Saudi Arabia
refrigerator market is anticipated to register a robust CAGR in the forecast
period, 2023-2027. Saudi Arabia boasts of one of the largest home appliances
markets in the Middle East region, owing to the improved lifestyle and high
purchasing capacity of consumers. The hot and arid climate of the Saudi Arabia
and the growing number of households and expatriates in the country are the
primary factors driving the Saudi Arabia refrigerator market across the
country. Cities like Jeddah and Madinah, Riyadh, and Makkah fuel the demand for
refrigerators. The ongoing technological advancements and the decline in the
price of refrigerators are expected to surge the Saudi Arabia refrigerator
market growth for the next five years.
Rise in Consumer Inclination Towards
Smart Appliances Drives the Market Growth
The government is promoting
infrastructural development projects such as Neom City and the construction of
smart homes and cities, which is expected to boost the demand for efficient
home appliances among the people. The construction of smart infrastructure has
increased the demand for innovative refrigeration products. Also, the
integration of novel technologies such as the internet of things, artificial
intelligence voice control, custom interface with the freezing products, and
digital connectivity in the refrigerators to give the user real-time updates on
smartphones are expected to create lucrative growth opportunities for the Saudi
Arabia refrigerator market over the next five years.
Flourishing Tourism Industry Boosts the
Market Growth
The oil & gas industry is the major
revenue-generating industry in the Kingdom of Saudi Arabia. The ongoing
initiatives are taken by the government, such as Saudi Vision 2030, to
diversify the income sources and have planned to spend $810 billion of
investments in culture, leisure, and entertainment projects, thereby fueling
the construction of world-class infrastructure in the country. The majority of
the tourists visiting Saudi Arabia were only religious pilgrims, expatriate
workers, and business workers. To promote the tourist industry, the government
has released the tourist visas in 2019 and has allowed tourists to have UK and
Schengen Area and US visas. Also, the project called the Amaala, also known as
"Middle East Riviera" is expected to generate 2,500 luxury hotels
rooms and the red sea project, which will feature 90 islands for people to
visit. The growing construction and development of the hospitality sector are
expected to accelerate the demand for refrigerators and mini-fridges in hotel
rooms to provide an enhanced experience during the hotel stay. The growing
tourism industry and construction of hotels, restaurants, and cafes are
expected to fuel the Saudi Arabia refrigerator market demand in the next five
years.
Growing Popularity of Environment
Friendly Refrigerators Fuels the Market Demand
The lower the high electricity
consumption, the government of Saudi Arabia has made it necessary for the
refrigerator companies to sell energy-efficient refrigerators with 3 &
above star ratings. Manufacturers are working on improving the energy
efficiency of refrigerators. They are launching the refrigerators with
innovative technologies such as intelligent diagnosis technology, inverter
technology, and total no frost technology, which is expected to capture
significant market demand in coming years. The growing consumer awareness and
the launch of eco-friendly refrigerators are expected to bolster the market
demand through the next five years.
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Market Segmentation
The Saudi Arabia refrigerator market is
segmented into product type, end user, distribution channel,
regional distribution, and company. Based on product type, the market is
divided into top freezer refrigerator, bottom freezer refrigerator,
side-by-side refrigerator, french door refrigerator, others. The others segment
is further segmented into counter-depth refrigerator and mini fridge. Based on end
user, the market is bifurcated into individual and commercial. Based on distribution
channel, the market is divided into electronic and specialty retailers,
hypermarkets/ supermarkets, online channels, and others which includes institutional
stores. To analyze the market based on the region, the Saudi Arabia refrigerator
market is studied in major regions namely western, central, southern, eastern,
and northern.
Market Players
Panasonic Marketing Middle East &
Africa FZE, Robert Bosch Saudi Arabia Ltd, Samsung Electronics, Toshiba
Lifestyle Products and Services Corporation, Dan National Electronic and
Electrical Appliances Company Ltd., Haier and Aljabr Saudi Electronics Trading
Company, Arcelik Hitachi Home Appliances Sales Middle East Fze, LG Electronics
Gulf FZE, Kutayba Yusuf Alghanim & Partners Holding Co. L.L.C. (Wansa),
Daewoo Electronics, are the major market players operating in the Saudi Arabia refrigerator
market.
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Attribute
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Details
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Base Year
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2021
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Historic Data
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2017 –
2020
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Estimated Year
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2022
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Forecast Period
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2023
– 2027
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Quantitative Units
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Revenue in USD Million, Volume in Thousands Units, and CAGR
for 2017-2021 and 2022-2027
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Report coverage
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Revenue forecast, volume forecast, company share, competitive
landscape, growth factors, and trends
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Segments covered
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·
Product Type
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End User
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Distribution Channel
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Regional scope
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Western, Central, Southern, Eastern and Northern
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Key companies profiled
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Panasonic Marketing Middle East & Africa FZE, Robert Bosch
Saudi Arabia Ltd, Samsung Electronics, Toshiba Lifestyle Products and
Services Corporation, Dan National Electronic and Electrical Appliances
Company Ltd., Haier and Aljabr Saudi Electronics Trading Company, Arcelik
Hitachi Home Appliances Sales Middle East Fze, LG Electronics Gulf FZE, Kutayba
Yusuf Alghanim & Partners Holding Co. L.L.C. (Wansa), Daewoo Electronics
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Customization scope
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10% free report customization with purchase. Addition or
alteration to regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and
Excel through Email (We can also provide the editable version of the report
in PPT/Word format on special request)
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Report Scope:
In this report, Saudi Arabia refrigerator
market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- Saudi Arabia Refrigerator Market, By Product
Type:
- Top Freezer Refrigerator
- Bottom Freezer Refrigerator
- Side-by-Side Refrigerator
- French Door Refrigerator
- Others
- Saudi Arabia Refrigerator Market, By End User:
- Saudi Arabia Refrigerator Market, By Distribution Channel:
- Electronic and Specialty Retailers
- Hypermarkets/ Supermarkets
- Online Channels
- Others
- Saudi Arabia Refrigerator
Market, By Region:
o Western
o Central
o Southern
o Eastern
o Northern
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Saudi Arabia refrigerator market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
Saudi Arabia refrigerator
market is an upcoming report to be released soon. If you wish an early delivery
of this report or want to confirm the date of release, please contact us at [email protected]