Saudi Arabia Air Conditioner Market is Forecast to Grow at a CAGR of 4.0% in the Forecast Period
Published | 18 April 2022
Saudi Arabia air conditioner market is growing at a high CAGR because of the current scorching climatic conditions in Saudi Arabia, as well as their influence on individuals' health along with high disposable income, and the rising number of residential and commercial structures…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia air conditioner market is estimated to grow at a CAGR of 4.0% during the forecast period. The current scorching climatic conditions in Saudi Arabia, as well as their influence on individuals' health, are emerging as a primary driving force for market expansion. Furthermore, the region's high disposable income, as well as the rising number of residential and commercial structures, are expected to drive market expansion. However, the high maintenance cost of air conditioners may act as a huge restraining factor for the Saudi Arabia air conditioner market.
High Disposable Income of Consumers is Driving the Saudi Arabia Air Conditioner Market
The disposable income and purchasing power of the average consumer of Saudi Arabia is relatively high compared to other countries. This acts as a major driving factor for the growth of the Saudi Arabia air conditioner market. Therefore, the consumers are increasingly spending on the HVAC systems including air conditioners in their living spaces due to the harsh climatic conditions of Saudi Arabia. This is significantly propelling the demand for air conditioners in the country.
Request for Sample Report @ https://www.blueweaveconsulting.com/report/saudi-arabia-air-conditioner-market/report-sample
Increasing Establishment of Domestic Production Plants is Propelling the Saudi Arabia Air Conditioner Market Growth
Saudi Arabia is highly dependent on oil reserves for its economic growth. However, the government nowadays is increasingly focusing on the economic diversification of the country and making it self-reliant. As a result, it is pushing forward to establish production units in the country to meet the high-demand consumer goods and other industries including air conditioners. The domestic production of air conditioners is anticipated to lower its prices, boosting its market demand.
Saudi Arabia Air Conditioner Market - By End-User
Based on end-user, the Saudi Arabia air conditioner market is segmented into residential and commercial. In the Saudi Arabia air conditioner market, the residential sector has the largest market share. This is due to the region's hot climatic conditions, as well as customers' strong spending power. However, due to increased investment in commercial facilities such as hotels, retail malls, and office complexes, the commercial category is also seeing significant expansion.
Impact of COVID-19 on Saudi Arabia Air Conditioner Market
The unprecedented COVID-19 pandemic epidemic had severely affected the Saudi Arabia air conditioner business. This is due to the fact that during the lockdown, the key distribution channels for multi-brand retailers and exclusive businesses were closed. Due to government limitations, air conditioner imports were also temporarily banned, and domestic production was also hampered. Furthermore, the limited expansion of the Saudi Arabia air conditioner market is owing to a reduction in purchasing power of consumers due to the country's economic conditions being affected during the epidemic.
Competitive Landscape
The leading market players of the Saudi Arabia air conditioner market are AHI Carrier FZC, Airedale Air Conditioning, Al Salem Johnson Controls (York), Zamil Air Conditioner (ZAC), Daikin Air Conditioning Saudi Arabia LLC, Samsung Saudi Arabia, Fujitsu General (Middle East) FZE, S.K.M Air Conditioning LLC, LG Electronics Gulf FZE, and other prominent players.
The market is slightly consolidated with the presence of both multinational corporations and regional players. However, the consumers are more inclined towards multinational corporations such as LG and Samsung due to their longer warranties and higher quality. The companies constantly launch new products to grab consumer attention. They also significantly invest in advertising and marketing to create brand awareness. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia air conditioner market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Saudi Arabia air conditioner market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
About Us
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
Get Help
Related Report
Publish Date: April 2022
Saudi Arabia air conditioner market is flourishing at a high rate owing to the prevailing hot climatic conditions of Saudi Arabia and its impact on health of the citizens along with the high disposable income of the consumers in this region as well as increasing residential and commercial buildings...
Relevant Press Releases
- United States Sex Toys Market Expands at 8.6% CAGR to Surpass USD 17.5 Billion by 2030
- Global Nail Care Products Market to Witness Moderate Growth: Projected growing at the CAGR of 2.3 % by 2027
- Asia Pacific Razor and Razor Blade Market Size Sharpening at Steady Growth Rate to Touch USD 1.8 Billion by 2029
- Asia Pacific Beauty and Personal Care Products Market Size Set to Expand at Significant CAGR of 8.76% to Reach USD 32.86 Billion by 2030
- Europe Smart Thermostat Market Size to Boom at Robust CAGR of 17.4% During 2023–2029