KSA's Lending Market Expected to Reach PHP 67 Bn by 2027, Driven by 4 Key Catalysts: Ken Research

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Storyline

1. KSA's private consumption expenditure has risen, indicating improved living standards and reduced poverty.
2. Demographic factors influence lending preferences, with under-24 individuals seeking credit for education and ventures, while 25-54 age group seeks loans for homes and cars.
3. Islamic finance has gained popularity, catering to KSA's predominantly Muslim population.
4. Digital banking has reshaped the lending landscape, reducing the need for physical bank branches.

The KSA lending market has shown outstanding growth potential, driven by various catalysts that have fueled the financial landscape in the country.  From consumption expenditure trends to the preferences of different age groups, along with the increasing popularity of Islamic finance and the transformative impact of digital banking, these factors have propelled the lending market forward.

1. KSA Consumption Expenditure Trends

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• KSA’s private consumption expenditure has been following an increasing trend and rose by 26.7% from Oct 2020 to Oct 2022.
• An increase in private final consumption is usually indicative of a rise in standard of living of people in the society, and a decrease in levels of poverty.
• Consumption expenditure growth has been rising through the last decade.

As KSA’s personal expenditure is on rise, a need for short term and long term loans by individuals also increases. Therefore leading to growth in overall KSA Lending market.

2. Youth: Credit for knowledge and ventures. Adults: Loans for homes and wheels.

People under the age of 24 taking credit for education and starting businesses while those between 25-54 seeking loans to buy homes and cars

• KSA has 4% of its citizens under the age of 24 leading to increased demand for credit for education and starting businesses.
• The population within the age range of 25-54 covers more than half of the population and seeks loans to finance the purchase homes and cars.

These needs of starting a business or buying a new car/house, all of which requires loans to integrate it. Thereby fueling the lending market in KSA.

3. Islamic finance has gained popularity

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• Islamic finance has become increasingly popular in KSA, among the country's large Muslim population (2% of the total population).
• Islamic finances: Sharia-compliant mortgages, etc. have seen increased demand.
• To get a Sharia-compliant mortgages one needs -

To qualify for a Sharia mortgage, you'll typically need a deposit of between 10% and 35% of the property's value. That said, it might be possible to find home purchase plans that need as little as a 5% deposit.

5. Banking in KSA: More Credit, Fewer Branches - Digital Surge Rewrites the Rules

The increase use of digital banking and online services has diminished the need for physical bank branches.

Customers are increasingly using online and mobile banking services for day-to-day transactions like - transferring money to vendors, shopping, checking bank balance etc.

This trend has accelerated during the COVID-19 pandemic, with many customers avoiding in-person banking to reduce the risk of infection

According to Ken Research, the KSA Lending market continues to expand, four key catalysts have contributed to its rise.

Individual consumption trends, the borrowing trends in different age groups, the increasing popularity of Islamic finance, and the adoption of digital banking are all the major catalyst to the expanding in market.

Customers are increasingly turning away from traditional bank branches in favour of the ease and accessibility provided by digital platforms.

These forces are altering the lending market, opening up new opportunities and posing new problems for Saudi financial institutions.

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KSA lending market

Pet care industry grows after pandemic; attracts FMCG companies: Ken Research

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Story Outline

Increased pet adoption after the pandemic is driving the Indian pet care industry to touch Rs 10,000 crore by 2025. There is a growing trend towards premium dog food products in the global market. Pet owners are increasingly willing to invest in higher-priced dog food options that offer specific health benefits, natural ingredients, and tailored formulations to meet the unique dietary needs of their dogs.

1. Purina, as a global pet food company, has achieved significant accomplishments in the pet category.

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Furthermore, Purina's focus on customer satisfaction and engagement plays a crucial role in fostering loyalty. The brand actively interacts with pet owners through various channels, providing educational resources, offering personalized advice, and engaging in community initiatives. These efforts help build lasting relationships with customers and reinforce their loyalty to the brand.

Purina boasts an impressive customer base, with 56 million households purchasing their products. This signifies the brand's widespread popularity and trust among pet owners. Purina has also emerged as the top player in the e-commerce sector within the pet category. This accomplishment demonstrates their ability to adapt to changing consumer preferences and effectively tap into the online marketplace, catering to the needs of pet owners who prefer to shop online.

