Boston, MA -- (ReleaseWire) -- 05/29/2014 -- Sales of refrigeration appliances were strongly boosted by two major factors at the end of the review period. Firstly, strong economic growth resulted in a marked rise in disposable income levels. Economic growth and a desire to diversify the economy in order to reduce reliance on oil industries meanwhile encouraged the government to tackle the country's housing shortage. There was thus a marked rise in residential construction during the review period, with thousands of new firms entering this area. As the number of homes increased, the potential sales base for refrigeration appliances also expanded.
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United Yousef M Naghi continued to lead refrigeration appliances at the end of the review period, accounting for close to 29% retail volume share in 2013 and extending its lead marginally over the previous year. The company benefits from representing the LG brand in Saudi Arabia, with this brand offering a strong brand name and frequent innovation. In January 2013, LG for example launched its Side by Side fridge freezers with the largest capacity in Saudi Arabia and the Dual Access Door System, enabling access to favourite items without releasing chilled air from the main area of the appliance. These also feature the Door in Door system, which opens doors with an easy push of a button.
The forecast period is expected to see stronger growth for residential construction in Saudi Arabia. The country had an estimated housing shortage of two million at the end of the review period, with the government having ambitious targets for new home construction. Affordable housing for low- to mid-income consumers is expected to see particularly strong investment during the forecast period, with the government being keen to rid its major cities of unplanned slum areas. Strong residential construction is thus likely to continue to benefit refrigeration appliances during the forecast period.
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The Refrigeration Appliances in Saudi Arabia market research report includes:
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