Along with China’ car sales boom in the past decades, China car refrigerator market is ready to fly. Despite current market size is still small, something less than 1 billion RMB, it is the growth rate in the past five years (CAGR>80%) and the huge market potential that nobody can ignore. According to Kotra, total demand of China car refrigerator market in the next 10 years are anticipated to be 50-100 million units.
Here we summaries the top 4 market trends you need to know:
1. Very concentrated market. According to online sales giant TMALL and JD, top 4 brands accounts for more than 75% market share. Inde alone holds one third of total market share, followed by Frestec (15.5%), Alpicool (13.8%) and Mobicool (12.5%). The rest market is shared by various small players. Inde and Mobicoll are international manufacturers with long history in global car refrigerator market. Frestec and Alpicool are local players.
2. China car refrigerator is still in early development stage. Although China has the second largest automotive in use, the car refrigerator market is out of proportion. Mass consumers don’t heard of car refrigerators. If you look at the promotion channel, most car refrigerator brands are promoting through automotive magazines and website to reach high-end customers. However, considering the large automotive base and self-driving travel is very popular, car refrigerator is “seen” by more people.
3. Cheap price products hold the mainstream. Car refrigerator price falls in the range of 180-3000 RMB. 32% consumers choose products at 218-284 RMB and 40% consumer buy at 284-648 RMB. Relative low price market is where China local player have the most market power and this will stimulate customer to try new products.