Saudi Arabia Residential AC Market Analysis Report 2022: A $917.8 Million Market in 2030 - Increasing Preference for Energy-efficient Air Conditioners
DUBLIN, Feb. 17, 2023 /PRNewswire/ -- The "Saudi Arabia Residential AC Market Size Analysis Report by Product Type, Distribution Channel - Industry Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
In 2021, the Saudi Arabian residential AC market accounted for a size of $521.6 million, and it is expected to grow at a 6.5% CAGR between 2021 and 2030, to hit $917.8 million in 2030.
The major reasons behind the growth of this market are the rising humidity and heat in the climate, surging per capita income, and increasing investments in the residential industry.
In the nation, in summers, the temperature can go up to 44C, because of which people avoid being exposed to direct sunlight and are spending more on ACs for their homes.
Split ACs Dominate Market
Split ACs have had the largest market share in recent years. These products offer heating and cooling in enclosed spaces; thus, they are preferred over window ACs. In addition, split ACs are able to offer even cooling all over the house, because many indoor units can be controlled by a single outdoor system.
In Saudi Arabia, ACs are a necessity, not a luxury, due to the growing humidity and heat in the atmosphere. The kingdom is a land of extreme weather, with summer days significantly raising the risk of a heat stroke and winter nights cold enough to cause hypothermia.
E-Commerce Is Largest Revenue Generator
E-commerce holds the largest revenue share in the market, of more than 50%. The major reason behind the dominance of this category is that these platforms offer products at comparatively lower prices.
The comfort of doorstep delivery and electronic payment, presence of a huge product variety, with their features and technical specifications mentioned in detail, and a range of promotional and discount offers also attract people to online shopping.
Western Region Leads Market
The western region accounts for the largest share, and it is projected to continue its dominance in the coming years. This can be credited to the growing development of housing units in the region.
Western Saudi Arabia is home to many of its largest cities, such as Mecca, Medina, and Jeddah. There is a rise in the need for more residential units because of urbanization and the huge number of people from other countries migrating to this region.
Additionally, the nation is working to encourage the adoption of residential ACs that use less energy, in order to conserve resources. The government offers financial incentives to the manufacturers of energy-efficient ACs with better ratings.
Company Profiles
- LG Electronics Saudi Arabia LLC
- Gree Electric Appliances Inc. of Zhuhai
- Zamil Air Conditioners
- Al Salem Johnson Controls
- Samsung Electronics Saudi Arabia Ltd.
- Fujitsu General (Middle East) Fze
- S.K.M. Air Conditioning LLC
- Daikin Air Conditioning Saudi Arabia LLC
- Carrier - Saudi Arabia
- Midea Gulf
Key Topics Covered:
Chapter 1. Research Scope
1.1 Research Objectives
1.2 Market Definition
1.3 Analysis Period
1.4 Market Data Reporting Unit
1.5 Market Size Breakdown by Segment
1.6 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Currency Conversion Rates
2.6 Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Definition of Market Segments
5.1 By Product Type
5.1.1 Split
5.1.2 Window
5.1.3 Others
5.2 By Distribution Channel
5.2.1 Multi-Brand Stores
5.2.2 Supermarkets/Hypermarkets
5.2.3 E-Commerce
5.2.4 Others
Chapter 6. Industry Outlook
6.1 Market Dynamics
6.1.1 Trends
6.1.1.1 Increasing preference for energy-efficient air conditioners
6.1.2 Drivers
6.1.2.1 Increasing heat and humidity in the environment
6.1.2.2 Rising disposable income and changing lifestyles
6.1.2.3 Investment in the housing sector
6.1.3 Restraints
6.1.3.1 High maintenance cost of air conditioners
6.2 Impact of COVID-19 on the Market
6.3 Porter's Five Forces Analysis
6.4 PESTLE Analysis/Market Entry Strategy
6.5 Demand-Supply Analysis
Chapter 7. Saudi Arabia Market Size and Forecast
7.1 Overview
7.2 Market Volume, by Product Type (2017-2030)
7.3 Market Revenue, by Product Type (2017-2030)
7.4 Market Volume, by Distribution Channel (2017-2030)
7.5 Market Revenue, by Distribution Channel (2017-2030)
7.6 Market Volume, by Region (2017-2030)
7.7 Market Revenue, by Region (2017-2030)
Chapter 8. Competitive Landscape
8.1 List of Market Players and Their Offerings
8.2 Market Share Analysis of Key Players
8.3 Recent Strategic Developments of Key Players
Chapter 9. Company Profiles
9.1 Business Overview
9.2 Product and Service Offerings
For more information about this report visit https://www.researchandmarkets.com/r/rjh0nw-arabia?w=5
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