Increasing product innovations by market players along with the rising disposable income are expected to fuel the Saudi Arabia furniture market through the forecast period
According to TechSci Research report, “Saudi Arabia Furniture Market – By Region, Competition Forecast and Opportunities, 2027” Saudi Arabia Furniture market was valued at USD 5.94 billion in 2021 and is predicted to grow at CAGR of 7.95% through 2027. The Saudi Arabia furniture market is driven by an increase in residential property demand, real estate development, and government initiatives to build economic infrastructure. The economic agenda started by the Saudi Arabian to wean the country’s economy from oil dependency aims to provide house ownership to more than 70% of the families till 2030. According to a report the Saudi Vision 2030 will result into USD1 Trillion of investment from international investors. Moreover, in Saudi Arabia, where having luxury furniture is seen as a sign of social standing and wealth. The popularity for multi-utilitarian furniture has grown as a result of the benefits it provides, including reduced space requirements and multiple uses. Additionally, the demand of furniture is increasing as many of the furniture sector retailers entered into online retailing, due to increase in internet penetration and urbanization, growing younger population, rising government initiatives, there has been a high surge of demand of residential and office furniture through online portals. To grab more customers, many retailers such as IKEA and Midas have ventured into online furniture retailing.
The increased internet penetration to 97.9% in 2021 within Saudi Arabia has played a significant role in the market growth. As the young population of Saudi Arabia uses the internet’s global furniture ideas to customize their furniture, they prefer to change the aesthetics of their home by incorporating international furniture designs. With the support of customization, uniqueness is added to the product and the space.
Browse over 24 market data Figures spread through 103 Pages and an in-depth TOC on “Saudi Arabia Furniture Market”
Saudi Arabia furniture market is segmented by type, raw material, point of sale, and region. The market is segmented into home furniture, hospitality & institutional furniture, and office furniture. The raw material segment is divided into wooden, metallic, plastic and others (bamboo, cane, etc.). The market is also split in terms of point of sale between offline and online.
The furniture market of Saudi Arabia is witnessing a rapid surge in demand due to the urban population’s growing awareness and interest in smart furniture, with USB charging ports, touchscreens, speakers, and motion-activated features. This has resulted in lucrative growth opportunities for the top players who are offering such products.
Major market players operating in the Saudi Arabia Furniture market are:
- 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.
Customers can also request for 10% free customization on this report.
“Western Region turned out to be the highest revenue-generating region in the Saudi Arabia furniture market in 2021. The region is projected to continue its dominance with a market share of around 39% in 2027 due to factors such as increased internet connectivity, rising demand for modern furniture and changing lifestyles and preferences, etc. The growth of the region is attributed to the high population density. Also, the consumers in this region are showing a greater inclination towards using good quality furniture which is comfortable and reliable. Moreover, consumers prefer quality over price. Furniture products with long durability and advanced technology are preferred.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Furniture Market By Type (Home Furniture, Hospitality & Institutional Furniture, Office Furniture), By Raw Material (Wooden, Metallic, Plastic, Others (Bamboo, Cane, etc.), By Point of Sale (Offline, Online), By Region, Competition, Forecast & Opportunities, 2017-2027”, has evaluated the future growth potential of Saudi Arabia Furniture Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Furniture Market.
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