Purina has experienced remarkable growth, achieving a 15% growth rate in the previous year. This growth can be attributed to various factors, including successful pricing strategies as well as increased sales volume. Purina's ability to drive growth highlights their strong brand portfolio and their ability to capture a larger market share. Purina's success in accelerating growth can be attributed to its robust brand portfolio. The company offers a diverse range of pet food products tailored to different pet species, life stages, and specific dietary requirements. These strong brands have resonated with pet owners, driving both sales and customer loyalty.

2. Mars Petcare bullish on India; focusing on expanding portfolio across price points

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Mars Petcare, a global pet nutrition company, is highly optimistic about the Indian market and aims to accelerate its growth in the country through resourcing, building capabilities, and expanding operations. India is considered one of the fastest-growing pet food markets worldwide, driven by factors such as increased pet adoption, rising awareness of proper pet nutrition, and favorable market conditions.

Mars Inc's global CEO, Poul Weihrauch, expressed a strong belief in India's potential for petcare and emphasized the company's focus on further boosting growth in the Indian market. Mars Petcare aims to cater to different consumer segments in the dog and cat food categories and has experienced higher growth in the cat food business over the past few years, despite starting from a smaller base.

The company has a diverse portfolio of pet food products, ranging from economical, entry-level options to premium, luxury products. Ensuring the right price pack architecture is a key focus for Mars Petcare to provide consumers with suitable choices. Bonus: Mars Petcare has invested INR 500 crore in expanding its pet food factory in Telangana, which will support increased manufacturing capacity and allow the company to offer products across various price points, thus expanding its distribution footprint in the country.

The future of the global dog food market appears promising. With a growing emphasis on pet health and wellness, the demand for high-quality, nutritious dog food is expected to increase steadily. Market players are likely to focus on innovative formulations and sustainable sourcing to meet consumer preferences. As the bond between humans and their furry companions strengthens, the dog food market is poised to witness sustained growth and evolution in the coming years.

Sip, Relax, Repeat: Starbucks Creates a Buzz in KSA's Cafe and Coffee Chain Market: Ken Research

 Starbucks has established a strong presence in the Saudi Arabian cafe and coffee chain market. Its brand recognition, consistent quality, and adaptation to local preferences have contributed to its success in the country.

STORY OUTLINE

• Starbucks Success in Saudi Arabia: Strong presence and brand recognition in the Saudi Arabian cafe and coffee chain market.
• Strategic Placement and Market Share: Starbucks strategically places outlets in high-traffic areas, holding over 50% of the chained cafe market share in Saudi Arabia alongside Dunkin' Donuts.
• Loyalty Programs Drive Engagement: The Starbucks Reward Loyalty Program boasts 16 million active members, contributing 40% to sales and resulting in a ~10% increase in same-store sales.
• Alignment with Saudi Vision 2030: Starbucks invests in employees and new store openings, including the debut of the first Starbucks Reserve store in Jeddah, reinforcing its commitment to growth and being the preferred choice for coffee lovers.
• Financial Performance and Recognition: Achieved a net revenue of approximately $25 billion in 2022 and recognized by the Saudi Ministry of Culture for contribution to the success of the 2022 Year of Saudi Coffee.

1. Strategic Placement: Starbucks Sets Up Shop in High-Traffic Areas

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Starbucks adopts a strategy of establishing outlets in larger cities, which serve as centralized facilities or hubs. These hubs provide logistical and managerial support that enables Starbucks to efficiently expand into nearby smaller cities and suburban locations. By leveraging the operational infrastructure of these hubs, Starbucks can rapidly extend its presence and reach a broader customer base.

The densest clusters in Riyadh are Al Olaya, Al Mathara, Al Sulmaniyah where 8 Starbuck Outlets are present in close proximity and most of the Starbucks locations are very well positioned near corporate hubs.

In 2022, Starbucks together with Dunkin donuts held a combined market share of over 50% in the chained café market.

2. Sip, Earn, Repeat: The Evolution of Starbucks' Game-Changing Loyalty Programs

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The Starbucks Reward Loyalty Program boasts a staggering active membership of ~16 million users as of March 2019.

Approximately 40% of Starbucks' total sales can be attributed to the Rewards Program, showcasing its significant impact on the company's financial performance.

The program has proven successful in driving a notable ~10% increase in same-store sales, indicating its effectiveness in boosting customer engagement and loyalty.

3. Coffee Kingdom: Starbucks Hits 400 Store Mark in Saudi Arabia

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Starbucks Aligns with Saudi Vision 2030, making substantial investments in its employees and new store openings, including the debut of the first Starbucks Reserve store in Jeddah on May 4th, 2023.

