Chinese Car Refrigerator Market to Reach 100 Billion Level

The market scale of Chinese car refrigerator may reach 100 billion level. The South Korean media pay close attention!

According to a recent report from South Korea's Kotra Overseas Market News, with the increase in car ownership and self-driving travel in China, the demand for car refrigerators has grown significantly.

According to the analysis of the report: At present, the products categories in Chinese car refrigerator market are mainly divided into semiconductor refrigerators and compressor refrigerator. The former one relies on electronic chips for refrigeration, while the latter one relies on compressor for refrigeration, which has high refrigeration efficiency but is relatively large.

Chinese car refrigerator industry started in 2000, and as of 2017, the annual sales was less than 1.5 million units. However, it is predicted that the market size of Chinese vehicle peripheral products will reach about 1 trillion US dollars in the future, and the related car refrigerator market also has great potential. The development of the automobile industry has promoted the expansion of the car refrigerator market. According to statistics, the national car ownership in 2020 will be 281 million, a year-on-year increase of 8.1%

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The report believes that with the continuous improvement of China's national income level and living standards, the demand for personal leisure and tourism is also gradually increasing. In particular, the continuous growth of leisure and cultural markets such as peripheral travel and camping has promoted the expansion of the demand for car refrigerators. According to the "Global Self-driving Travel Report 2019", the number of domestic self-driving tourists in China in 2018 was about 580 million, a year-on-year increase of 35.6%. Data shows that in 2020, China's self-driving travel market rebounded sharply after the epidemic, especially around May Day, summer vacation, and National Day.

According to analysis, due to the impact of the epidemic, public transportation such as planes and trains have been restricted, resulting in a surge in the demand for excursion by private cars. During the 2021 Spring Festival, the order bookings of Fliggy travel, an travel service platform increased by 660%. Generally, the popular tourist destinations in China's long holidays are Sanya, Kunming, Lijiang, Guilin, Sipsongpanna, and so on, but Hangzhou, Shanghai, Shenzhen and other cities that are closer to densely populated areas are more popular recently.

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Car refrigerators are expected to continue to grow due to their portable and food fresh-keeping for travel. However, China's overall industrial scale is still relatively small, and the consumption habits of consumers have not been clearly formed. The car refrigerators produced in China are mainly exported to the European and American markets.

At present, there are more than 510 Chinese enterprises specializing in the production of car refrigerators, mainly in Guangdong, Jiangsu, Zhejiang and other provinces. Guangdong has a relatively complete industrial chain among them because of the sufficient production technology and human resources and the larger number of related production enterprises. Whats more, in addition to companies engaged in the production of car refrigerators, Midea and other companies that produce traditional white goods have also begun to enter the car refrigerator market.

Most car refrigerators in China were sold through traditional channels such as auto supply stores and 4S stores in the past, but the rise of online retailing in recent years has made e-commerce platforms become the main sales channel for car refrigerators. During SUNING's "8.18 Shopping Festival" in 2020, the sales of car refrigerators increased significantly because of the hot summer. And the order quantity of   ALpicool car refrigerator increased by 306% year-on-year. From the perspective of region, drivers in Guangzhou, Hangzhou, Chongqing and other provinces become the most favourite group of car refrigerators. In addition, because of the COVID-19 epidemic, people are more concerned about personal health, and the function of protecting food hygiene has become an important marketing point for car refrigerator.

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In the Chinese market, the price of car refrigerators is generally between 30 dollars and 480 dollars. According to data from JD.com, about 32% of consumers choose car refrigerators ranging from 35 to 45 dollars, and 40% of consumers choose car refrigerator products ranging from 45 to 102 dollars.

In the next 10 years, the demand for car refrigerators in China is expected to reach 50 million to 100 million units, and the sales scale is also expected to increase significantly to 100 billion yuan.