Quadintel offers a thorough analysis of the global “ Kuwait White Goods Market “, including assessments of business solutions, studies and advancements, applications, advantages, benefits, and breadth.
This market research study provides a thorough analysis and improvement of the important business producers, opportunities, difficulties, and worldwide suppliers as well as a close investigation of risks and access restrictions. Additionally, it provides a competitive analysis of the most recent technological advancements, innovations, future market potential, industry share, sales, sales generation, funding analysis, and overall business environment.
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Key Trend in the Market
Rising Development of Smart Buildings in Kuwait
The government of Kuwait has set an ambitious target to provide housing to approximately two and a half million people by 2030. Under this, the government is actively engaged in developing smart cities & smart buildings to promote a sustainable lifestyle, and high standards of living, with low impact on the environment. For instance, in 2019, the Kuwait government approved the construction of the two largest smart cities, such as South Saad Al Abdullah & XZERO city. These would be developed by a Dubai-based developer URB on 16,000 hectares of land, which would provide residential units, jobs, and amenities to 1,00,000 people.
Further, with the growing construction of smart buildings, the demand for smart consumer durable goods such as ACs, air purifiers, etc., is anticipated to be trending and would positively affect the market growth in the upcoming years.
Market Segmentation
Based on Type:
Air Conditioners
Refrigerator
Microwave Oven
Dishwasher
Cooking Range
Smartphones
Vacuum Cleaner
Air Purifier
Washing Machine
Television
Water Heater
Water Dispensers
Desktops & Laptops
Audio
Gaming Monitors
Projectors
Digital Signage
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The demand for updated smartphones seems to be perennial as customers are buying new phones almost every year to use the new features offered by smartphones as it is a high technology-driven market, which focuses on rapid technological innovation. Further, with the development of 5G services in the country, the demand for 5G smartphones is anticipated to rise. Hence, this would notably upsurge the share of smartphones in the Kuwait White Goods market in the upcoming years.
Above them all, smartphones held the major share of the Kuwait White Goods market in the historical years, and the same trend is anticipated to continue in the coming years. Access to high-end digitalized services such as payments, banking, etc., and the need to stay connected with others via social media & audio calls provided a lucrative growth opportunity for the Kuwait Smartphones market. Moreover, the affluent & luxurious lifestyle of the customers in Kuwait has certainly increased the demand for expensive iPhones & other smartphone brands like Samsung, Huawei, Xiaomi, Nokia, etc., further creating a demand for smartphones in the market.
Based on Distribution Channels:
E-commerce
Supermarket/Hypermarket
Specialty Stores & Others
Here, the E-commerce section has been booming in historical years with a rise in sales through online sites such as Xcite, Lulu hypermarket, Amazon, and Best Al-Yousifi. The online platform provided transparency & convenience to the customers, which encouraged the users to buy via these channels. Further, the pandemic also stirred the trend of online shopping, which still lingers even post-COVID. The diverse portfolio offered by the e-commerce platforms predicts that customers would continue to prefer online platforms in the upcoming years, hence fueling the market of white goods in Kuwait.
Regional Landscape
Geographically, the Kuwait White Goods Market expands across:
Al Asimah
Al Farwaniya
Hawalli
Al Ahmadi
Al Jahra
Of all the regions across the country, Hawalli held the major market share owing to the presence of a significant number of residential houses & commercial spaces. The Hawalli region is considered the IT hub for Kuwait, due to which commercial offices are projected to be established in the region in the forecast years. These constructions would, in turn, spur the sales of white goods like air conditioners, microwave ovens, water dispensers, and vacuum cleaners in the upcoming years.
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Key Driver: Growing Residential & Commercial Construction to Augment the Demand for Consumer Durables
Furthermore, Kuwait has been working to modernize its commercial infrastructure as part of its ?Vision 2035? to strengthen its hospitality sector. As part of the vision, the government has announced various projects in the commercial sector, including the construction of Terminal 4 of Kuwait International Airport and the development of Mubarak Al Kabeer Port, Sabah Al Ahmad Sea City. These projects consist of retail units, malls, entertainment venues, and cinemas in the country, hence assisting the growth of tourism within the country and would further drive the market growth during 2023-2028.
The Kuwait White Goods market gained significant growth during the historical period, with the surging construction of new commercial & residential properties like apartments, hotels, airports, hospitals, etc. The country has set its ambition to develop & modernize its infrastructure to improve the lifestyle of its residents. Government-sponsored affordable housing scheme for Kuwaiti citizens is one of the major factors for the construction of residential properties as the government has introduced several housing projects in collaboration with private entities to promote government-funded modernized houses. Therefore, the development of various residential & commercial projects would propel the demand for white goods, such as television, washing machines, refrigerator, microwave, etc., in the market.
Possible Restraint: Decline in the Population of Migrants to Hinder the Market Growth
The decline in the migrant population of the country has marginally hindered the growth of the Kuwait White Goods market. According to the World Bank, Kuwait’s net migration rate fell by around 10% between 2017 & 2022, from 14.5% to 4.4%, indicating a lower proclivity for Kuwait. The high cost of living, fewer job opportunities, extreme weather conditions, and government policies are the primary reasons for minimal migrants arriving in the country.
Additionally, the extreme climatic conditions & humidity and the high cost of residential properties, coinciding with the job losses during the COVID-19 pandemic, also dwindled the migrant population. Hence, this led to a slightly lowered demand for new residential property, further creating a challenge for white goods.
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Growth Opportunity: Government Support to Improve Healthcare Infrastructure is Expected to Boost the Market Growth
The rise in the government healthcare budget in Kuwait to boost the expansion of the hospital, clinics, and other medical facilities, would create an opportunity for the demand for white goods such as air purifiers, refrigerators, air conditioners, microwave ovens, etc. For instance:
In 2022, the government of Kuwait announced an investment of around USD104 billion for expanding healthcare infrastructure such as hospitals, clinics, etc.
Further, the Ministry of Health and the Ministry of Public Works announced an investment of nearly USD4.42 billion to expand nine operating hospitals within the next ten years. Therefore, this development is anticipated to escalate the demand for TVs, ACs, refrigerators, microwaves, washing machines, etc., in the country.
Thus, improving healthcare in the country is expected to create a conducive environment for the demand for white goods in the upcoming years, thereby positively impacting the growth of the market.
Key Questions Answered in the Market Research Report:
What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Kuwait White Goods Market?
What are the region-wise industry size, growth drivers, and challenges?
What are the key innovations, opportunities, current & future trends, and regulations in the Kuwait White Goods Market?
Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Kuwait White Goods Market based on the competitive landscape?
What are the key results derived from surveys conducted during the Kuwait White Goods Market study?
Highlight the Following Key Factors:
- Business Description: a particular description of agency operations and enterprise departments.
- Company Strategy: The analyst’s precis of the company’s commercial enterprise strategy.
- SWOT Analysis: Detailed evaluation of the company’s strengths, weaknesses, opportunities, and threats.
- Company History: The development of predominant occasions associated to the company.
- Main merchandise and services: A listing of the company’s fundamental products, services, and brands.
- Main Competitors: A listing of the company’s fundamental competitors.
- Important places and subsidiaries: The company’s major places and subsidiaries’ listing and contact information.
- Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.
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