Saudi Arabia Refrigerator Market to Grow with a CAGR of 4.63% During the Forecast Period
The hot and arid climate of Saudi Arabia and growing spending
power of consumers in the country will fuel the
Saudi Arabia refrigerator market through 2027.
According to TechSci Research report, “Saudi Arabia Refrigerator Market – By Region, Competition Forecast &
Opportunities, 2017-2027” The Saudi Arabia refrigerator market is forecast to grow at a CAGR of
4.36% by 2027F due to rapid modernization and rising demand for home appliances
across the country. Continued technological developments in electronics, high consumer spending power and
declining refrigerator prices are expected to support the rise of the
refrigerator market across the country. Also, the surging demand for
refrigerators in the commercial and residential sectors will likely register sustainable growth.
The Saudi Arabian refrigerator market is primarily driven
by the country's hot and dry climate and the rising number of homes and
expatriates there. The need for refrigerators is driven by cities like Makkah,
Madinah, and Riyadh. The refrigerators are available based on their features,
size, and applications. With rising awareness among customers, they seek
"value options" that balance the characteristics of price, quality,
convenience, consistency, and innovation. The demand for refrigerators is
expected to increase in the forecast years across the country.
Furthermore, the market for advanced refrigerator models
has grown because of increased technical expertise. Modern features, including
chiller, door style, automatic temperature controls, and lighting sensors, are
among those found in advanced refrigerator models. Due to increased purchasing
power, technical advancements, and smart refrigerators that can be operated via
smartphones and Wi-Fi, the industry is moving toward more advanced models. As a
result, the need for refrigerators has increased due to automation and
advancements in refrigerator models, which are also likely to fuel the
expansion of the Saudi Arabia refrigerator market.
Based on type the Saudi Arabia refrigerator market is
segmented into the top freezer, single door, side-by-side, bottom freezer and french
door. The top freezer refrigerator type has dominated the Saudi Arabia
refrigerator market with a market share of more than 54% in 2021. It will
maintain its dominance during the forecast period, but the market share will
decline as consumers shift towards refrigerators with additional features and
higher storage space.
Due to the impact of COVID-19 and the following lockdowns,
the markets have been severely disrupted, which has further slowed market
growth by upsetting the product's supply and demand chains. There was a sharp
increase in the prices of refrigeration appliances. Retail volume sales of
refrigeration appliances suffered significantly, as many local customers cut
back on spending due to economic uncertainties.
Browse over 36 market data Figures spread through 70
Pages and an in-depth TOC on "Saudi Arabia Refrigerator Market"
Regarding technology, the Saudi Arabia refrigerator market
is segmented into smart vs non-smart. The distribution channel segment is
divided into multi-branded stores, supermarkets/hypermarkets, online, and
others (direct sales, wholesales, etc.). Multi-branded stores have dominated
the Saudi Arabia refrigerator market, but online channels have gained
popularity after the COVID-19 pandemic.
Key market players in the Saudi Arabia refrigerator market include:
- Al Jabr Trading Co (Haier)
- LG Electronics Saudi Arabia Ltd
- United Matbouli Group (Samsung)
- Abdul Latif Jameel Electronics & Air Conditioning Co Limited (Toshiba)
- Abdul Mohsin Al Swailem Est (Daewo)
- Ibrahim Shaker Co Ltd (Midea)
- Hamad Abdulla Alessa & Sons Co (Hitachi)
- Zagzoog Home Appliance (Hitachi)
- Awad Badi Nahas Trading Co Ltd (Liebherr)
- Robert Bosch Saudi Arabia Ltd
Al Jabr Trading Co has succeeded in building a well-diversified investment
portfolio while being aware of its responsibilities in the areas of the
economy, society, and the environment. Al Jabr Electronics was created in 1998
following the conclusion of a contract with Haier Group to act as the sole
distributor of its goods in Saudi Arabia.
LG Electronics Saudi Arabia
offers home devices that enable one to enjoy life. LG has launched ThinQ
technology which makes home smarter with LG ThinQ AI home appliances.
LG's innovative appliances are built to suit lifestyle.
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“Industry producers are attempting to launch new refrigeration products
and higher-end luxury goods to attract end users. Modern refrigeration
equipment is more necessary than ever. The adoption of cutting-edge
technologies like the internet of things, artificial intelligence voice
control, customized interfaces with freezing products, and digital connectivity
in refrigerators is expected to drive profitable growth in the Saudi Arabia
refrigerator market over the following years,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Saudi Arabia Refrigerator Market, By Type (Top Freezer, Single Door, Side-by-Side, Bottom Freezer, and French Door), By Technology (Non-Smart vs Smart), By Distribution Channel (Multi
Branded Stores, Supermarkets/Hypermarkets, Online, Others (Direct Sales, Wholesales,
etc.)), By End User (Residential Vs. Commercial), By Region, Competition,
Forecast & Opportunities, 2017-2027”, has evaluated the future growth potential of Saudi
Arabia Refrigerator Market and provides
statistics and information on market structure, size, share and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decision. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities present in Saudi Arabia Refrigerator Market.
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