Market Overview
Global COVID-19 Pandemic Impact on Clear Ice Market is growing significantly. Market growth attributes to the expansion of the foodservice industry worldwide. Also, factors such as technological advances and the proliferating home appliances industry drive the market growth. Advancements in technologies are enabling innovations to bring about new products to the market. Besides, rising consumer preference for clear ice cubes, rods, or chips escalates the market growth, leading to increasing the household use of clear ice makers. The market is estimated to see tremendous opportunities in the upcoming years. According to Market Research Future (MRFR), the global clear ice makers market is expected to grow to USD 2,861.1 MN by 2025, registering 6.27% CAGR during the forecasted period (2019 – 2025).
Augmenting demand from restaurants and household customers boosts the growth of the market. Encouraged by changing consumer requirements, industry players are increasingly launching new products that suit people’s changing lifestyles. Improved functionalities in clear ice makers led by technological upgrades increase the market sales, attracting a considerable consumer base. Product innovation is anticipated to create new opportunities for vendors active in the global market. The rising adoption of clear ice makers, alongside the growing dependency on convenience devices among people, propels the growth of the market. Additionally, the smart home concept, where household and kitchen activities are managed, monitored, and executed remotely with the help of internet connectivity, impacts market growth positively.
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Despite the noteworthy reductions in energy consumption in recent years, the household appliances and clear ice maker industry is on high alert. Manufacturers, particularly, see this as an opportunity to bring additional value by inventing the clear ice maker with low power consumption, reacting to price and demand response signals. On the other hand, the high initial investments are major factors acting as a growth impeder for the market. Nevertheless, the rising consumption of alcoholic beverages and the development of distribution channels would support the growth of the market, creating a vast demand for clear ice makers.
Competitive Analysis
Highly competitive, the global COVID-19 Pandemic Impact on Clear Ice Market appears to be fragmented due to the presence of many well-established players. Significant investments are transpired in clear ice makers market to drive innovations and strategies such as mergers & acquisitions, and brand reinforcement. Companies spend generously to acquire promising companies from the emerging markets to meet their expansion plans. Other strategies adopted by the market players include greater commercialization of their products, promotion initiatives through trade exhibitions, and increased collaboration.
Players leading the Global COVID-19 Pandemic Impact on Clear Ice Market include Electrolux AB (Sweden), Welbilt Inc. (US), Sunpentown Inc. (US), Igloo Products Corp. (US), Hoshizaki Corporation (Japan), NewAir (US), Koller Refrigeration & Equipment (Hong Kong), Himalyanequipment Manufacturing Co. (India), Cornelius, Inc. (US), Scotsman Ice Machines (US), Ice-O-Matic (US), and Whynter LLC (US), among others.
Industry/ Innovation/ Related News
June 20, 2019 – GE Appliances’ start-up FirstBuild (the US), announced the funding phase for its Forge Clear Ice System, an at-home icemaker. FirstBuild is an online and physical entity dedicated to designing, engineering, building, and selling the futuristic home appliances. Forge system is revolutionizing the clear ice making process with the world’s first heated ice press technology.
In 2020, FirstBuild signed an MOU with an Indian prototyping center in Telangana – T-Works to establish FirstBuild India in Hyderabad. FirstBuild India is a sort of hardware incubator that aims to bring smart products and appliances to market through open product innovation by engaging India’s growing maker community.
Market Segments
The report is segmented into five dynamics;
By Type : Flake Ice Makers, Ice Cube Makers, Nugget Ice Makers, and others.
By Category: Mass-Market and Premium.
By End-use: Residential and Commercial.
By Distribution Channel: Store-based (Supermarkets, Hypermarkets, Specialty Stores, others) and Non-store-based.
By Regions: Americas, Europe, Asia Pacific, MEA, and Rest-of-the-World.
Geographical Analysis
North America dominates the Global COVID-19 Pandemic Impact on Clear Ice Market. In 2020, the region accounted for 35.64% of the overall market share. The largest market share attributes to technological advances and the high purchase ratio of electronic devices among demographics. The US and Canada are the key growth contributors to the regional market. However, the US market is estimated to constitute a dominant share in the region. The Canadian ice makers market is forecasted to register the 6.52% CAGR during the review period. North American clear ice makers market is projected to continue with its dominance throughout the assessment period, registering 6.13% CAGR.
Europe stands second in the global clear ice makers market, acquiring a substantial market share. The market is majorly driven by the rising demand for convenient home appliances and the improving economy in the region. Increasing per-capita income of demographics certainly provides the needed impetus to the regional market growth. The European clear ice makers market is estimated to grow at a significant CAGR during the forecast period (2019 – 2025).
The Asia Pacific clear ice makers market is emerging rapidly. Rapid urbanization and the growing middle-income population act as a major growth driver for the regional market. Besides, the humid weather alongside, the increasing consumption of alcoholic beverages in most of the countries, fuel the sales of clear ice makers in the APAC. Additionally, the presence of major manufacturers and the rising demand for home appliances in the region foster the growth of the market. The APAC clear ice makers market is projected to register 6.71% CAGR during the anticipated period.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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