Starbucks underscores its dedication to becoming the preferred choice for coffee lovers in the Kingdom, as evidenced by its expansion plans and ongoing growth momentum in the region.

The Saudi Ministry of Culture acknowledged Starbucks as a significant contributor to the success of the 2022 Year of Saudi Coffee. Additionally, Starbucks achieved a net revenue of ~25 billion U.S. dollars in 2022, reflecting a notable increase compared to the previous year's total.

In conclusion, Starbucks has made a significant impact on the cafe and coffee chain market in Saudi Arabia, with a strong presence, strategic placement of outlets, and a game-changing loyalty program. By aligning with Saudi Vision 2030 and achieving remarkable financial performance, Starbucks continues to shape the coffee culture in the Kingdom and cement its position as the preferred choice for coffee lovers.

Revolutionizing Fitness: UAE Embraces Niche Programs to Transform Lives and Ignite Performance: Ken Research

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Personalized Solutions and Tailored Training Redefine Fitness Industry in the UAE

Storyline

• Veteran golfer defies age with golf-specific program.
• Niche fitness programs thrive, targeting specific groups.
• Bespoke coaching addresses unique challenges, empowering women.
• As per Ken Research estimates, demand surges for specialized workouts & companies to target niche client only.

For many individuals in the UAE, traditional fitness routines are no longer something they want to keep up with & they’d rather seek personalized approaches that cater to their unique needs and goals. This has given rise to a flourishing market of niche fitness programs designed to target specific groups and sports. Ranging from golf-specific training to bespoke coaching for conditions like polycystic ovarian syndrome (PCOS), fitness professionals are transforming lives by providing tailored services.

1.Golf-Specific Programs

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M.S., a veteran golfer, believed his golfing days had come to an end as age took a toll on his body. However, a golf-specific program led by Richard Dunsby at Optimal Fitness as confirmed by him, ‘came to rescue’. Within six weeks, M.S. experienced a pain-free body and a revitalized swing. Richard's success story showcases the power niche fitness programs are holding nowadays in Dubai.

Independent or goal-specific facilities are thus contributing to a larger market share owing to their independent outlook on activities as compared to chained outlets who share the same ideology all around their operating area.

2.Targeting Specific Groups

Fitness professionals in the UAE are increasingly recognizing the demand for tailored made workouts designed for specific groups. One such example is Georgie Ricks, founder of 'Its a PCOS Party,' a bespoke coaching program for women battling polycystic ovarian syndrome. By providing detailed and personalized regimes, Georgie addresses the unique challenges faced by these women in their day to day activities. This niche approach empowers them, fostering a sense of understanding, trust, and progress toward their fitness goals.

3.Surging Demand

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The response to niche fitness programs in the UAE fitness market has been overwhelming. Georgie Ricks, since launching her PCOS coaching program, has witnessed unprecedented interest. What initially started with a few clients rapidly escalated to a waitlist due to the immense demand. This surge in interest indicates the vast number of individuals seeking specialized fitness solutions to address their specific needs.

4.What’s next?

As per our estimates at Ken Research, as the fitness industry in the UAE continues to evolve, niche fitness programs are transforming the lives of individuals seeking personalized approaches. These programs cater to specific groups, address unique challenges, and deliver tailored solutions. The success stories and increasing demand highlight the significance of niche fitness in empowering individuals to achieve their health and wellness goals. With specialized programs and products gaining popularity, the UAE's fitness landscape is embracing a more personalized and inclusive future.

Company founders are tapping the need for personalized workouts, majorly because they have recognized the client specific problems. This has led to them catering to that particular niche only which is something that’ll go on for years to come.

A Buzzing Business: UAE's Cafe and Coffee Chain Market Creates a Stir! : Ken Research

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The cafe and coffee chains market in UAE is flourishing as coffee culture gains traction. The UAE Cafe Market is projected to grow at a CAGR of ~5.5% by 2027, showcasing the industry's promising expansion.

STORY OUTLINE

• UAE Coffee Consumption: The UAE is one of the largest coffee consumers in the Middle East, with an estimated annual per capita consumption of around 3.3 kilograms in 2019.
• Coffee Shop Density: Major cities like Dubai and Abu Dhabi have a high density of coffee shops and cafes. In 2019, Dubai alone had over 4,000 cafes and coffee shops, indicating the popularity of coffee culture in the country.
• Expatriate Influence: The significant expatriate population in the UAE, along with the GenZ segment, is driving the thriving food and beverage (F&B) industry. Their preferences and demands for diverse culinary experiences contribute to the growth of the sector.
• Tourism Impact: Tourism plays a vital role in the UAE's cafe and coffee chain market. The country attracts millions of tourists each year, creating a significant customer base for cafes and coffee shops, which contributes to market growth.
• Government Support: The UAE government has implemented various initiatives to support the F&B industry and boost consumer spending. Economic support schemes, reductions in fees, and investments in technology and infrastructure have facilitated the growth of the sector and overall consumer confidence.

