Saudi Arabia Refrigerator Market Report 2023: Rise in Consumer Inclination Towards Smart Appliances - Competition, Forecast & Opportunities to 2027
Dublin, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The "Saudi Arabia Refrigerator Market By Product Type (Top Freezer Refrigerator, Bottom Freezer Refrigerator, Side-by-Side Refrigerator, French Door Refrigerator, Others), By End User, By Distribution Channel, By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
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.
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia refrigerator market.
Panasonic Marketing Middle East & Africa FZE
Robert Bosch Saudi Arabia Ltd
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)
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
French Door Refrigerator
Saudi Arabia Refrigerator Market, By End User:
Saudi Arabia Refrigerator Market, By Distribution Channel:
Electronic and Specialty Retailers
Saudi Arabia Refrigerator Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/uemje5-arabia?w=12
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