Report Overview

Increasing disposable income, rapid urbanization, and growing launches of smart home appliances integrated with sensors, IoT, and other advanced features are expected to boost the growth of Saudi Arabia Home Appliances Market during the forecast period between 2024 and 2030.

Saudi Arabia Home Appliances Market - Industry Trends & Forecast Report, 2030

Saudi Arabia Home Appliances Market size was estimated to be worth USD 2.84 billion in 2023. During the forecast period between 2024 and 2030, the Saudi Arabia Home Appliances Market size is projected to grow at a CAGR of 4.63%, reaching a value of USD 4.88 billion by 2030. Major growth factors for the Saudi Arabia Home Appliances Market include high disposable income and purchasing power of the consumers along with the launch of smarter and innovative home appliances integrated with advanced technologies, such as AI and IoT.

By volume, the Saudi Arabia Home Appliances Market size was estimated at 1.78 million units in 2023. During the forecast period between 2024 and 2030, the Saudi Arabia Home Appliances Market size is expected to expand at a CAGR of 4.67% reaching a volume of 2.45 million units by 2030. With growth in the housing sector, consumers are increasingly spending on eco-friendly and energy-efficient appliances that offer higher convenience in household chores, which is anticipated to drive the Saudi Arabia home appliances market during the forecast period.

Home Appliances – Overview

Home appliances are essential components of equipment that are used in houses and other spaces daily for a variety of chores, including cooking, cleaning, training, and food storage. Major appliances and small appliances are the two primary categories of home appliances. Major appliances are pieces of household equipment that are used for routine housekeeping chores, including cooking, laundry, preserving food, and other things. Small appliances save customers money on their monthly electricity bills since they utilize less energy than major appliances. Due to their lower starting costs, small appliances are frequently less expensive than bigger ones.

Saudi Arabia Home Appliances Market

Growth Drivers

Favorable Public-Private Initiatives and Launch of Smart Home Appliances

Saudi Arabia is a lucrative market for home appliances owing to high purchasing power of the consumers. As a result, the major Gulf nation attracts significant investments and initiatives, and industry players regularly launch their products in the market. For instance, Kyvol, a part of VanTop Group, a leading manufacturer of consumer electronics, announced the release of Cybovac S60, a next-generation 5-in-1 robot vacuum cleaner and mop on Extra, a home appliance retail platform of Saudi Arabia. In another instance, Zagzoog, a home appliance company, recently opened its first Kitchen Aid Showroom in the Kingdom of Saudi Arabia. Such launches and developments present significant growth opportunities for the Saudi Arabia home appliances market.

Challenges

Limited Domestic Manufacturing

Saudi Arabia home appliances market is highly dependent on imports due to lack of sufficient domestic production. The Gulf nation primarily imports home appliances from China, United States, and Japan, which causes price fluctuations. Additionally, situations such as COVID-19 pandemic or geopolitical tensions may also result in supply chain disruptions, which may negatively impact the growth of the Saudi Arabia home appliances market.

Saudi Arabia Home Appliances Market

Segmental Coverage

Saudi Arabia Home Appliances Market – By Type

Based on type, the Saudi Arabia Home Appliances Market is segmented into major appliances and small appliances. The major appliances segment is further classified into refrigeration equipment, cooking appliances, washing and drying equipment, heating and cooling appliances, and others. The small appliances segment is further bifurcated into coffee, food processors, humidifiers, microwaves, ovens, and others. The major appliances segment holds the largest share of the market. 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.

Saudi Arabia Home Appliances Market – By Distribution Channel

Based on distribution channel, the Saudi Arabia Home Appliances Market is segmented into supermarkets & hypermarkets, specialty stores, online, and others (including convenience stores). The specialty stores segment dominates the Saudi Arabia Home Appliances Market. Several major home appliance brands, such as Samsung, LG, and Whirlpool, establish specialty stores for their products and offer various services, including maintenance services, which play a crucial role in driving market growth. However, the online segment is projected to register the highest growth rate during the forecast period.

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.

Recent Developments

• In September 2023 – Fnac, a multinational retail chain based in France, announced its entry into the Saudi Arabian market with its development partner, Cenomi Retail.

Scope of the Report

By Type

• Major Appliances

1. Refrigeration Equipment
2. Cooking Appliances
3. Washing and Drying Equipment
4. Heating and Cooling Appliances
5. Others

• Small Appliances

1. Coffee Makers
2. Food Processors
3. Humidifiers
4. Microwave and Ovens
5. Others

By Distribution Channel

• Supermarkets & Hypermarkets
• Specialty Stores
• Online
• Others (Including Convenience Stores)