BURNABY, Canada, March 17, 2016 /PRNewswire/ --
Increasing Urbanization, Rising Disposable Income and Expanding Working Population to Expand Market Size for Refrigerators in Saudi Arabia
According to a recently released TechSci Research report, "Saudi Arabia Refrigerators Market By Type, By Capacity, By Sales Channel, By End Use Sector, Competition Forecast and Opportunities, 2011 - 2021", the refrigerators market in Saudi Arabia is projected to grow at a CAGR of more than 7% during 2016 - 2021, on account of increasing disposable income, growing urbanization and favorable government regulations. With Saudi Arabia government making it mandatory to supply refrigerators with 3 & above star rating, an increasing number of companies are launching refrigerators with energy efficient technologies as well as other innovative technologies such as Invertor technology, Total No Frost technology, Smart Diagnosis technology, etc., in Saudi Arabia, which is positively influencing the country's refrigerators market.
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Saudi Arabia's refrigerators market has been segmented into four broader categories that include top mounted freezer refrigerators, single door refrigerators, side-by-side refrigerators & French door bottom-freezer refrigerators. Among these categories, top mounted freezer refrigerators dominated the Saudi Arabia refrigerators market in 2015, and the segment's market dominance is expected to prevail over the next five years. Region-wise, the country's North-Central region accounted for the maximum demand for refrigerators in 2015, followed by West, East and South regions.
"In Saudi Arabia, urbanization is increasing rapidly, especially in country's metropolitan regions such as Riyadh, Dammam Metropolitan Area (DMA), Jeddah and Makkah. As per the estimates of Ministry of Municipal and Rural Affairs (MMRA), approximately 88% of Saudi Arabian population will be living in the urban areas by 2025. Backed by growing urbanization, Saudi Arabia refrigerators market is anticipated to register healthy growth rate over the next five years. However, factors like challenging economic scenario, fluctuating crude oil prices and implementation of Saudization rules are anticipated to affect the volume growth of the country's refrigerators market to a certain degree during 2016 - 2021.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Saudi Arabia Refrigerators Market By Type, By Capacity, By Sales Channel, By End Use Sector, Competition Forecast and Opportunities, 2011 - 2021", has analyzed the potential of Saudi Arabia refrigerators market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
About TechSci Research:
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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