Real
estate growth, government initiatives and high disposable income is
making the future of sanitary ware industry more promising in the
Kingdom.
Vancouver,
Canada, March 19, 2013
-- According to recently published report by TechSci Research
"Sanitary
Ware Market Forecast & Opportunities, 2018",
the sanitary ware market's revenues in Saudi Arabia are expected to
grow at a CAGR of over 21% during the period 2012-2018. This will
drive the market value of sanitary ware industry of Saudi Arabia to
reach at around USD 1.42 Billion by 2018 from USD 445 Million in
2012. The central and the western regions are the highest contributor
in the sales volume of sanitary ware products in Saudi Arabia. These
regions have the advantage of both the high population as well as
their economic strength. Some of the important markets in these
regions are Riyadh, Mecca, Medina, etc.
Saudi
Arabia is one of the main hubs for sanitary ware market players in
GCC (Gulf Cooperation Council) region. The sanitary ware market of
Saudi Arabia is more promising than rest of the neighboring nations
as various projects are under process in Saudi Arabia. Over 70% of
the sanitary ware products demand in Saudi Arabia is being fulfilled
by imports. Some of the major sanitary ware industry's players are
Saudi Ceramics, RAK Ceramics and Casa via, etc.
The
measures taken by the Saudi Government have been playing an
instrumental role in shaping the future of sanitary ware industry.
The Saudi government has allocated huge budgets for various projects
such as the construction of 742 schools, 40 colleges and
universities. The Saudi government has also announced its decision to
build around 5,00,000 housing units and has increased its real estate
budget by a astonishing figure of USD 10.7 Billion (SAR 40 Billion).
The expenditures of the Saudi government on real estate have been
growing at a rate of over 13% annually to meet the increasing demand
of real estate in Saudi Arabia, outlines TechSci Research report.
The
rising demand for houses in Saudi Arabia has led to the considerable
growth in the real estate sector. The demand for sanitary ware
products from the housing sector has remained the backbone for the
sanitary ware market in Saudi Arabia. The rising domestic as well as
the expatriate population, high urbanization, increasing nuclear
families trend, etc. have led to the higher demand of houses than the
earlier times. The high disposable income of individuals in Saudi
Arabia has enabled the individuals in Saudi Arabia to purchase the
apartments. In Saudi Arabia, the demand for high end models of
sanitary ware products is also quite significant and large numbers of
individuals in Saudi Arabia are not hesitating to invest
extravagantly in the high valued sanitary ware products. This is
mainly due to the high purchasing power capacity of consumers in
Saudi Arabia. At present, the population of Saudi Arabia is over 27
Million, due to which it has emerged as one of the most emerging
markets for the real estate industry in the GCC. The demand for
houses is expected to increase further, which would directly make an
impact on the sales of sanitary ware products in Saudi Arabia.
"The
dynamics of the sanitary ware industry in Saudi Arabia are expected
to change in near future as the domestic companies like Saudi
Ceramics, etc have started increasing their production capacity. This
factor along with the measures taken by the Saudi government to
support the domestic companies is likely to reduce the dependence of
Saudi Arabia on the imported items." said Mr. Karan Chechi,
Research Director with TechSci
Research.
The
report provides detailed overview of the Saudi sanitary ware market.
This report helps reader to identify the ongoing trends in the
industry and anticipated growth in future depending upon changing
industry dynamics in the coming years. The report will help various
stakeholders to align their market centric strategies according to
ongoing and expected trends in future.
About
TechSci Research
TechSci
Research is a global market research and consulting company with
offices in Canada, UK and India. TechSci Research provides market
research consulting services in five verticals - Information
Technology, Water & Water Recycling, Consumer Goods & Retail,
Automotive and Energy & Power. The company uses proprietary
innovative business model that focuses on improved productivity, that
also ensure the creation of high-quality reports. With more than 100
client engagements with fortune 500 clients, TechSci Research enjoys
the status of a premium market research services provider in the
industry. For more information, please visit
http://www.techsciresearch.com.
Media
Contact:
Ken
Mathews
TechSci
Research
2950,
Boundary Road,
Burnaby,
British Columbia,
Canada
- VM5 3Z9
Tel:
+1 646 360 1656
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