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SOURCE: TechSci Research
Real estate growth, government initiatives and high disposable income is making the future of sanitary ware industry more promising in the Kingdom.
Vancouver, British Columbia (PRWEB) March 21, 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.
To download complete report, please visit http://www.techsciresearch.com/2128
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