British Columbia, Canada, August 23, 2012 --(PR.com
)-- Global air conditioning market has witnessed ups and downs in the last few years due to the 2008 economic crisis and its post economic crisis. On the other hand, the air conditioning market of Saudi Arabia has remained robust even when the demand of air conditioners witnessed downfall globally. Saudi Arabia air conditioning market is the biggest market in the Middle East and North Africa region. In most of the regions around the world, air conditioners can be considered as a luxury product whereas in Saudi Arabia they are the necessity for everyone due to hot climatic conditions. The real estate market is also booming in Saudi Arabia which is acting as a catalyst for the growth of air conditioning market.
According to recently published report by TechSci Research “Saudi Arabia Air Conditioners Market Forecast & Opportunities, 2017” Air conditioner market in Saudi Arabia is expected to witness compounded annual growth rate of around 8.7% during 2012-2017. The average temperature in summers of Saudi Arabia hovers around 40 Degree Celsius but it is not unusual when temperature goes beyond 50 Degree Celsius. For such a scorching temperature, only air conditioners can provide relief, hence the demand of air conditioners has always remained positive in Saudi Arabia. It is forecasted that Saudi air conditioners market will reach US $ 2 Billion (SAR 7.5 Billion) revenues by 2017 due to rising temperature levels along with the high per capita income as well growing population of the kingdom which is making the future of air conditioners much more promising.
The domestic production of air conditioners has gradually increased in the Kingdom due to several factors such as tax incentives, governmental support, etc. along with export benefits in Gulf Cooperation Council countries which has further fueled the demand of air conditioners. It is estimated that due to increasing demand of split air conditioners the market share of window air conditioners is expected to witness almost 10% drop in next five years.
“The dynamics of air conditioning market in Saudi Arabia have changed with time. Earlier Japanese ruled this market in Saudi Arabia but now the Thai and Korean companies have captured a majority share of the market as they have price advantage over Japanese companies. At present, LG and Samsung together accounts for more than 60% of the air conditioners market share. In the near future, Chinese players are expected to impact the market share of the Korean and Thai players as their products are more competitively priced,” said Karan Chechi, Research Director at TechSci Research.
“Saudi Arabia Air Conditioners Market Forecast & Opportunities, 2017” has evaluated the future growth potential of air conditioners market in India and provides statistics and information on market structure, market trends, market size, etc. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.