 bottles – 60 bottles, 61 bottles - 100 bottles, and more than 100 bottles
In term of end-use application, the market can be bifurcated into residential and commercial. The commercial segment is further segmented into hotels, restaurants & bars, cafés, and others.
In terms of distribution channel, the global wine chillers and freezers market can be divided into online and offline. As compared to the offline distribution channel, online distribution channel is expected to be the fastest growing segment in the chillers and freezers market.
Based on region, the global chillers and freezers market can be divided into North America (U.S., Canada, and Rest of North America), Europe (U.K., Germany, France, Italy, and Rest of Europe), Asia Pacific (India, Japan, China, and Rest of Asia Pacific), Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa), and South America (Brazil and Rest of South America). North America is expected to hold a major market share of the global chillers and freezers market followed by Europe. Asia Pacific is expected to grow at fastest rate during the forecast period. Owing to growing usage of wine chillers and freezers for retail and food processing industries in the emerging countries in the region such as China, India, etc.
Key players operating in the global wine chillers and freezers market are AB Electrolux, Rockwell Industries Ltd, Haier lnc., Williams Refrigeration, Kieis Ltd, Whirlpool Corporation, Westinghouse Electric Corporation, Elan Professional Appliances Pvt. Ltd, Western Refrigeration Private Limited, The Middleby Corporation, and Blue Star Limited, among others
These market players are focused toward adoption of business strategies such as mergers & acquisitions and geographical expansion. Furthermore, market players are more focused toward product development and enhancement to have a competitive advantage over others.