BURNABY, British Columbia, March 25, 2016 /PRNewswire/ --
Growing technological advancements, rising urbanization and increasing disposable income to boost sales of washing machines in Saudi Arabia
According to a recently released TechSci Research report, "Saudi Arabia Washing Machines Market By Technology, By Type, By Capacity, Competition Forecast and Opportunities, 2011 - 2021", the washing machines market in Saudi Arabia is projected to touch US$ 425 million by 2021. Increasing disposable income, expanding population coupled with growing number of nuclear families in the country are anticipated to boost the demand for washing machines over the next five years. Moreover, easy availability of new, cheap and innovative models is expected to further spur the demand for washing machines in Saudi Arabia during 2016 - 2021.
Saudi Arabia washing machines market has been segmented into four categories, namely, top load fully automatic, top load single tub semi/non automatic, twin tub semi/non automatic & front load fully automatic. Among these categories, the top load fully automatic washing machines segment dominated the overall Saudi Arabia washing machines market in 2015. The segment is anticipated to maintain its dominance over the next five years as well owing to better energy and water efficiency, enhanced user-friendliness, and easy availability in wide capacities and price ranges. Few of the leading players operating in Saudi Arabia washing machines market include LG Electronics Saudi Arabia Ltd, Haier KSA, Toshiba Corp and Midea Group Co. Ltd. The GDP per capita of the country grew at 1.2% in 2014, according to World Bank data, while it grew at 0.3% in 2013. This, in turn, is changing the buying behaviour of the consumers who are gradually shifting towards high priced products such as fully automatic washing machines, which is expected to have a positive impact on the washing machines market in the Kingdom in the coming years.
"In order to sustain in a highly competitive washing machines market of Saudi Arabia, various market players are investing heavily in the research & development for launching technologically advanced washing machines in the country. In addition to making the product highly efficient, the manufacturers are also concentrating on improving the aesthetic of the product, in order to attract maximum consumers. Moreover, in order to tap consumers living in small residential units, an increasing number of manufactures are launching washing machines in small sizes, and making them more user friendly as well." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Saudi Arabia Washing Machines Market By Technology, By Type, By Capacity, Competition Forecast and Opportunities, 2011 - 2021", has analyzed the potential of Saudi Arabia washing machines market and provides statistics and information on market sizes, consumer behavior and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research