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In Saudi Arabia, the market has witnessed negative growth in the economy over the first quarter of 2020, on account of the coronavirus pandemic which has spread a worse impact on the worldwide business. However, the market in Saudi Arabia is expected to recover with healthy growth in the economy during the forecast period.
Saudi Arabia Microwave Oven Market is driven by growing demand for energy-efficient kitchen appliances and rising awareness regarding advanced appliances. The changing lifestyle, growing consumer knowledge, high power consumption and increasing demand for ready to eat food would further propel the growth of the microwave oven market in Saudi Arabia. In terms of product type, the convection segment is expected to hold the microwave oven market revenue share in Saudi Arabia on account of faster cooking and high functionality features. Based on end-user, the residential segment is dominating the microwave oven market revenue share in Saudi Arabia owing to the different preferences of people regarding food consumption and changing lifestyles. Moreover, the use of countertop ovens is rising during the forecast period in Saudi Arabia owing to less maintenance cost as compared to built-in microwave oven, easy and affordable installation charges.
During the past few years, online sales of microwave oven is rising owing to the higher level of internet penetration and smartphone usage in Saudi Arabia compared to other countries in the GCC. Popular online sites that sell microwave ovens in Saudi Arabia are Noon, xcite, eXtra Saudi, Amazon, Microless, Carrefour etc. Saudi Arabia is the largest importer of Microwave ovens and most of them are imported from China, India, and South Korea.
Scope of the Report
The study offers a complete background analysis of the Saudi Arabia microwave oven market, including the analysis and forecast of market size, market share, industry trends, growth drivers, and vendors. It also includes insights into the market segmentation, by product type, by distribution channel, and by end-user. Additionally, the report features the qualitative and quantitative assessments, by analyzing the data gathered from the industry analysts and market participants across the key points in the industry’s value chain.
|By Dsitribution Channel|
Key Market Trends
Increasing Population and the Rising Number of Households is Driving the Market
The population is on the rise in Saudi Arabia, and in order to accommodate the growing population and owing to the high rate of urbanization and as the majority population living in the capital city Riyadh, the total number of households is on the rise in the country. According to the World Bank, Saudi Arabia ranks in the top 20 richest countries by spending power. The higher disposal incomes enable the people to spend on luxury housing products and frequent house renovations. The increase in the younger population in the country is expanding the scope for more versatile and unique home appliances, which is helping the market studied to expand further in the country and record more sales transactions and thus the revenue recorded from it. The slowly yet steadily increasing country’s population and relatively high per capita income are expanding the need for new households and owing to the have a large expatriate community in the country, which accounts for more than 30% of the population, and the high urbanization rate with around 83.3% of the citizens are living in urban areas of the country, the need for residential construction market is expanding rapidly in the country and is offering the microwave oven market to grow further in the kingdom.
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Residential Segment Dominates the Market
Saudi’s construction sector is one of the fast-expanding sectors, which is primarily driven by government-backed investments. The construction sector is expected to grow, despite the regional political unrest, which has upset investors’ confidence. In order to accommodate the growing population, residential construction is on a growth track in the nation, which is helping the microwave ovens to record more growth in terms of revenue. Saudi also has a high expatriate population, which is also helping the market studied to expand further. Vision 2030 announced by Saudi Arabia has boosted the construction market, along with several significant investments in housing construction and infrastructure developments, thereby revitalizing the construction industry across the country. As of March 2020, there were around 4,000 construction projects that are under construction within the country. Though these projects are facing delays owing to the ongoing COVID-19 pandemic, the market is expected to get on track once the pandemic is over. Increasing residential construction will create a need for new appliances due to which the microwave ovens demand will rise during the forecast period.
The microwave oven market in Saudi Arabia is fragmented. The competition in the market is estimated to intensify, with innovations in new products and the presence of international companies.
- June 2022 - LG Electronics (LG), a global leader and technology innovator in home appliances, and United Yousuf Mohammed Naghi Ltd. announced the launch of its new biggest capacity microwave oven for the Saudi market. The biggest capacity is defined as 56 litres with health care features, streamlined design and innovative technology.
- May 2021 - To engage this growing audience in the region, LG’s Middle East and Africa office introduced "The Spot" an online space where visitors can enter competitions to win exclusive experiences and amazing prizes to engage digitally-savvy Gen Z fans in the region. LG invited food enthusiasts across the UAE, Saudi Arabia, Iraq, Kenya, Egypt and Turkey to visit "Life's Good Restuarant" inside The Spot to share the stories behind their favourite foods.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porters Five 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 into Technological Advancements in the Industry
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.2 By Dsitribution Channel
5.3 By End-User
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 LG Electronics
6.2.2 Samsung Electronics
6.2.3 AB Electrolux
6.2.4 ZAGZOOG FOR HOME APPLIANCES
6.2.6 Black & Deckar
6.2.7 Zhongshan Donlim Weili Electrical Appliances Co,Ltd.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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Frequently Asked Questions
What is the study period of this market?
The Saudi Arabia Microwave Ovens Market market is studied from 2018 - 2027.
What is the growth rate of Saudi Arabia Microwave Ovens Market?
The Saudi Arabia Microwave Ovens Market is growing at a CAGR of 4% over the next 5 years.
Who are the key players in Saudi Arabia Microwave Ovens Market?
LG Electronics, Samsung Electronics, AB Electrolux, Black & Deckar, Panasonic are the major companies operating in Saudi Arabia Microwave Ovens Market.