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JEDDAH -- The refrigerators market in Saudi Arabia is projected to grow at a CAGR of more than 7.5% during 2016 - 2021, a new report by Research and Markets said.
Saudi Arabia faces extreme climatic conditions, with temperature often shooting to 50°C during peak summers. Consequently, a refrigerator is more of a necessity product in the Kingdom.
On account of growing number of households and increasing disposable income, demand for refrigerators has been growing in the country at a robust pace over the last few years. Moreover, in order to bring down the soaring electricity consumption in the Kingdom, the government of Saudi Arabia has made it mandatory for refrigerator companies to sell energy efficient refrigerators with 3 and above star ratings. This move is expected to have a positive impact on Saudi Arabia's refrigerator market in the coming years.
The market has been broadly segmented into four categories, namely, top mounted freezer refrigerators, single door refrigerators, side-by-side refrigerators & French door bottom-freezer refrigerators. Among these categories, the top mounted freezer refrigerators segment dominated the overall Saudi Arabia refrigerators market in 2015, and the segment is anticipated to maintain its dominance over the next five years as well. In addition to being highly energy efficient, the top mounted freezer refrigerators acquire less space and comparatively offer large storage space in various compartments.
Few of the leading players operating in Saudi Arabia refrigerators market include Samsung Electronics, LG Electronics and Hitachi.
© The Saudi Gazette 2016
