Global Minibars for Marine Industry Market Size By Sales Channel Type (OEM and Aftermarket), By Application (Cruise Ships, Yachts, and Motor Boats), By Geographic Scope And Forecast

Minibars for Marine Industry Market Size And Forecast

Minibars for Marine Industry Market size was valued at USD 475.36 Million in 2021 and is projected to reach USD 679.20 Million by 2030, growing at a CAGR of 4.18% from 2023 to 2030.

The rise in the disposable income and expansion of the facilities on cruises, ships, and yachts are driving the growth of the overall marine tourism sector over the forecast period. The Global Minibars for Marine Industry Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

What is Minibars for Marine Industry?

A minibar is a small refrigerator, typically an absorption refrigerator is generally installed in a hotel room or cruise ship cabins. The staff of the boat or cruise fill it with drinks and snacks for the guest to purchase during their stay. The minibars which are being installed on cruise ships are specifically equipped with non-flammable refrigerant. The minibar is generally stocked with a precise inventory of goods, with a price list. The guests are generally charged for the goods consumed from the minibars when checking out of the cruise or ship. The minibar used in the marine industry is commonly stocked with small bottles of alcoholic beverages, bottled water, juice, and soft drinks. In addition to this, the minibar also contains candy, crackers, cookies, and other small snacks.

Global Minibars for Marine Industry Market Overview

The ocean and marine environment as a whole have become one of the fastest growing areas of the world’s tourism industry. For instance, according to a study by the University of Central Florida, coastal and marine tourism constitutes approximately 50% of all global tourism, equal to USD 4.6 trillion or 5.2% of global gross domestic product, and is a vital component of the economy of small islands and coastal communities. The rise in the disposable income and expansion of the facilities on cruises, ships, and yachts are driving the growth of the overall marine tourism sector over the forecast period.

With more cruise lines seeking out new ways to address growing demands for convenient, immediate, and personalized service, the sales of minibars are on the rise. Like so many cruise amenities, the demand for minibars has also evolved to fulfill the needs of the passengers. Therefore, the rising modernization of the cruise industry is one of the key factors which is driving the growth of the market.

Global Minibars for Marine Industry MarketSegmentation Analysis

The Minibars for Marine Industry Market is segmented on the basis of Sales Channel Type, Application, and Geography.

Minibars for Marine Industry Market, By Sales Channel Type

• OEM• Aftermarket

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Based on Sales Channel Type, the market is bifurcated into OEM and Aftermarket. OEM accounted for the largest market share in 2020. A subcontractor produces an OEM product with the permission from the nameplate manufacturer. Some OEM producers might also create aftermarket products.

Minibars for Marine Industry Market, By Application

• Cruise Ships• Yachts• Motor Boats

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On the basis of Application, the Global Minibars for Marine Industry Market has been segmented into Cruise Ships, Yachts, and Motor Boats. Cruise Ships accounted for the largest market share in 2020. The majority of cruise ships have either stocked or unstocked mini bar units, which are made to keep beverages at a consistent temperature. Hence the growing number of passengers opting for cruise travel is the major driver for the overall minibars market to grow over the forecast period.

Minibars for Marine Industry Market, By Geography

• North America• Europe• Asia Pacific• Middle East and Africa• Latin America

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On the basis of regional analysis, the Global Minibars for Marine Industry Market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is expected to hold the largest market share of the Minibars for Marine industry during the forecast period followed by Europe. . Future growth of the yacht sector is also anticipated to be fueled by a rise in the number of rich individuals and add-on services provided by cruise lines.

Key Players

The major players in the market are Dometic Group AB, Indel B S.p.A, ISM Minibar, Norcold Corporation, Vitrifrigo s.r.l, Penguin Refrigeration, Isotherm, and Raritan Engineering Company. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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