Market Size of GCC Small Home Appliances Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | < 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
GCC Small Home Appliances Market Analysis
The GCC Small Home Appliances Market is expected to register a CAGR of less than 5% during the forecast period(2024-2029).
With the advent of Covid-19 in 2020 among GCC nations, UAE's GDP got extremely low(-3.5%). Followed by UAE comes Oman, Saudi Arabia, and Kuwait with GDPs of (-28%, -2.3%, -1.1%) which caused a decline in income. At the same time, there was an increase in demand for home appliances because of the increase in the population living inside the home due to restrictions. With it, there was also an increase in the price of raw materials, causing pressure on firms and the consumer. Washing machines, refrigerators, and room air-conditioners were projected to be the primary appliance categories within the smart appliances market during Covid-19.
Rising disposable income and low appliance possession rates are driving the demand for appliances in the GCC countries. Steady growth in hospitality and residential real estate markets with digitalization and economic recovery is expected to increase the demand for small home appliances.
Both residential and commercial areas use vacuum cleaners. The urge for cleanliness, technical advancements, and continuous innovations is pushing the market for vacuum cleaners in households in the GCC nations. Some of the reasons attributing to the growth of vacuum cleaners in the market include emerging online distribution channels and increased internet usage. In the GCC nations, cylinder vacuum cleaners are growing in popularity. Technological advancement and smart devices are anticipated to support market expansion. Across all groups, there is a move towards energy-efficient appliances.
In 2021 with the gradual opening of the economy Kuwait and UAE recovered fastly, with GDPs of (3.3% and 3.2%) respectively. The steady growth of hospitality and residential real estate markets, digitalization, and economic recovery in emerging markets are all important trends boosting demand for the purchase and trade of UAE consumer electronics. The rising number of visitors is also impacting the country's consumption of appliances. The consumption of smart home appliances is also altering due to changing lifestyles, which will further fuel market expansion. With more energy-efficient appliances being used, the increasing concerns about energy consumption are anticipated to impact the market.
