The Kuwait White Goods market is projected to grow at a CAGR of around 9.66% during the forecast period, 2023-28, says MarkNtel Advisors in their recent research report. The market is primarily driven by the construction of new commercial, residential, and industrial spaces. Rapid urbanization, expanding housing projects, rise in per capita income, and growing inclination of customers towards appliances that ease their domestic chores are some other major factors for the rising sales of white goods in Kuwait. The developing hospitality sector has led to the construction of new hotels & restaurants and has significantly surged the sales of white goods such as cooking ranges & dishwashers. The rising import of meat in the country also leads to a high demand for refrigerators for cold storage for the same.
The government initiatives regarding the diversifying economy to reduce their reliance on oil & gas have further facilitated the expansion of the market. These initiatives are in favor of converting Kuwait into a commercial hub. Hence, leading to the construction of new offices, buildings, malls, complexes, etc. Additionally, the rising number of construction would require the installation of numerous white goods like water dispensers, air conditioners, and vacuum cleaners, thus supporting the growth of the market. Moreover, there is continuous technological development in white goods, including the integration of artificial intelligence in the products to make them ‘smarter’. These advancements improve the user experience & reduce human effort, encouraging customers to upgrade their white goods and thus increasing market sales.
Furthermore, growing health awareness has resulted in higher sales of white goods such as air purifiers and air conditioners, as customers have become more conscious of increasing air pollution and airborne diseases. The upsurge of over-the-top platforms and the gaming industry has created a market for televisions, desktops, laptops, gaming monitors, audio devices, and projectors. As a result, the Kuwait White Goods market is predicted to grow significantly in the coming years. Due to rising technological innovations in white goods and the emerging demand of commercial and residential sectors using labor-saving applications.
Therefore, the market is expected to expand significantly in the coming years, owing to the rising technological innovations in white goods and the intensifying use of labor-saving applications by the commercial & residential sector, further states the research report, "Kuwait White Goods Market Analysis, 2023."
Smartphones to Dominate the Kuwait White Goods Market
Based on Type, the market is bifurcated into 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, and Digital Signage. The urge to be connected with others & the readiness for high-end digitalized services such as payments & banking created a profitable growth opportunity for the Kuwait Smartphones market in the past years.
Additionally, the affluent & extravagant lifestyle of customers in Kuwait prompts them to regularly upgrade their smartphones which further adds to the market sales. Moreover, the rise in the deployment of 5G network bandwidth & technological advancement in smartphones is anticipated to surge the sales of smartphones in the country, thereby positively impacting the growth of the Kuwait White Goods market during the forecast period.
Hawalli to Take a Minor Edge in the Market Share
Geographically, Hawalli region has both a sizable number of commercial spaces & a residential area that is highly populated, owing to which it has the largest market share of white goods in Kuwait. Air conditioners, microwaves, water dispensers, and vacuum cleaners are common forms of white goods that can be found in these areas. Furthermore, commercial offices are expected to be built in the Hawalli district in the coming years as it is regarded as Kuwait's IT hub. Hence, these new developments would boost white goods sales in the forecast years, 2023-28.
According to MarkNtel Advisors, the leading players in the Kuwait White Goods Market are Apple, Midea, Samsung, Sharp, Vestel, Panasonic, Huawei, Xiaomi, L.G, Orca, Skyworth, Hisense, JBL, and Bose, Wansa.
Key Questions Answered in the Study