The UAE is one of the largest consumers of coffee in the Middle East. In 2019, the average annual coffee consumption per capita in the UAE was estimated to be around 3.3 kilograms. The UAE has a high density of coffee shops and cafes, particularly in major cities like Dubai and Abu Dhabi. In Dubai alone, there were over 4,000 cafes and coffee shops in 2019. The UAE has experienced a surge in the establishment of both international and local cafes and restaurants in recent years. This growth can be attributed to factors such as the significant expatriate population and the influence of the GenZ segment, which are currently driving the thriving F&B industry in the UAE.

1. Expat Community and Gen-Z Energize UAE's Thriving F&B Scene!

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The demographic composition of the UAE primarily consists of a significant expatriate population, with a predominant male presence within the age group of 25-54 years. Around 80% of the population is employed, and among the emirates, Dubai holds the highest population density.

The demand for healthier food options is picking up with the rising GenZ population. GenZ population who are now growing up are educated and have a better purchasing power. They are more concerned about the sustainability, environmental impact and nutritional value of their food which is shaping trend in F&B industry and restaurants are trying to adapt accordingly.

2. Tourism Boosts UAE's Cafe and Coffee Chain Market to New Heights

Tourism plays a crucial role in the UAE cafe and coffee chain market. The country attracts millions of tourists each year, and cafes and coffee shops are popular destinations for visitors, contributing to the market's growth.

Every year, the UAE attracts a massive influx of tourists, making a substantial contribution to its GDP through tourist spending. In the first quarter of 2023, Dubai alone welcomed over 4 Mn visitors, highlighting the region's popularity as a tourist destination.

The travel and tourism sector made a significant contribution to the UAE's GDP, amounting to approximately AED 180 Bn, equivalent to around 12% of the country's total GDP.

3. Government Initiatives Ignite Consumer Spending Surge in UAE

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The UAE Central Bank announced an AED 100 Bn Economic Support Scheme, 2021 for retail and corporate customers during the Pandemic to act as a Stimulus.

The Dubai & Abu Dhabi governments announced a range of measures such as reductions in tourism and municipality fees, and water and electricity charges.

UAE govt. has launched a partnership with FOODICS, a fintech platform to boost the growth of SMEs in F&B sector by providing them the advanced technologies and systems. The government is also focusing on heavy investments in F&B sector to achieve food security and reduce import dependence which will support this sector going further by reducing input prices.

In Conclusion, The UAE's coffee consumption, high coffee shop density, expatriate influence, tourism impact, and government support have all contributed to the thriving cafe and coffee chain market. With a strong demand for coffee, diverse culinary experiences, and initiatives to boost consumer spending, the UAE's F&B industry continues to flourish and cater to the preferences of locals, expatriates, and tourists alike.

According to Ken Research, UAE Cafe Market is projected to grow at a CAGR of approximately 5.5%. The future growth prospects for the UAE's cafe and coffee chain market are promising. Factors such as economic recovery, an expanding expat population, the influence of GenZ preferences, tourism recovery, and government support contribute to this positive outlook. However, adaptability, innovation, and differentiation will be key to thriving in a competitive landscape.

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UAE Cafe And Coffee Chain Market

UAE Debt Collection Market is Expected to Reach More Than AED 5Bn by 2027 Owing to Rise in digital collection techniques and Improvement in UAE legal system related to debt collection, bankruptcy and insolvency: Ken Research

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UAE Debt Collection Market Ecosystem

Tahseel, First Solution Management Service are the market leaders in UAE Debt Collection Market; the market is highly fragmented consisting of many players. The UAE Debt Collection Market is composed of many players which are operating across the borders and not just within the UAE.

 Key Market Findings:

• Digital collections are being extensively used which leverages analytics to make the process more
• Collection agents are being trained to equip them with latest technology and to adept them to various consumer situations for providing more feasible solutions.
• The industry is slowly becoming more customer-centric in its approach.

