Market Trends of GCC Vinyl Flooring Industry
This section covers the major market trends shaping the GCC Vinyl Flooring Market according to our research experts:
Growing Demand for Own Houses is Forecasted to Drive the Market in Saudi Arabia
The number of housing development projects in Saudi Arabia is increasing with the growing population. In majority areas of KSA own house is an affordable entity for the high-income groups only as the price of a home is 30 times the average gross income of a person aged 25 to 29. According to Government statistics, in Saudi Arabia, only 60% of Saudi nationals own a house as per the 2017 census and this ratio is even low at 5% among non-Saudi nationals. In order to bridge the demand-supply gap, the Saudi Arabia Government is investing in low-cost affordable houses and is also encouraging private investments in the housing segment.
Commercial End-User Segment is Dominating the Market
With the rising tourism and pilgrimage activities in the holy cities of Mecca and Madinah, the hospitality industry is expanding in order to accommodate the growing number of pilgrims and resulted in growth in domestic leisure demand, Meetings, Incentives, Conferences and Exhibitions (MICE). An increase in domestic tourism is also expected to boost hotel construction and renovation in cities like Jeddah, Riyadh, Mecca, Madinah, and Greater Dammam. Riyadh is also expected to witness increased demand from the retail segment with plans of developing three large shopping malls.
