Rising number of households, increasing construction activities in hospitality and commercial sectors, and growing discretionary income to drive Saudi Arabia sanitary ware market through 2023
According to a TechSci Research report, “Saudi Arabia Sanitary Ware Market By Product Type, By End Use Sector, By Distribution Channel, Forecast and Opportunities, 2013 – 2023”, the sanitary ware market in Saudi Arabia is projected to cross $ 290 million by 2023. Anticipated growth in the market can be attributed to increasing number of households, rising construction activities in the hospitality and commercial sectors, and the increasing discretionary income, which is making a growing number of people to opt for premium sanitary ware products. During 2013 - 2017, the country’s sanitary ware market witnessed a slight decline, majorly due to declining oil prices, which had a significantly negative impact on the economy. However, the market growth is expected to recover during the forecast period. Rising number of government initiatives to support affordable housing initiatives, rising demand from the commercial and institutional sector such as hotels, offices, schools, colleges is also expected to boost sanitary ware sales in the coming years.
Browse 10 market data Tables and 34 Figures spread through 82 Pages and an in-depth TOC on "Saudi Arabia Sanitary Ware Market "
As per a recent Voice of Customer survey by TechSci Research, brand image and product life span of sanitary ware products emerged as the most important differentiating factor during the purchase of sanitary ware products. Saudi Ceramics, Forsan Ceramics, Geberit International Sales AG, SIDC Ceramic Plant and RAK Ceramics are some of the leading players operating in Saudi Arabia sanitary ware market. In terms of regions, Riyadh dominated the market with more than one-third of the market share in 2017. With relatively higher concentration of population and rising number of commercial and residential projects in the region, Riyadh is expected to generate significant demand for sanitary ware and is anticipated to remain the largest regional sanitary ware market in Saudi Arabia until 2023.
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“Saudi Arabia sanitary ware market is being majorly driven by imports, with only a handful of players operating their manufacturing units in the country. Rising number of housing and commercial projects, especially in Riyadh and Makkah regions, coupled with favorable government initiatives to support affordable housing by providing tax relaxation and easy financing schemes, are expected to boost sanitary ware sales in the country over the next five years. Moreover, rising demand for premium sanitary ware products, given the increasing discretionary income, is also expected to emerge as a major factor supporting growth in the country’s sanitary ware market through 2023.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Sanitary Ware Market By Product Type, By End Use Sector, By Distribution Channel, Forecast and Opportunities, 2013 – 2023” has evaluated the future growth potential of Saudi Arabia sanitary ware market and provides statistics and information on market structure, size, share and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Saudi Arabia sanitary ware market.
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