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IT Policies and Proper Documentation: Companies are maintaining proper documentation and proof for all debt provided by them to corporates and individuals. This makes it much easier for debt collection agencies to recover the debt in case of a default both amicably and legally as well through payment order method. Collection companies which provide settlement plans to debtors have start taking post-dated cheques as a proof for future payment. Changing IT policies require companies to maintain complete confidentiality of client information due to threat of data breach. All this factors will provide more growth to collection industry.

Emphasis on NLP Techniques: Collection agencies are extensively using various speech analytics tools to record and analyse customer conversations. This enables to maintain security and gain insights into client expectations. In addition, the information gathered can further be used for training of employees adapting them to different situations while negotiating and hence, improving their performance which would act as a key growth driver for debt collection companies.

Favorable Changes in UAE Legal System: The new legal system at UAE makes it possible to recover debts via court in merely within 7 days if all the documents are readily available. The new Bankruptcy law also provides safety for debtors and changes the shape of debt collection industry. Ultimately, act as catalysts for the industry.

Analysts at Ken Research in their latest publication- “UAE Debt Collection Market Outlook to 2027- Characterized by fierce competition and high growth prospects” by Ken Research provides a comprehensive analysis of the potential of the debt collection market in UAE. Rise in digital collection techniques and increasing use of AI and ML for recovery predictions are expected to contribute to the market growth over the forecast period.

UAE debt collection market is expected to grow at a robust CAGR over the forecasted period 2022-2027.

Key Segments Covered

Segmentation by Segment

• Non-Finance
• Finance
• Insurance

Segmentation by Type of Firm

• Debt Collection Agency
• Law Firm

Segmentation by Age of Firm:

• 0 to 10 yrs
• 10 to 20 yrs
• 20 to 30 yrs

Segmentation by Geographical Presence

• Abu Dhabi
• Dubai
• Fujairah
• Sharjah
• Ajman
• Umm Al-Quwain
• Ras Al-Khaimah

Sub-segmentation of insurance segment & financing segment

Sub-segmentation of insurance segment:

• Motor & Transportation
• Property/Fire
• Liability & Others

Sub-segmentation of financing segment:

• Real State
• Personal
• Financial institution
• Services
• Manufacturing
• Trade
• Others

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Key Target Audience

• Existing Debt Collection Companies
• Law Firms
• Financing Companies
• Non-Financing Companies
• Insurance Companies
• Debt Collection & Management software providers
• Government Agencies
• Finance Consultants
• Others

Time Period Captured in the Report:

• Historical Period: 2017-2022
• Base Year: 2022
• Forecast Period: 2022–2027

Companies Covered:

SUPPLY SIDE:

Debt Collection Companies

• Tahseel
• CMS
• Aman Debt Collection
• First Solution
• Credit Recovery
• AW Holding
• Bilkish
• Derby Group of Companies
• Alpha Debt Collection
• Fort Equity
• Quick Action
• ATDC
• com
• ALQADA

Law firms/Debt Collection

• Taswiyeh
• ASKTHELAW
• HHS LAWYERS
• DUBAI DEBT RECOVERY
• STA
• AE
• AL ROWAAD
• AL SAFAR
• BIN EID

Regulatory Bodies and Judiciary

• Central Bank of the UAE
• Judicial Department

DEMAND SIDE:

Insurance companies

• Etihad Credit Insuranc
• Atradiuse
• CIGNA
• COFACE
• PACIFIC PRIME
• MetLIFE
• ACE
• Emirates RE

Financing companies

• Emirates NBD
• ADCB
• DUBAI FIRST
• Mashreq
• Commercial Bank of Dubai
• Dubai Islamic Bank
• HSBC
• RAKBANK
• ADIB
• FAB
• CITYBANK

Non-Finance companies

• Etisalat
• Emircom
• Etihad Water and Electricity
• Abu Dhabi Distribution Companies
• Emaar
• Nakheel
• Lufthansa
• Choithrams
• Asian Paints
• Majid UL Futaim
• Naseej

Key Topics Covered in the Report                            

• Global Debt Collection Market Overview
• Ecosystem of UAE Debt Collection Market – Demand and Supply Side
• Value Chain Analysis – Amicable Settlement and Litigation Settlement
• Market Size and Segmentation of Debt Collection Industry in UAE, 2017-2022
• UAE Debt Collection Market Industry Analysis
• Software used in UAE Debt Collection Market
• Market Shares of Major Debt Collection Companies in UAE on the basis of Debt Collected, 2022
• Competitive Analysis
• Future Outlook and Projections, 2022-2027 

