Israel Home Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Israel Home Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Israel Home Appliances market provides huge opportunity for market players which is expected to grow at a CAGR of 13.55% in the forecast period of 2019-2024. The market is largely driven by the expat population and the growing number of tourists visiting the country.

The Israel Home Appliances market has the following drivers and restraints:

Drivers

Key Highlights

• Increasing population with an expanding consumer base dominated by the higher proportion of expatriate, youth and working class population
• Booming tourism sector driving the market extensively
• Many large scale malls and shopping centers are presently under development in the GCC amid governments’ and private players’ investments in developing infrastructure to complement the growing population, a rising tourism sector and increasing GDP per capita

Restraints

Key Highlights

• Increased international brands have intensified competition within the retail market

Increased penetration of various high-end retailers and demand for retail space have increased the rental rates in most of the GCC countries including Israel recently. Furthermore, retailers are pressurized by the new labor localization laws, market-priced utility costs, and new tax measures such as value added tax (VAT).

Key Market TrendsLarger appliances play a key role in the Israel’s home appliance market

Refrigerators are much popular larger home appliances that every home need and in the recent times, Israeli refrigerator market, the sales of Haier refrigerators increased by 4 times in the past 5 years. The refrigerators with a capacity of 600L and below ranked first and have gradually seized the opportunity in the Israeli home appliance market. The market is the most realistic “battlefield” to test the brand strength. It is precisely these market performances that cannot be ignored that have attracted the attention of local media and concluded that Haier has gradually become a global leader in household appliances. Haier is gradually winning the Israeli home appliance market. It is a global leader in home appliance brands, and the pointers to Haier's success in Israel include advanced technology, constant innovation, strict quality requirements and localized transformation driven by international layout.

Ecommerce sales in home appliances market stay strong and most preferred channel by the Israelis

The Israeli e-commerce market has grown strongly in the recent years. As per the latest statistics, in 2019, e-commerce revenue reached about USD 3.8 billion with an increase of 13.4% year-on-year. Consumers are mostly researching online before making a purchase, and with a larger number of young smartphone users joining the customer base, it is just a matter of time before pre-purchase online research gets converted into actual online transaction. The GCC online channel has witnessed the emergence of quite a few online players that have registered stronger growth. Souq.com is one of the most prominent online retailers in the MENA region. Awok.com is another UAE-based online retailer which had witnessed a 500% Y-o-Y increase in its revenues in April 2015. While there was some low base effect (as this was only the second year of its operations), a revenue growth rate of 500% clearly shows that online retailing is catching up in the GCC region.

Competitive Landscape

Israel is the epitome for the global market, and staying at the top in the Israeli market is a portrayal of Haier's globalization. The Israeli market is home to many brands and there exists fierce competition. Haier is the first and only Chinese brand to promote high-end home appliances in the Israeli market. Its rapid market response and persistent pursuit of quality and design had set a benchmark for the export of China's home appliance industry.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Candy Israel
Electrolux AB
Godrej Group
Haier Electronics Group Co. Ltd.
LG Electronics
Panasonic Corporation
Samsung Electronics
Viking Range, LLC
Whirlpool
Defy Appliances (Pty) Ltd.

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