Saudi Arabia Home Appliances Market Size Grows at Steady CAGR of 4.63% to Touch USD 5 Billion by 2030

Published | 27 February 2024

Saudi Arabia Home Appliances Market is flourishing because of the rapid urbanization and increasing disposable income and growing launches of smart home appliances integrated with sensors, IoT, and other advanced features.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia Home Appliances Market size at USD 2.84 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Saudi Arabia Home Appliances Market size to expand at a CAGR of 4.63% reaching a value of USD 4.88 billion by 2030. High consumer spending power and disposable income, together with the launch of home appliances that are connected with cutting-edge technologies like AI and IoT, are key growth drivers for the Saudi Arabia home appliances market.

By volume, BlueWeave estimated the Saudi Arabia Home Appliances Market size at 1.78 million units in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Saudi Arabia Home Appliances Market size to expand at a CAGR of 4.67% reaching the volume of 2.45 million units by 2030. The rise in the housing industry has led to customers spending more money on energy-efficient and environmentally friendly appliances that make household tasks more convenient. This trend is expected to fuel the growth of Saudi Arabia Home Appliances Market over the period in analysis.

Opportunity: Rising popularity of e-commerce platforms

With increasingly a greater number of online platforms for consumer goods, such as Amazon.com, Noon.com, Salla.sa, aliexpress.com, and others, Saudi Arabia is seeing significant expansion in the e-commerce industry. Due to the ease that internet shopping provides, it is becoming increasingly popular among customers in the Kingdom. Under their client retention programs, these platforms provide discounts, rewards, and cashback while enabling users to evaluate a wide selection of items and their pricing. In addition, a rising proportion of women in the workforce and high per capita income are expected to propel e-commerce, hence propelling the growth of the home appliances market in Saudi Arabia.

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Saudi Arabia Home Appliances Market

Segmental Coverage

Saudi Arabia Home Appliances Market – By Type

Based on type, the Saudi Arabia Home Appliances Market is divided into major appliances and small appliances segments. The major appliances segment holds a larger share of the market by type. The major appliances segment is further divided into refrigeration equipment, cooking appliances, washing & drying equipment, heating & cooling appliances, and others. The small appliances segment is further segmented into coffee, food processors, humidifiers, microwaves, ovens, and others. Many major appliances, such as refrigerators, washing machines, and televisions, are considered basic amenities. The increasing disposable income and launches of connected appliances are driving the growth of the major appliances segment in the Saudi Arabia Home Appliances Market.

Competitive Landscape

Major players operating in the Saudi Arabia Home Appliances Market include Bosch, Electrolux AB, Midea, Godrej Group, Gorenje Group, Haier, LG Electronics, Panasonic Corporation, Whirlpool, Philips, Hitachi, and Alessa Group. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Saudi Arabia Home Appliances Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Saudi Arabia Home Appliances Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Home Appliances Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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