Global Ice Maker Market provides a brief and detailed knowledge about key players, market state and circumstances that are covered deeply in this report. The business chain supporting the Ice maker market is analysed in detail covering accurate information about aspects such as the industrial chain, proficiency in utilization of the available capacity of manufacture, and industry strategies that affect the market.
Ice maker Market study offers an exhaustive summary of the vendor landscape, competitive analysis, and key strategies to gain ruthless advantage. Ice maker Market Forecast provides sizing and growth opportunities. It provides comprehensive insights on the latest industry trends, forecast, and growth drivers in the market. it also includes a detailed analysis of growth drivers, challenges, and investment opportunities and delivers a complete overview of segments and the regional outlook of the market.
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Ice Maker Market Growth & Trends
The global ice maker market size is expected to reach USD 4.39 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.3% from 2021 to 2028. The increasing demand for ice makers from the foodservice industry owing to the growing sales of processed foods and the individuals’ rising income levels is expected to drive the market. Large fast-food chains such as McDonald’s and KFC have been increasingly adopting this product, thus leading to the market growth globally. The adoption rate of ice makers is increasing among the major economies, including China and India.
Built-in and undercounter ice makers accounted for the largest share of over 55.0% in 2020. Portable and countertop ice makers are projected to expand at the fastest CAGR of 5.3% from 2021 to 2028. The adoption of portable and countertop ice makers is increasing for household and commercial applications due to their dynamic nature. They allow to meet several needs of the consumer at a time.
North America dominated the market with a revenue share of 30.96% in 2020. The extensive presence of fast-food joints is one of the major factors driving the U.S. market for ice makers. In addition, the increasing demand from households and hospitals is likely to support the growth of the North American market over the next few years.
Asia Pacific accounted for the second-largest share in 2020 and is projected to expand at the highest CAGR of 5.2% over the forecast period. Urbanization, coupled with the increasing middle-income population in emerging countries in Asia Pacific, is the major factor driving the sales of ice makers in the region. Additionally, increasing consumption of alcoholic drinks is anticipated to act as one of the major factors fueling the growth of the regional market. China is expected to remain the dominant market during the forecast period.
Leading manufacturers of ice makers are investing in R&D activities to enhance the technical and economic aspects of ice makers, such as energy efficiency, technological advances, and performance optimization. Vendors adopt various organic and inorganic strategies, such as joint ventures, new product offerings, mergers & acquisitions, and collaborations, to enhance their foothold in the industry.
Some Of The Companies For Ice Maker Market Are:
• HOSHIZAKI Corp.
• AB Electrolux
• Scotsman
• Danfoss AS
• Ice-O-Matic
• Manitowoc
• Howe Corp
• Biolab Scientific Ltd.
• Cornelius, Inc.
• Blue Star Ltd.
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