Saudi Arabia Dominates GCC Refrigerator Market; Led by Players Such as LG and Samsung – 6Wresearch
New residential establishments, increasing purchasing power and growth of hospitality sector especially in cities such as Makkah, Riyadh, Jeddah and Madinah have led for the demand for refrigerators in Saudi Arabia. Amongst all GCC countries, Saudi Arabia has captured leading share in overall GCC’s refrigerator market.
According to 6Wresearch, Saudi Arabia Refrigerator Market is projected to grow at a CAGR of 7.56% during 2016-22. In Saudi Arabia, market for energy efficient refrigerators is exhibited to increase over the next six years on account of government energy efficient norms, consumer awareness and rising purchasing power. In the forecast period, the volume sales for refrigerators with five star rating would surge.
According to Rajat Kharbanda, Senior Consultant, Research and Consulting, 6Wresearch,“ Though, the demand for refrigerators is anticipated to be affected due to declining oil prices, however, market conditions are expected to stabilize by 2018, which would attract investments in the areas of residential and hospitality sector”.
“In Saudi Arabia’s refrigerator market, double door type refrigerator has captured key share of the market pie due to wide usage in residential market. In the coming years, the segment would continue its market dominance, although significant penetration of French door type refrigerator would also be witnessed in the country”, Rajat Further Added.
According to Avishrant Mani, Senior Research Analyst, Research and Consulting, 6Wresearch, “Over the past five years, significant inflow of tourists in Saudi Arabia was registered, which resulted in construction of new hotels and restaurants. These developments had spurred the market for refrigerators especially in Makkah and Madinah cities”.
“With evolving lifestyle, the market for ready-to-eat food, beverages and processed food is increasing at a sound rate in the country. These type products requires refrigeration to maintain the quality; thereby rise in food retail market as well as hospitality sector would upsurge the sale of refrigerators in Saudi Arabia,” Avishrant Further Concluded.
The major companies in Saudi Arabia’s Refrigerator Market are Samsung, LG, Hitachi, Toshiba, Whirlpool, and Haier.
“Saudi Arabia Refrigerator Market (2016-2022) provides in-depth analysis with 35 figures and 7 tables covered in more than 100 pages”. The report estimates and forecast overall Saudi Arabia refrigerator market by revenue, volume, types, capacity, end users and regions. The report also gives the insights on competitive landscape, market share by companies, company profiles, market drivers and restraints.