Saudi Arabia’s home appliance market has experienced steady growth over the past years, and the trend is forecasted to continue in the following decade. Saudi Arabia forms one of the largest home appliances markets in the GCC considering the increasing purchasing power of consumers. The rapid urbanization is the main driving factor for the growth of the home appliances market in the country. Replacement sales are gaining traction all over the world, with a vast majority of the population willing to replace the existing appliances with smarter, innovative, and smaller appliances. A rapid rise in disposable incomes has led to mid to high-income consumers favoring premium, sophisticated, and higher-priced models, hence pushing the value sales of the home appliances in the country.
Key Market Trends Smart Homes are Driving the Market
A smart home is a suitable home setup where appliances and devices can be automatically controlled distantly from any internet-connected place in the world using a mobile or other networked device. Saudi Arabia smart home market has seen substantial year on year growth in the number of smart homes and is expected to further grow in the upcoming years. In the smart appliance’s ecosystem, smart home, and smart kitchen appliances play a vital role. The smart home appliances are enabled with self-learning skills which help in automatically adjusting the system according to the homeowner’s schedules. With an improvement in network infrastructure, broadband and internet penetration has increased, and consumers are increasingly opting for wireless and technologically advanced products to ensure more security for their families.
Refrigerator Segment is Dominating the Market
In Saudi Arabia’s home appliances market, the refrigerator is the key revenue-generating segment. The market is driven by factors such as a growing number of households, an increasing number of expatriates in the country, surging disposal income, and declining prices. Cities such as Makkah, Riyadh, Jeddah, and Madinah have led to the demand for refrigerators in Saudi Arabia. In Saudi Arabia, the market for double door refrigerators has captured the majority of the share and would lead through the forecast period. In the coming years, the demand for energy-efficient refrigerator is exhibited to increase owing to rising electricity consumption.
Competitive Landscape The report covers major international players operating in the Saudi Arabia home appliances market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
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