Saudi Arabia Induction Cooktop Market Research Report, 2028

Saudi Arabia Induction Cooktop Market Research Report, 2028

Actual Market Research 30-01-2023 59 Pages Figures : 5 Tables : 11 Region : MEA Country : Saudi Arabia Category : Consumer Goods & Services Appliances & Equipment

Saudi Arabia is leading by the significant share in induction cooktop market in Middle East Asia & Africa. Inductions Electromagnetism is used in cooktops to provide clients with energy-efficient options. Induction Cooktops, unlike all other types of cooktops on the market, directly heat the pan rather than the hob ring. The adoption rate in Saudi Arabia is 12% for induction cooktops and is increasing significantly to the foreseeable future. The share of built-in is higher in comparison to free-standing type of induction hobs. The industry is being driven by an increase in the number of residential and commercial development projects. More chefs and manufacturers are promoting induction to construction professionals and customers because of the inherent benefits of the technology. Whirlpool, Electrolux AB, Defy Appliances (Pty) Ltd, Candy Group, LG Electronics, Godrej Group, Panasonic Corporation, Samsung Electronics, etc. are the major companies operating in Saudi Arabia. According to the research report, "Saudi Arabia Induction Cooktop Market Research Report, 2028," published by Actual Market Research, the market is anticipated to add USD 135.17 Million from 2023 to 2028.Built-In is dominating the market due to its features like Space Saving, Energy Efficient, Easy to Clean, Safety, Speed, Sleek Design, and Durability which are attracting or forcing consumer to buy Built-In Induction Cooktop. Induction cooking is the most efficient method on the market. Due to its faster heat up, than gas, it can even outperform a kettle when it comes to heating water. Several advancements strengthened the business, such as kitchen appliance makers upgrading out-of-date mechanical controls and displays to save after-sales costs. Furthermore, due to rising demand for environmentally friendly appliances and increased access to electricity, the market graph is expected to rise significantly throughout the forecast period. Additionally, rising demand for modular kitchens is likely to support induction hob demand. The benefits of induction hobs, such as their speed, responsiveness, energy efficiency, and ease of use, have significantly fuelled market growth. When compared to typical electric cooktops, induction cooking has a potential energy savings of 5% to 20%, and it has an energy savings of more than 65% when compared to gas. The National Gas and Industrialization Company (GASCO) announced an increase in cooking gas or liquefied petroleum gas pricing of 9.28 percent (SR1.6 per cylinder) (LPG). As a result, moving from LPG to induction stoves could be profitable for customers. Also one of the policy steps implemented by governments around the world is to use induction cooktops to achieve energy sustainability and reduce carbon emissions. Several technical advancements will drive market expansion, such as kitchen appliance manufacturers replacing old mechanical controls and displays with touch technology to reduce dependability and after-sales expenses. Touch screens with large pictures are also becoming more popular. Because of constantly changing work and family routines, a larger desire for eco-friendly items, and more affordable electrical accessibility, consumers are expected to purchase technology-driven kitchen devices. According to the World Bank, Saudi Arabia's population was 35,340,680 in 2021. The urban population is 29,799,824 while the rural population is 5,462,868. Saudi Arabia's GDP in 2021 was USD 833.54 billion, with a 3.1% inflation rate and a per capita income of USD 23,585.9. The expected total number of households in Saudi Arabia was 3.68 million in 2019, and the country's home ownership rate was 62.08%, which obliquely suggests that the market potential for induction cooktops is likely to be significantly larger in the future. With numerous new home construction projects underway, demand for induction cooktops is projected to increase. The market has already benefited from the gradual shift away from gas cooktops, and an increasing number of consumers are interested in installing induction cooktops in their homes or large-scale residential projects. This is because people are becoming more aware of its advantages over gas cooktops. The commercial sector is expected to grow at a faster rate over the projection period. Non-residential facilities like restaurants and hotels also make extensive use of induction cooktops. BinDawood, Lulu Saudi and others are the largest hypermarket presented in the Saudi Arabia. Panda Supermarket, Al Jazira, Farm, Danube, Carrefour, Othaim Supermarkets and others are the top chains in supermarket in Saudi Arabia. Retail establishments, which make up the offline distribution channel, owned the bulk of the market. Until recently, retail stores were the only places to purchase induction cooktops. At these places, customers received assistance in choosing from a range of items. Saudi Arabia market for induction cooktops is expanding as a consequence of developments in internet marketing and an increase in the usage of digital media for product promotion. Increased acceptance of technologically innovative and high-tech commodities is expected to promote the growth of kitchen appliance e-commerce websites, hence increasing the market for induction cooktops. Considered in this report • Geography: Saudi Arabia • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Saudi Arabia Induction Cooktop market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type: • Built-In • Freestanding By Application: • Residential • Commercial By Distribution Channel: • Specialty Store • Hypermarkets & Supermarkets • Online The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Induction Cooktop industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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