BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia refrigerator and freezer market size at USD 2.23 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Saudi Arabia refrigerator and freezer market size to grow at a significant CAGR of 6.91% reaching a value of USD 3.56 billion by 2029. Major growth factors of Saudi Arabia refrigerator and freezer market include rising population, increasing urbanization, and growing disposable income. The demand for energy-efficient and eco-friendly refrigerators and freezers has been increasing in Saudi Arabia due to the country’s focus on sustainable development and environmental conservation. Moreover, there has been a growing trend towards smart and connected appliances, which is expected to drive the growth of the market. Also, the other drivers of the refrigerator and freezer market in Saudi Arabia are the country’s hot and dry climate, as well as the increasing number of households and expatriates. Demand for refrigerators is particularly high in cities such as Jeddah, Madinah, Riyadh, and Makkah. With ongoing technology advancements and a decrease in refrigerator prices, it is expected that the growth of the Saudi Arabian refrigerator market will continue to increase during the forecast period. However, volatility in raw material prices, such as steel and aluminum, is anticipated to restrain the growth of market.
Saudi Arabia Refrigerator and Freezer Market – Overview
Saudi Arabia refrigerator and freezer market refers to the industry that manufactures, distributes, and sells refrigerators and freezers within the Saudi Arabian market. This market includes various types of refrigerators and freezers, such as single door, double door, multi-door, and chest freezers. The market is driven by factors such as the hot and arid climate of Saudi Arabia, rising population, increasing urbanization, and growing disposable income. The demand for energy-efficient and eco-friendly refrigerators and freezers, as well as smart and connected appliances, is also driving the growth of this market. Major players in the market include both global and regional companies that offer a range of products to meet the diverse needs and preferences of consumers.
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Impact of COVID-19 on Saudi Arabia Refrigerator and Freezer Market
COVID-19 had a dual impact on the Saudi Arabia refrigerator and freezer market. On the one hand, the initial outbreak of the virus in early 2020 led to a decline in consumer demand for these appliances as many households faced financial uncertainties and restrictions on movement. Additionally, disruptions in global supply chains caused delays in the production and delivery of refrigerators and freezers, leading to a shortage of products in the market. However, as the pandemic continued and people spent more time at home, there was a renewed focus on home appliances, including refrigerators and freezers, leading to a rebound in demand. Furthermore, with the implementation of various lockdown measures, there was a surge in demand for online shopping and home delivery services, which led to an increase in online sales of refrigerators and freezers. Despite the initial challenges caused by the pandemic, the Saudi Arabian government’s stimulus packages and measures to support businesses have helped stabilize the market to some extent. Moreover, the increasing focus on hygiene and food safety due to the pandemic has led to a growing demand for appliances with advanced features, such as antibacterial coatings and air purifiers, which is expected to drive the growth of the market in the coming years.
Saudi Arabia Refrigerator and Freezer Market – By Product Type
By product type, Saudi Arabia refrigerator and freezer market is divided into Single Door, Double Door, Side by Side, and French Door segments. The single door refrigerator segment dominated the Saudi Arabian market due to its affordability and suitability for smaller households. However, the demand for double door, side by side, and French door refrigerators has been steadily increasing in recent years due to their larger capacity and advanced features, such as smart connectivity and energy efficiency.
Competitive Landscape
Major players operating in Saudi Arabia refrigerator and freezer market include LG Electronics, Haier, Samsung Electronics, Toshiba Gulf FZE, Hitachi, Hisense, Sharp, Whirlpool Middle East, Midea, Panasonic, and GEEPAS. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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