Report Overview

Growing population and urbanization, leading to growth in demand for household appliances including refrigerators and freezers, rise in disposable income levels of consumers, allowing them to invest in higher quality and more expensive appliances, and government initiatives to encourage energy-efficient appliances and reduce energy consumption are projected to propel the expansion of Saudi Arabia refrigerator and freezer market during forecast period between 2023 and 2029

Saudi Arabia Refrigerator and Freezer Market - Industry Trends & Forecast Report, 2029

Saudi Arabia refrigerator and freezer market size was estimated at USD 2.23 billion in 2022. During the forecast period between 2023 and 2029, the size of Saudi Arabia refrigerator and freezer market is projected to grow at a CAGR of 6.91% reaching a value of USD 3.56 billion by 2029. Major growth drivers for 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 technological advancements and a decrease in refrigerator prices, it is anticipated that the growth of the Saudi Arabian refrigerator market will continue to increase during the forecast period.

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, among others. 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.

Saudi Arabia Refrigerator and Freezer Market

Growth Drivers

Government Initiatives to Encourage Energy-efficient Appliances

In order to reduce high electricity consumption, the Saudi Arabian government has mandated that refrigerator companies sell energy-efficient refrigerators with ratings of 3 stars or higher. Manufacturers are currently focusing on improving the energy efficiency of their refrigerators, incorporating innovative technologies such as intelligent diagnosis, inverter, and total no frost technology, which are anticipated to generate significant market demand in the coming years. With increasing consumer awareness and the introduction of eco-friendly refrigerators, the market demand is expected to continue to grow. Also, the Saudi Arabian government has also implemented several initiatives to boost the market, such as the Energy Efficiency Program (EEP) and the Saudi Energy Efficiency Center (SEEC), which aim to promote energy-efficient appliances and reduce energy consumption.

Restraints

Volatility in Raw Material Prices

Fluctuations in the prices of raw materials, particularly steel and aluminum, are expected to have a negative impact on the Saudi Arabia refrigerator and freezer market. These materials are used extensively in the production of refrigerators and freezers, and any sudden increases in their prices can result in higher manufacturing costs for companies. This, in turn, can lead to higher prices for consumers and a potential decline in demand for these appliances. The volatility of raw material prices can also create uncertainty and instability within the market, making it difficult for companies to plan and forecast their production and sales. Therefore, it is important for companies operating in this market to closely monitor raw material prices and develop strategies to manage their impact on the overall market.

Impact of COVID-19 on Saudi Arabia Refrigerator and Freezer Market

COVID-19 pandemic 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

Segmental Coverage

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.

Saudi Arabia Refrigerator and Freezer Market – By Technology

Based on technology, Saudi Arabia refrigerator and freezer market is divided into Conventional, Frost-free, Smart, Built-in, and Portable segments.

Saudi Arabia Refrigerator and Freezer Market – By Capacity

Based on capacity, Saudi Arabia refrigerator and freezer market is divided into Less than 200L, 200–400L, 400–600L, and More than 600L segments. The 200–400L capacity segment held the highest market share in 2022, as refrigerators and freezers in this capacity range are suitable for small to medium-sized families, and they offer a balance between space 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.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2022
	Base Year – 2022
	Estimated Year – 2023
	Forecast Period – 2023–2029
Facts Covered	Revenue in USD Billion
Market Coverage	Saudi Arabia
Product/ Service Segmentation	Product Type, Technology, Capacity
Key Players	LG Electronics, Haier, Samsung Electronics, Toshiba Gulf FZE, Hitachi, Hisense, Sharp, Whirlpool Middle East, Midea, Panasonic, GEEPAS

 

By Product Type

• Single door

• Double door

• Side by side

• French door

By Technology

• Conventional

• Frost-free

• Smart

• Built-in

• Portable

By Capacity

• Less than 200L

• 200–400L

• 400–600L

• More than 600L

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Saudi Arabia Refrigerator and Freezer Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing population and urbanization, leading to growth in demand for household appliances including refrigerators and freezers.
         2. Rise in disposable income levels of consumers, allowing them to invest in higher quality and more expensive appliances.
         3. Government initiatives to encourage energy-efficient appliances and reduce energy consumption
      2. Restraints
         1. Volatility in raw material prices such as steel and aluminum
      3. Opportunities
         1. Growing trend towards smart homes and IoT devices
         2. Demand for environmentally sustainable appliances
      4. Challenges
         1. Intense competition among manufacturers, leading to pricing pressures and the need for continuous innovation.
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Saudi Arabia Refrigerator and Freezer Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
      2. Market Share and Forecast
      3. By Product Type
         1. Single door
         2. Double door
         3. Side by side
         4. French door
         5. Others
      4. By Technology
         1. Conventional
         2. Frost-free
         3. Smart
         4. Built-in
         5. Portable
      5. By Capacity
         1. Less than 200L
         2. 200–400L
         3. 400–600L
         4. More than 600L
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Saudi Arabia Refrigerator and Freezer Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on Saudi Arabia Refrigerator and Freezer Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. LG Electronics
   2. Haier
   3. Samsung Electronics
   4. Toshiba Gulf FZE
   5. Hitachi
   6. Hisense
   7. Sharp
   8. Whirlpool Middle East -
   9. Midea
   10. Panasonic
   11. GEEPAS
   12. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1.    Qualitative Research
      1.  Primary & Secondary Research
   2.    Quantitative Research
   3.    Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.    Breakdown of Primary Research Respondents, By Region
   5.    Assumptions & Limitations

*Financial information of case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

 

 

List of Figures

 

Figure 1       Saudi Arabia Refrigerator and Freezer Segmentation

Figure 2       Saudi Arabia Refrigerator and Freezer Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Saudi Arabia Refrigerator and Freezer Market Size, By Value (USD Million), 2019–2029

Figure 5       Saudi Arabia Refrigerator and Freezer Market Share, By Product Type, By Value, 2019–2029

Figure 6       Saudi Arabia Refrigerator and Freezer Market Share, By Technology, By Value, 2019–2029

Figure 7       Saudi Arabia Refrigerator and Freezer Market Share, By Capacity, By Value, 2019–2029

 

List of Tables

Table 1        Saudi Arabia Refrigerator and Freezer Market Size, By Value (USD Million), 2019–2029

Table 2        Saudi Arabia Refrigerator and Freezer Market Size, By Product Type, By Value, 2019–2029

Table 3        Saudi Arabia Refrigerator and Freezer Market Size, By Technology, By Value, 2019–2029

Table 4        Saudi Arabia Refrigerator and Freezer Market Size, By Capacity, By Value, 2019–2029

Table 5        LG Electronics Company Overview

Table 6        LG Electronics Financial Overview

Table 7        Haier Company Overview

Table 8        Haier Financial Overview

Table 9        Samsung Electronics Company Overview

Table 10      Samsung Electronics Financial Overview

Table 11      Toshiba Gulf FZE Company Overview

Table 12      Toshiba Gulf FZE Financial Overview

Table 13      Hitachi Company Overview

Table 14      Hitachi Financial Overview

Table 15      Hisense Company Overview

Table 16      Hisense Financial Overview

Table 17      Sharp Company Overview

Table 18      Sharp Financial Overview

Table 19      Whirlpool Middle East Company Overview

Table 20      Whirlpool Middle East Financial Overview

Table 21      Midea Company Overview

Table 22      Midea Financial Overview

Table 23      Panasonic Company Overview

Table 24      Panasonic Financial Overview

Table 25      GEEPAS Company Overview

Table 26      GEEPAS Financial Overview