Saudi Arabia Residential AC Market to Reach $917.8 Million by 2030, Driven by Housing Boom

According to the latest market research study published by P&S Intelligence the Saudi Arabian residential air conditioner (AC) market is experiencing robust growth, with revenues reaching $574.7 million in 2023 and projected to soar to $917.8 million by 2030, reflecting a compound annual growth rate (CAGR) of 7.2% during the forecast period.

This upward trajectory is primarily driven by escalating environmental heat and humidity, rising disposable incomes, evolving lifestyles, and substantial investments in the housing sector.

Saudi Arabia's rapid economic expansion has led to a surge in construction activities, particularly in the residential sector. The proliferation of small villas and spacious apartments for burgeoning Saudi families has intensified the demand for efficient cooling solutions. Notably, air conditioning systems account for approximately 52% of the nation's total electricity consumption, underscoring their significance in daily life.

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Key Insights

Product Type Dominance: Split air conditioners are anticipated to maintain a leading position in the market, attributed to their ease of installation, energy efficiency, and suitability for various residential layouts. Their popularity is further bolstered by technological advancements that enhance cooling performance while minimizing energy consumption.

Distribution Channel Trends: The e-commerce segment is witnessing rapid growth, projected to expand at the highest CAGR during the forecast period. Consumers are increasingly gravitating towards online platforms due to competitive pricing, diverse product selections, and the convenience of home delivery.

Regional Insights: The western region of Saudi Arabia stands out as both the largest and fastest-growing market for residential ACs. This surge is propelled by significant housing developments and infrastructure projects in cities such as Mecca and Medina, which cater to the influx of residents and visitors.

Energy Consumption Concerns: Air conditioning systems are responsible for about 52% of the nation's electricity usage, primarily due to the extreme solar heat prevalent in the region. This substantial energy demand has prompted a shift towards more energy-efficient cooling solutions to mitigate environmental impact and reduce utility costs.

Government Initiatives: Under the Saudi Vision 2030 framework, the government is heavily investing in the housing sector, aiming to provide suitable housing solutions through new constructions and modifications to existing units. This initiative is expected to significantly boost the demand for residential air conditioning systems as more housing units become available.

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Technological Advancements: Manufacturers are focusing on developing air conditioners equipped with advanced technologies, such as dual-inverter systems, to meet regulatory requirements and consumer demand for energy-efficient appliances. These innovations not only enhance cooling efficiency but also contribute to energy conservation efforts.

Competitive Landscape: The market features prominent players including 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, and Midea Gulf. These companies are actively engaging in product innovation and strategic partnerships to strengthen their market positions.

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This release was published on openPR.