For More Insights On Market Intelligence, Refer to the Link Below: –

UAE Debt Collection Market Outlook to 2027

Related Reports by Ken Research: –

KSA Debt Collection Market Outlook to FY’2026

Pandemic Challenges Qatar's Retail Market, but FIFA World Cup Ignites Dining Scene: What's the Future? – Ken Research

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The Qatar retail restaurant market has faced significant challenges in recent times, grappling with the impact of the pandemic, shortage of staff, and more. These hurdles have left the industry in a constant struggle to stay afloat. However, a glimmer of hope has emerged on the horizon with the forthcoming FIFA World Cup, which has sparked a remarkable surge in demand for restaurants across the country.
What lies ahead for Qatar's restaurant market as it navigates through these challenging times and embraces the opportunities brought by the World Cup? Read more to find out what the future holds for this dynamic and evolving industry.

1. Pandemic, Short-Staffing Woes, and Rising Operational Costs have left the Restaurant Industry struggling to stay afloat in Qatar

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2. But the FIFA World Cup has remarkably increased the demand for restaurants, shopping malls, hotels, and entertainment platforms in the country

3. With the onset of the FIFA World Cup in 2022, Qatar has welcomed a wave of ~600 new restaurants like Fiko, Inara, Chariot, Ergon, Soy Tokyo, and many more

4. Also, Qatar aims to attract more than 6 million visitors in 2030 aided by Qatar’s National Tourism Strategy 2030 which will act as a catalyst for new hotels to be established in the country

5. Presently, increasing demand for luxury hotels, burgeoning residential development projects, and major government efforts to catalyze the tourism sector have been key drivers for restaurants & hotels

6. Besides it, Out of Restaurants, Malls, and Hotels, the Restaurants Segment is expected to witness higher footfall in the coming years and perform relatively better

Some of the Intelligence Curated by Ken Research in Retail Restaurant Market Space:

• Middle East Catering Market Outlook to 2027 Segmented by Services Type (Contractual, Non-Contractual), By End User (Healthcare, Hospitality, Corporates, Education, In-Flight and Others (Holy Sites, Events, Railways, Defense, etc.), By Region
• Bahrain Catering Market Outlook to 2027F By Type (Contractual and Non-Contractual), By End User (In-Flight, Oil & Gas, Hospitality, Healthcare, Education, Corporate and Others)
• Australia Catering Services Market Outlook To 2027F By Event Catering, Industrial, Education, Flight, Healthcare, Corporate, and Other Catering
• China Catering Market Outlook 2027F driven by increasing demand & innovative business Model
• India Catering Services Market Outlook to 2027F By Event Catering, Industrial, Education, Flight, Healthcare, Corporate, and Other Catering

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Retail Restaurant Market In Qatar

Future Outlook of Global Electric Motor Industry: Ken Research

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What Is The Size Of Global Electric Motor Industry?

Global Electric Motor market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027.

The Global Electric Motor Market is largely driven by rising environmental concerns and driven by favorable government policies, the adoption of electric vehicles is expected to witness a massive development during the forecast period, which is expected to be a key driver for the electric motor market.

The number of plug-in electric vehicles (PEVs), including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), has been rising and is expected to continue having similar trends in the coming years.

Electrical motors have a widespread application in various sectors, including power, chemical, petrochemicals, and others, allowing them to diversify and strengthen their position in the global market. As the power demand has grown considerably across nations, the industrial sector has gained pace and developed technologies, such as combined heat & power (CHP), which has broadened the scope of deployment of electric motors in the industries and has led to a constant demand for the product in the sector.

The construction sector heavily influences heating, ventilation, air-conditioning (HVAC), and refrigeration equipment. Developing economies are the major countries indulged in the electric motor market growth.

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Global Electric Motor Market By Motor Type

The increasing automation in various industrial processes and the use of electric AC motors in diverse applications, such as healthcare, construction, automotive, and consumer goods, are expected to support the market growth.

Global Electric Motor Market By Voltage Type

Based on voltage, less than 1 kV is expected to have the largest share owing to the growing consumer spending for small appliances, coupled with increasing demand for small fans and pumps used in small equipment (Hairdryers, pumping machines, and others).

Global Electric Motor Market By Application

The residential usage of the electric motor is gaining importance because of the increasing demand for electric household appliances and increasing global purchasing power parity (PPP), which result from growth in consumption and modernization of various applications used in the residential sector.

