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Camping cooler is increasingly strengthening its growth as people are progressively inclined towards spending more time in outdoor places. The product capability to help preserve the food products while also being able to sustain the temperature of beverage help to attract more consumers. The increasing production of innovative products that comes with solar power, wifi connectivity, USB port, and others are acting as an opportunity for market growth. For instance, Dometic CFX28 12v Electric Powered Cooler comes with wifi connectivity, solar panel, 100-240 V cable connection, USB port, and LED interior light.
The thriving growth of the outdoor industry, leading to increasing expenditure made on various outdoor kits, including camping cooler, is anticipated to play a crucial role in driving the market growth. For instance, according to the Bureau of Economic and Analysis data, in 2019 the United States outdoor economy is evaluated to make a contribution of 2.1 percent on its current-dollar gross domestic product, which is $459.8 billion. Additionally, the growing popularity of family gatherings in various places such as lakes, rivers, resorts, and others, is resulting to propel the consumption of camping coolers.
Nevertheless, the presence of alternative storage units such as picnic baskets, portable refrigerator, and others are hampering the market growth.
Key Market Driver -
The flourishing growth of the outdoor industry is acting as a driving factor for the market growth.
Key Market Restraint -
The availability of alternative storage unit is restraining the market growth.
The Coleman Company Inc, Outdoor Active Gear, Yeti Coolers, LLC, Grizzly Coolers, Pelican Products Inc, Igloo Products Corp are the key companies operating in the camping cooler market.
The camping cooler is segmented into by type, material, volume, and geography.
On the basis of type, the market is fragmented into hard cooler, and soft cooler. Hard cooler is projected to be the dominant owing to the product possessing durability and longlasting quality. Few of the hard type products also have the ability to be operated under the absence of electric power makes it more desirable.
Based on material, the market is divided into plastic, metal, and others. Plastic is anticipated to be the leading segment on account of its lightweight quality, which makes it easy to carry around, and the product available in a more affordable price range help to upsurge the consumption.
By volume, the market is grouped into below 25 quarts, 25 -50 quarts, and 50 quarts and above. 25-50 quarts is estimated to be the largest market due to the product being at a perfect range of volume to most consumers as it is able to hold a sufficient amount of items, which in turn has increased the preference rate.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is assessed to hold a leading share and is anticipated to continue throughout the forecast period of 2020-2027. The large number of people participating in camping activities is estimated to have a positive impact on accelerating the demand for camping cooler. For instance, according to the data issued by the Condorferries.Co.UK on ‘Camping Statistics 2020’, In 2018, in the United States, families deciding to camp has risen by 4 million, which has reached about 78.8 million. Additionally, the popularity of taking vacation trips among people of this region is likely to upsurge the consumption rate. For instance, according to the data released by the US Travel.Org, in 2018, more than half of the United States population has marked 768 million days as vacation time in their time table.
Europe is estimated to display a significant presence in the camping cooler market, owing to the thriving growth of travel and tourism. For instance, according to the data issued by the World Travel and Tourism Council, in 2018, the travel and tourism industry was evaluated to make a contribution of 9.7 percent of GDP in the European economy. Furthermore, large number of famous beaches of this region such as Nerja Beach Spain, Cape Drastis Greece, Bestouan Beach France, and others increasingly attracting more people has resulted to generate traction. This is due to increasing number of outdoor beach activities.
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