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Consumer Appliances Industry Analyst, Lorenza Della-Santa, explains how Egypt is becoming the new focal point for appliance manufacturers. The Middle East and Africa is a fast growing region for consumer appliances, surpassing Latin America’s growth rate in 2009-2010. This strong growth is due to two factors:
Egypt is not only one of the fastest growing countries in the Middle East and African region, but also in the world. In volume terms, the consumer appliances market in Egypt is expected to double by 2015. This is due to several factors:
Of course, these opportunities have not gone unnoticed by appliance companies willing to invest long-term. Electrolux has recently purchased a 52% share of Olympic Group, the main consumer appliance brand owner in Egypt. Olympic Group holds 25% volume share of the market there.
With the deal, Electrolux will gain:
This middle class has demonstrated the willingness to spend on Western-style consumer appliances. Other companies are looking into the area as well, including the Chinese company Midea which acquired a 35% share of the Egyptian company Miraco.