Market Trends of Qatar Home Appliances Industry
Growth in E-Commerce Distribution is Driving the Market
Qatar holds a high internet penetration rate that exposes customers to various online platforms to make their purchases. The ICT modernization that has taken place in the past 5 years has resulted in a more advanced digital landscape that is suitable for e-commerce. E-commerce adoption is driven by high disposable income, high credit card usage, and high-speed mobile and landline connectivity.
One of the main reasons for e-commerce growth in Qatar is because of the coronavirus pandemic. Due to the pandemic, many people started to accept online payments. As a result of the pandemic, banks, financial institutions, and financial institutions started to implement new products and new services that made it possible for people to access services with the click of a button and to make online payments easily. Banks started to implement contactless ATM cards. These cards let customers make contactless payments with just a tap on the point of sale (POS) machine. No need to touch the PoS buttons.
With brick-and-mortar stores and malls closing for extended periods due to the pandemic, online shopping has suddenly changed from a convenient option to a necessity. This has opened up unprecedented and immediate growth opportunities in a market that was already on the path of e-commerce growth before the pandemic.
E-commerce was mainly an option for electronics, air travel, taxi / transportation services, and food delivery before the pandemic. Still, in Qatar, consumers are using their devices and technology savvy to search for a much wider range of products through online shopping. Retailers in Qatar are looking for new operating areas to provide better online consumer experiences, both to adjust to the new requirements and to cope with the steep drop in retail sales in the midst of the pandemic.
Rise in Residential Construction in Qatar is Driving the Market
The construction industry is the second largest contributor to GDP in Qatar, accounting for 15% of the total economy. The residential construction sector is growing in Qatar. In order to compete with the market, buyers are offering smart homes to attract customers. Smart homes have different layouts that have dedicated space for various home appliances. The demand for smart homes is on the rise because they make an average home look better with these structural and architectural designs. Manufacturers are taking advantage of this by offering sleek designs, high-quality materials, beautiful colors for living rooms, stainless steel finishing for kitchen appliances, etc.
The construction market is expected to register a CAGR of 12.7% from 2020 to 2030, with a projected value of USD 123.1 billion by 2030, compared to USD 53.3 billion in 2020, according to the latest report from Verified market research. The growth is expected to be driven by an increase in construction activity in the following areas: Commercial, Residential, Industrial, Infrastructure (Transportation Construction), Energy and Utility.
