"Refrigeration Appliances in Saudi Arabia" Published
New Consumer Goods market report from Euromonitor International: "Refrigeration Appliances in Saudi Arabia"
[USPRwire, Tue Feb 03 2015] 2014 saw the continuation of trends seen in 2013, namely strong economic and GDP growth, fuelled by strong oil revenues, as well as soaring revenues from the growth in religious tourism. This in turn led to higher spending in the country, thus benefiting refrigeration appliances. Also, there was a surge in the number of construction projects across the country in 2014, as the government sought to address the housing shortage in the country. This led to higher sales of refrigeration appliances for these new units.
Competitive Landscape
United Yousef M Naghi led refrigeration appliances with a 28% volume share in 2014. This was mainly due to the company’s long-standing presence in the country, coupled with its strong LG brand, which is a household name in Saudi Arabia and enjoys strong brand loyalty. The company is responsible for frequent innovation, and thus keeps consumers coming back. For example, in January 2013 LG launched its Side by Side fridge-freezers, with the largest capacity in Saudi Arabia, and the Dual Access Door System, enabling access to favourite items without releasing chilled air from the main area of the appliance. These also feature the Door-in-Door system, which opens doors with the easy push of a button. LG’s innovative Door-in-Door feature provides a smaller, auxiliary access point to a fresh storage compartment mounted on the main door’s rear side. As well as providing easier access to food and drinks consumers use more frequently, the Door-in-Door feature also helps to prevent cold air escaping when the main fridge door is opened. Opening only a small section of the door also helps to keep the food inside fresher, whilst the inner compartment ensures that the fridge makes full use of all the available space.
The forecast growth of refrigeration appliances is expected to remain healthy, in line with the expected continued rise in disposable incomes, on the back of the healthy economy and strong GDP growth. Oil revenues are set to grow, thus pushing economic growth. Also, strong government efforts to combat the housing shortage by targeting new home construction are likely to lead to a rise in sales of refrigeration appliances. Affordable housing for low- to middle-income consumers is expected to see particularly strong investment during the forecast period, with the government being keen to rid its major cities of unplanned slum areas.
Report Overview
Discover the latest market trends and uncover sources of future market growth for the Refrigeration Appliances industry in Saudi Arabia with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
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