Global Electric Motor Market By Geography

Asia-Pacific is the largest region and is also the fastest-growing region over the forecast period owing to the presence of several developing economies, such as China, India, and Japan.

Competition Scenario In Global Electric Motor Market

The smart home security market is highly fragmented due to low entry barriers. Some of the major companies are ABB Ltd. AMETEK Inc., Johnson Electric Holdings Limited, Siemens AG, Rockwell Automation, Toshiba Corp., Hitachi Ltd, and Toshiba Corp. Further strategic partnerships and innovations are the driving force for the industry, and the market is evolving faster in terms of technology and features.

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What Is The Expected Future Outlook For The Overall Global Electric Motor Market Across The Globe?

The Global Electric Motor market was valued at USD ~Bn in 2022 and is anticipated to reach USD ~Bn by the end of 2027, witnessing a CAGR of ~% during the forecast period 2022-2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The global market scenario for electric motors is upbeat on account of increasing energy consumption, expanding manufacturing industry, and growing automobile sector. Furthermore, the demand for electric vehicles has constantly been increasing over the last few years due to the rising government awareness programs to attain emission-free vehicles. The electric car stock grew at a CAGR of ~ during 2016-2020.

The growth is expected to continue during the forecast period, fostered by the decreasing cost of lithium-ion batteries and technological advancements, which has enhanced the speed of the EV and also increased the number of kilometers covered in a single charge.

Technological advancements have made electric cars and two-wheeler more feasible for city travel apart from reducing pollution and decreasing the dependence on fuels. Additionally, in a bid to increase the share of electric vehicles, countries are spending a tremendous amount of money to establish the required infrastructure, which is likely to increase the demand for electricity and electric motors.

The developing economies of the world, such as China and India, are some of the major hotspots for the electric motor business. In India, the rising disposable incomes, improving standards of living, and policy level support to augment the manufacturing sector are anticipated to drive the demand for electric motors.

Moreover, the residential usage of the electric motor is gaining importance because of the increasing demand for electric household appliances and increasing global purchasing power parity (PPP), which result from growth in consumption and modernization of various applications used in the residential sector.

For more insights on market intelligence, refer to the link below: –

Global Electric Motor Market

Related Reports by Ken Research: –

Global Used Vehicle Market Outlook to 2027

UK EV Charging Equipment Market Outlook to 2027

From Tradition to Trend: KSA’s Cafe and Coffee Chain Market Awakening: Ken Research

 The cafe and coffee chains market in Saudi Arabia is flourishing as coffee culture gains traction. The KSA Cafe Market is projected to grow at a CAGR of ~10-15% by 2027, showcasing the industry's promising expansion.

STORY OUTLINE

• The KSA cafe and coffee chain market is served by both national and international chains, with standalone outlets holding the majority of market share in terms of the number of establishments.
• Urbanization, a high proportion of urban population, and changing lifestyles are driving the demand for cafes and coffee chains in Saudi Arabia.
• The growth of the cafe market is fueled by millennials, particularly those aged 24-40, who are driving the trend of socializing in cafes.
• Government policies, such as the SAR ~1,100 Bn Expenditure Plan and initiatives by the Sovereign Wealth Fund, are driving a surge in consumer spending and promoting economic growth in Saudi Arabia.
• In March 2023, consumer spending in Saudi Arabia witnessed significant growth, surpassing SAR ~4 Bn per day, reflecting a robust increase in economic activity and expenditure.

In the 1990s, coffee shops emerged, introducing Saudi families to various Italian coffee, pastries like donuts, tiramisu, and cinnamon rolls. Branded coffee shops are set to gain substantial popularity throughout Saudi Arabia. The KSA café and coffee chain market is served by both national and international chains. Standalone outlets hold the majority of market share in terms of the number of establishments. Cafes accounted for ~10% of the total foodservice GMV in 2022.

1. Urban Buzz: Thriving Cafe Culture in Saudi Arabia.

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• The multicultural ambiance of Saudi Arabia, along with its sizable expatriate community, provides an opportunity for food chains from various countries to extend their reach and cater to diverse tastes.
• High proportion of urban population ~80% in KSA and resulting lifestyle changes will fuel the demand for cafes and coffee chains.
• The Kingdom is targeting an ambitious goal of hosting 100 Mn tourists per year by 2030 and increasing tourism’s contribution to GDP to 10%.

