GCC Major Home Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The home appliances in GCC market is currently undergoing a significant change where consumers are starting to shift from traditional products towards more spontaneous, elegant, and appealing products. The increase in purchasing power and improving lifestyles are fostering the demand for smart home appliances around the world, especially across the GCC, where the residents embrace a premium standard of living making it a way of life for many.

LG Signature is all set to open up new opportunities for the luxury segment of the electronics industry that caters to the premium consumers of the region. The political uncertainty and decline in oil exports in the region might bring some restrain in the growth of the market.

Key Market Trends

Smart Homes and Smart Technology is Driving the Growth of Major Appliances

Smart homes market in the GCC is increasing adhesion with increasing digitalization and internet connectivity across the GCC countries. Smart homes along with smart home technology are offering owners increased comfort, convenience, security, and energy efficiency in the large home appliances market. Connected devices are further driving the market my merging the use of the appliance through apps and systems.

IoT (internet of Technology) and smart home automation simplifies the home's environment to a greater extend. These devices help the users to manage and track the functioning of large home appliances through various wireless protocols such as Wi-Fi, 3G, Bluetooth, etc.

United Arab Emirates is the Largest Market for Major Home Appliance in GCC

The adoption of heavy energy-efficient appliances is driving the market for major home appliances in GCC. Moreover, a growing population coupled with changing lifestyles is predicted to fuel the growth of the major home appliance market in the United Arab Emirates.

Smart home appliances in the United Arab Emirates is also the largest with a growing millennial population, high standard of living, and increasing smartphone penetration. Initiatives of government such as Smart Dubai is forecasted to drive the growth of large applianced such as dryers and dishwashers that have completely low diffusion in the region and UAE.

Competitive Landscape

The GCC Major Home Appliance Market is competitive and globalized in nature offering local manufacturers and other manufacturers to enter the market as the region has low penetration in the market. The region has increased focus on brands and product categories, consumers are price- sensitive in some segments and look for a product with a guarantee. In 2018, Panasonic corporation opened a manufacturing plant in India to supply appliances to the region.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support