Saudi Arabia Furniture Market to Grow with a CAGR of 8.46% During the Forecast Period
The increase in construction
activities and rising preference for customized furniture are the leading
factors that will drive the Saudi Arabia Furniture market in the forecast years.
According to
TechSci Research report, “Saudi Arabia Furniture Market – By Region, Competition, Forecast &
Opportunities, 2028F,” the
Saudi Arabia Furniture Market was valued at USD6.40 billion in 2022 is forecast
to grow at an impressive CAGR of 8.46%
in the forecast period due to rapid change in purchasing pattern and rising
preference for customized furniture. The market's growth is stimulated by increasing
construction activities, increasing marketing and distribution channel, rising
home ownership, and changing consumer preference. The demand for furniture in
the projected period will likely register sustainable growth due to growing
demand for smart as well as luxury furniture.
Growing demand
for residential real estate, real estate development, and government
initiatives to improve the country's economic infrastructure are likely to contribute
to the growth of the Saudi Arabia furniture market. More than 70% of families
will own a home by 2030 due to the Saudi economic plans, which seeks to wean
the nation's economy from its dependence on oil. According to a report the Saudi Vision 2030
will result into USD 1 trillion in investments from foreign investors.
Furthermore, having expensive furniture is regarded as a symbol of societal
standing and wealth in Saudi Arabia.
The popularity of
multi-utilitarian furniture has increased because of advantages it offers, such
as less space requirements and multiple uses. In addition, the demand for
furniture is rising as more furniture sector retailers venture into online
retailing. This is because of several factors like increasing internet
penetration, urbanization, and implementation of more government initiatives.
As a result, there has been a significant increase in demand for residential
and office furniture through online portals. Many businesses have entered
online furniture retail market to attract more customers, including IKEA and
Midas.
The growth of the
market has been significantly influenced by Saudi Arabia's increased internet
penetration, which is expected to reach 97.9% in 2021. The young people of
Saudi Arabia prefer to modify the aesthetics of their homes by incorporating
international furniture designs, using the internet's furniture ideas to
customize their furniture. The product and the home become unique
with the help of customization of furniture.
Browse over 24
market data Figures spread through 103 Pages and an in-depth TOC on "Saudi Arabia Furniture Market"
The Saudi Arabia
Furniture Market is segmented based on type, raw material, point of sale,
region and competitive landscape. Based on type the market is segmented into
home furniture, office furniture, hospitality & institutional furniture.
The home furniture dominates the market due to the increasing demand for
customized home furniture and changing consumer preference. Based on raw
material the market is segmented into wooden, metallic, plastic and others
(bamboo, cane, etc.). The wooden segment dominates the market on the account of
its long durability.
The Saudi Arabia
furniture market is divided into offline and online based on points of sale
segment. Based on region,
the market is divided into western, northern & central, eastern, and
southern. The Western
Region was the highest revenue generating region in 2022. Due to factors like
improved internet connectivity, rising demand for contemporary furniture,
shifting lifestyles and preferences, etc., the region is expected to maintain
its dominance in forecast period. Rising population is said to be responsible
for the area's expansion. Additionally, consumers in this region are exhibiting a stronger preference for using
high-quality furniture that is reliable and comfortable. Consumers also prefer
quality over price. Furniture items with long durability and technology are preferred
by customers in Saudi Arabia.
Key market
players in the Saudi Arabia Furniture Market include:
- Arabian Furniture and Design Co.
- Al-Mutlaq Furniture Co (Saudi Arabia)
- IKEA Saudi Arabia. Ghassan Ahmed Al Sulaiman Furniture
Trading Co. ltd
- Midas Furniture Manufacturing L.L.C
- Al Jedaie Office Furniture Company
- Riyadh Furniture Industries Co.
- The Saudi Modern Factory Co.
- Al Jeraisy Furniture Factory
- Al Sharq Al Masiya Trading Company
- Al-Makateb Co. Ltd.
Saudi Arabia
furniture market is experiencing a sharp increase in demand because of urban
residents' increasing awareness of and interest in smart furniture that
includes USB charging ports, touchscreens, speakers, and motion-activated
features. The leading players who are providing such products have
benefited from the increasing demand from customers in Saudi Arabia.
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“The growing
demand for smart as well as luxury furniture is going to boost the Saudi Arabia
furniture market in the forecast period. Market leaders are constantly
upgrading their products to meet the growing demand, which is expected to drive
the Saudi Arabia Furniture Market over the next few years. Additionally, the rising
home ownership in Saudi Arabia and rising demand for customized furniture, will
positively impact the Saudi Arabia Furniture Market during the forecast period.”
said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Saudi Arabia Furniture Market By Type (Home Furniture,
Office Furniture, Hospitality & Institutional Furniture), By Raw Material
(Wooden, Metallic, Plastic, Others (Bamboo, Cane, etc.), By Point of Sale
(Offline, Online), By Region, Competition Forecast & Opportunities, 2018-2028,” has evaluated the future growth
potential of furniture market in Saudi Arabia and provides statistics and information on market structure,
size, share and future growth. The report is intended to provide cutting-edge
market intelligence and help decision makers take sound investment decision.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities present in Saudi Arabia furniture
Market.
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