2. Millennials Fueling the Coffee Revolution in KSA.

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• The growth of the cafe market is propelled by a rising working-age population, particularly among individuals aged 24-40, who account for ~55% of the total population.
• The proliferation of chained cafes is driven by the growing trend of socializing in cafes, particularly among urban Millennials and the younger demographic segments of the population. This trend is contributing to the continued expansion of the cafe market.
• Large millennial population with high disposable incomes who are willing to spend on health are the attractive cohort of the customer for Acai Bowls.

3. Fueling the Economy: Government Policies Drive Consumer Spending Surge

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• KSA's SAR ~1,100 Bn Expenditure Plan for 2023 aims to promote growth, enhance spending efficiency, and prioritize investments in education and healthcare, stimulating consumer spending.
• KSA's Sovereign Wealth Fund launches 3 initiatives to empower private sector businesses, aligning with the nation's vision of diversifying away from oil, fostering local opportunities and economic transformation.
• In March 2023, consumer spending in KSA experienced remarkable growth as it surged past SAR ~4 billion per day, indicating a substantial increase in economic activity and expenditure.

In conclusion, the KSA cafe and coffee chain market is driven by a combination of factors including urbanization, changing lifestyles, and the influence of millennials. Government policies and initiatives are further fueling consumer spending and promoting economic growth. With the rise of branded coffee shops and the dominance of standalone establishments, the market shows promising potential for expansion and diversification.

The Fitness Showdown: Gym nation and Fitness First’s battle for Dominance in the UAE Fitness Market: Ken Research

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With tilting consumer preference towards Gym nation because of affordability, it is imperative to see the future market scenario for Fitness First & Gym nation

Storyline

• Inspiring tailored fitness solutions, global recognition.
• GymNation: Affordable fitness concept, rapid UAE expansion.
• Clash of Giants: Fitness First vs. Gymnation rivalry.
• As per Ken Research, Consumer preference to shape market dominance.

In the competitive UAE fitness industry, Gymnation and Fitness First have come up as dominant players. Gymnation, founded in 2018 under JD Gyms, prioritizes affordability and accessibility. Fitness First, established in 1993, is a leading global health and fitness chain with a strong presence in the Middle East. With both companies holding significant market share, the future scenario is something that brings a lot of curiosity. In this article, we uncover their current dynamics, strengths, and future prospects in the evolving UAE fitness landscape.

1.The story till date.

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Established in 1993, Fitness First has earned global recognition for its commitment to inspiring individuals to pursue fitness that’s tailored made for them. By providing top-notch training equipment, health solutions, and internationally accredited professionals, Fitness First helps customers achieve their fitness goals as per their desires. In contrast, GymNation, founded in 2018, identified the need for affordable fitness options and quickly filled the market gap. With their budget-friendly approach and expansive facilities, GymNation has become one of the largest fitness center chains in the UAE.

2.Market Presence is something to look out for.

Gymnation’s strong presence is marked by the fact that within 1 year of opening, the Al Quoz Gymnation facility reached 10,000 members and was not only the most affordable but also the largest gym in the UAE. Fast forward to 2019, the company opened 2 new gyms, in Bur Dubai and Ras Al Khaimah. It added another 4 gyms in 2020, in Mirdif, Dubai Motor City, Silicon Oasis and Khalidiyah Mall in Abu Dhabi.

Fitness First on the other hand, has over 70,000 members in over 56 clubs across 46 locations across the UAE, Bahrain, Qatar, Saudi Arabia, and Kuwait. The company goes way back to 1993 & has a strong presence in the UAE market.

3.The USP Battle?

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Talking about the USP’s, Fitness First as a brand comes from more than a decade long experience & their strong market presence spread over not only in UAE but also other regions is their unique selling point itself. Gymnation on the other, being a new player, is still trying to establish as a brand, expanding their presence & have already got favorable consumer preference.

Changing circumstances & ability to adapt to it has been fitness first’s another USP. For instance, as Covid-19 precautionary measures forced gyms to remain closed for a brief period, Fitness First launched an online platform called ‘FF on Air’ & the brand is now building bigger studios to meet demand in the post pandemic era.

Gymnation on the other hand, took advantage of the sheer size of their gym facilities & spaced equipments during the pandemic era. Both the companies have their own set of USP’s but affordability is something that is unique to Gymnation only which is also attracting a huge plethora of consumers & will provide added benefit to the company.

4.What’s next? Affordability or market presence?

The current market share of both the players is huge & both are expected to run for leadership in the long run. But the consumer preference is something that’ll decide the future course of action for the players.

As per our estimates at Ken Research, Gymnation’s affordability is something that will benefit them in the long run & this is also something that Fitness First has to look out for.