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.
Customers can also request for 10% free customization on this report.
“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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