Ice Maker Market Analysis | 2023-2028

Market Insights

The ice maker market was estimated at USD 1.6 billion in 2022 and is likely to grow at a CAGR of 5.7% during 2023-2028 to reach USD 2.23 billion in 2028.

Want to know more about the market scope? Register Here

Market Dynamics

Introduction

Ice makers, also known as ice generators or machines, are artificially produced appliances used in various industries such as food service, healthcare, retail outlets, and healthcare. They come in four types: modular, under-counter, countertop, and ice dispense

Market Drivers

The ice maker market is driven by a host of factors, some of which are noted below:

• The ice maker market is driven by the growth of the hospitality industry and the rise in the food service industry, particularly in emerging economies like China and India.
• The demand for chilled alcoholic and non-alcoholic beverages is increasing, leading to the development of fast-food chain restaurants and bars.
• Population growth, urbanization, and increasing disposable income are also driving demand for ice makers globally.
• The rising popularity of alcoholic beverages, particularly whiskey, in countries like the U.S., the U.K., India, and Germany, particularly among young consumers, is also driving the demand for ice makers.
• The U.S. market is expected to experience substantial growth due to the increasing consumption of ice cubes in restaurants, bars, and hospitals.

Segment Analysis

By Product Type

"The ice cube maker segment dominated the market with a CAGR of 5.5% in 2022"

The global market is segmented into ice cube makers, ice flake makers, and ice nugget makers. The ice cube maker segment dominated the market with a CAGR of 5.5% in 2022, due to its increased use of these machines in residential and commercial segments. Also, the consumption of ice cubes along with cold alcoholic & non-alcoholic beverages increases product sales.

Want to get more details about the segmentations? Register Here

By Application Type

"The commercial segment leads the market with a share of more than 65% in 2022"

The global market is segmented as residential, commercial, and industrial. By application type, the commercial segment leads the market with a share of more than 65% in 2022, as ice maker systems form an essential part of food service or hospitality establishments as they maintain a constant production of clean and frozen ice.

Regional Analysis

"The Asia Pacific, with over 4 billion people, is one of the world's largest markets"

The Asia Pacific, with over 4 billion people, is one of the world's largest markets. Post-COVID-19, rising employment, inflation of disposable incomes, and improved living standards will drive high product consumption, creating a significant opportunity for ice maker manufacturers.

Want to know which region offers the best growth opportunities? Register here.

Key Players

The following are the key players in the ice maker market are: 

• A & V Refrigeration Corp.
• Ali Group S.p.A.
• Brema Group S.p.A.
• Cornelius, Inc.
• Direct Catering Products Ltd.
• Electrolux AB
• HOSHIZAKI CORPORATION
• Howe Corporation
• ITV Ice Makers Inc.
• kold-draft.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The ice maker market is segmented into the following categories:

By Product Type 

• Ice Cube Maker
• Ice Flake Maker
• Ice Nugget Maker

By Application Type 

• Residential
• Commercial
• Industrial

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s ice maker market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.