GCC Major Home Appliances Market Size
|Study Period||2019 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
|CAGR||> 3.00 %|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
GCC Major Home Appliances Market Analysis
COVID-19 had a drastic impact on the Major Home Appliances Market in GCC. The supply chain was completely disrupted and the production activities were discontinued in major areas. However there was increase of online sales of Major Home Appliances and the same trend is expected to continue in the coming years.
The GCC Major Home Appliances Market is currently undergoing a significant change where consumers are starting to shift from traditional products towards more spontaneous, elegant, and appealing products. The increase in purchasing power and improving lifestyles are fostering the demand for smart home appliances around the world, especially across the GCC, where the residents embrace a premium standard of living making it a way of life for many. Refrigerators and large cooking appliances are typically the first appliances purchased once personal income levels reach a sufficient level, followed by washing machines. Freezers will register the fastest sales gains of any major appliance type. Demand for freezers will be boosted in low and middle income countries where usage levels are extremely low by a growing need for additional freezer space as per capita incomes and food spending rise. The comparatively low cost of separate freezers will drive gains as well.
In addition, Major Home Appliance producers offer basic, lower-value appliances in GCC nations to help boost sales. Demand gains in these countries will be more modest, with the majority of sales stemming from replace- ment purchases. Additionally, population and household growth are slower in the GCC region, limiting new housing-related sales opportunities. Overall the market is expected to grow at an optimal level in the coming years.
GCC Major Home Appliances Market Trends
This section covers the major market trends shaping the GCC Major Home Appliances Market according to our research experts:
Smart Homes and Smart Technology is Driving the Growth of Major Appliances
Smart homes market in the GCC is increasing adhesion with increasing digitalization and internet connectivity across the GCC countries. Smart homes along with smart home technology are offering owners increased comfort, convenience, security, and energy efficiency in the large home appliances market. Connected devices are further driving the market my merging the use of the appliance through apps and systems. IoT and smart home automation simplifies the home's environment to a greater extend. These devices help the users to manage and track the functioning of large home appliances through various wireless protocols such as Wi-Fi, 3G, Bluetooth, etc. Majority of the smart homes in GCC are present in the countries United Arab Emirates and Saudi Arabia due to relatively higher urbanization and improved living standards compared to other countries in GCC.
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United Arab Emirates dominating the Major Home Appliances Market in GCC
The adoption of heavy energy-efficient appliances is driving the market for major home appliances in GCC. Moreover, a growing population coupled with changing lifestyles is predicted to fuel the growth of the major home appliance market in the United Arab Emirates. Smart home appliances in the United Arab Emirates is also the largest with a growing millennial population, high standard of living, and increasing smartphone penetration. Initiatives of government such as Smart Dubai is forecasted to drive the growth of large applianced such as dryers and dishwashers that have completely low diffusion in the region and UAE. Another significant factor is tourism in UAE, and presence of a large number of commercial places like hotels, resorts etc. As a result, the demand for Major Home Appliances in UAE is ever growing.
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GCC Major Home Appliances Industry Overview
The report includes an overview of the top players in the Major Home Appliances Market operating across GCC. The GCC Major Home Appliance Market is competitive and globalized in nature enabling local manufacturers and other manufacturers to enter the market, as the region has low penetration in the market. The market is highly fragmented with a combination of global and local players competing
GCC Major Home Appliances Market Leaders
BSH Home Appliances Group
*Disclaimer: Major Players sorted in no particular order
GCC Major Home Appliances Market News
- On July 2021, Arçelik A.Ş. (ARCLK:IST, "Arçelik") and Hitachi Global Life Solutions, Inc. ("Hitachi GLS") announced the launch of a new joint venture company, Arçelik Hitachi Home Appliances B.V. Arçelik Hitachi Home Appliances provides manufacturing, sales, and after-sales service for Hitachi branded home appliances (refrigerators, washing machines and vacuum cleaners, etc.). It is aimed to expand into the countries like Saudi Arabia, Qatar and Kuwait.
- On May 2021, Whirlpool Corporation has launched the IntelliFresh Pro Bottom Mount Refrigerator, powered by Advanced Adaptive Intelligence Technology that automatically senses changes in weather, load and usage patterns and adapts the cooling accordingly. The Whirlpool Bottom Mount Refrigerator is designed to adapt to every home scenario.
GCC Major Home Appliances Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. INDUSTRY DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Industry Attractiveness - Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights of Technology Innovations in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product
5.1.3 Dishwashing Machines
5.1.4 Washing Machines
5.1.5 Cookers and Ovens
5.1.6 Air Conditioners
5.2 By Distribution Channel
5.2.1 Multi-Branded Stores
5.2.2 Specialty Retailers
5.2.4 Other Distribution Channels
5.3 By Geography
5.3.1 United Arab Emirates
5.3.2 Saudi Arabia
6. COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.1 Hitachi, Ltd.
6.2.2 Panasonic Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
GCC Major Home Appliances Market Research FAQs
What is the current GCC Major Home Appliances Market size?
The GCC Major Home Appliances Market is projected to register a CAGR of greater than 3% during the forecast period (2023-2028).
Who are the key players in GCC Major Home Appliances Market?
Hitachi, Ltd., Panasonic Corporation, BSH Home Appliances Group, Electrolux AB and Whirlpool are the major companies operating in the GCC Major Home Appliances Market.
GCC Major Home Appliances Industry Report
Statistics for the 2023 GCC Major Home Appliances market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. GCC Major Home Appliances analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.