Market Share Nears 50%
Korean home electronics makers are increasing sales of washing machines in the Saudi Arabian market.
As the Saudi Arabian government recently softened the technical standards on Korean washing machines and dryers, Korean home appliance manufacturers such as Samsung Electronics and LG Electronics will be able to export more washing machines and dryers to the Middle East country.
The Saudi Arabian washing machine market has grown about 1.9% each year since 2013, while the country's demand for dryers has increased 5.9% a year. In particular, Saudi Arabia is depending on import for washers as the nation has a weak manufacturing industry. Lately, there has been a spike in the number of Saudi Arabian women getting jobs or developing their careers, which led to a surge in demand for washing machines.
According to market researcher Euro Monitor, Korea ranked first in sales in the Saudi Arabian washing machine market last year. LG Electronics came in first with a market share of 23.5%, followed by Samsung Electronics at 23.2%. One of every two washing machines is a Korean product in the Middle East kingdom.
In the global washing machine market, the combined market share of Samsung Electronics and LG Electronics steadily increased to 40.8% in 2015, 44% in 2016 and 46.7% in 2017. Third place was taken by China’s Haier with 13.4%. Haier was followed by Toshiba (9.2%), Midea (9.1%) and Panasonic (3.1%). US Whirlpool recorded an infinitesimal market share of 0.6%.