dublin, May 23, 2023 /PRNewswire/ — “Saudi Arabia Furniture Market” by Type (Home Furniture, Office Furniture, Hospitality and Institutional Furniture), By Raw Material (Wood, Metal, Plastic, Others (Bamboo, Cane, etc.)), By Point of Sale , Competitive Forecast and Opportunities by Region, 2018-2028'' report has been added. ResearchAndMarkets.com Recruitment.
Saudi Arabia's furniture market was highly rated $6.4 billion It is anticipated to register a CAGR of 8.46% in 2022 and is expected to witness robust growth during the forecast period.
Saudi Arabia's furniture market is growing at a robust rate due to rapid changes in purchasing patterns, growth in the construction industry, and growing preference for customized furniture. Additionally, increasing home ownership and increasing demand for smart furniture as well as luxury furniture are also contributing significantly to the growth of the Saudi furniture market.
Saudi Arabia Furniture Market Scope
Furniture refers to moving items used to create a suitable space for living or working. Sofa sets, tables, chairs, desktops, bunk beds, workstations, wardrobes, etc. are all examples of furniture. It includes various types of furniture such as home, office, institutional, and entertainment furniture. Saudi Arabia furniture market.
Additionally, the market is segmented based on the raw materials used, such as wood, metal, plastic, and others (bamboo, sugarcane, etc.). Based on point of sale, the market is divided into offline and online.
Saudi Arabia Furniture Market Overview
Foreign home interior platforms are expanding their services across the country, which is also a factor for the continued growth of the market. For example, Livspace, India's omnichannel home interiors platform, has expanded its services to the following regions: middle east Starting from 2021 Saudi Arabia, where it established a joint venture with Al-Sulaiman Group. (ASG).
Furthermore, the company announced the following: $25 million Investment in joint venture ASG. ASG serves as the domestic operating partner for Swedish furniture store IKEA.
The expanding hospitality industry is also a key factor in the expansion of services. Saudi Arabia Growth of the furniture market. The country's furniture market is influenced by the expansion of the country's tourism sector.
Saudi Arabia of foreign tourists grew by an astonishing +121%. July 2022 compared to July 2019, according to the United Nations World Travel Organization (UNWTO) Barometer. Furthermore, domestic furniture sales also increased due to the rapid expansion of hotel development projects. This factor is expected to have a positive impact on the growth of the furniture market.
Driving forces of the Saudi furniture market
Saudi citizens are replacing their furniture more frequently these days. As a result, the replacement cycle for furniture is becoming shorter over time. Demand for furniture upgrades is rapidly increasing.
consumers of Saudi Arabia Spent $50.95 million About the first week's furniture July 2022. With increasing disposable income, people are upgrading or replacing their furniture more often. Therefore, increasing demand for customized furniture will drive the Saudi furniture market.
Saudi Arabia The demand for construction activities has increased significantly over the past few decades due to increased foreign investment, and the country's furniture sector is also playing an important role in expanding this market. E
For example, spending on commercial, residential, hotel, and industrial real estate projects is increasing nationwide.construction industry Saudi Arabia recorded its strongest quarterly growth in the second quarter of 2022.This incredible construction boom is also on the rise saudi arabia Demand for furniture.
Additionally, the government has introduced several initiatives to promote home ownership and housing development projects. This encourages people to buy homes and increases furniture sales across the country. Additionally, several financial companies in Saudi Arabia are currently extending the maturity of benchmark mortgages to encourage home ownership.
For example, domestic mortgage standards were extended to a 30-year term in 2021, according to a statement from the Saudi Real Estate Refinance Company (SRC). Therefore, with the increase in homeowners, the demand for furniture will grow at a faster rate.
Saudi Arabia furniture market trends
The Saudi furniture market is witnessing an increasing demand for ready-to-assemble (RTA) furniture due to its affordable price and compact design. A booming real estate market and other factors, as well as discretionary spending on home furnishings, are stimulating demand in the Saudi furniture market.
Made from lightweight materials such as chipboard and medium density fiberboard. RTA furniture also has some practical advantages, such as being easy to disassemble and move, and requiring no storage or transportation costs. Such factors will drive the market during the forecast period.
saudi arabia The increase in internet penetration rate has significantly influenced the market growth, rising to over 97.9% in 2021. The young people of Saudi Arabia They like to make furniture by combining foreign furniture designs and internet furniture ideas to change the aesthetics of their home.
Customers can customize their furniture based on their taste and comfort. Based on customization, you can change the appearance of your product or home in a unique way. As a result, this aspect is anticipated to boost the country's furniture market during the forecast period.
Saudi Arabia furniture market challenges
Currently, Saudi Arabia's wood products industry is severely underdeveloped and inefficient, so there is a large demand-supply gap in the Saudi furniture market.
Domestic furniture manufacturers sometimes run out of raw materials and parts, so demand for foreign brands is increasing. Additionally, the government is constantly working to reduce import dependence in the forecast years.
For example, the government increased import duties on furniture, which took effect in 2019. June 10, 2020, to prevent foreign goods from entering the country. Therefore, a combination of issues such as increased tariffs and shortages of raw materials pose challenges to expanding import and export goods. Saudi Arabia furniture market.
market opportunity
Hospitality and institutional furniture market Saudi Arabia showed the fastest expansion rate among all furniture types, with a CAGR of over 11.41% during the forecast period.
This growth can be attributed to the following reasons: saudi arabia Expansion of tourism and education sectors. According to data from the Saudi Central Bank, total tourism expenditure in Saudi Arabia is Saudi Arabiaincreased by 52%, including tourists and residents; $25.5 billion Furniture companies in this country can therefore focus on offering a variety of hospitality furniture to remain competitive in the world. Saudi Arabia furniture industry.
In the furniture market, the demand for technologically enhanced furniture is rapidly increasing. Demand for smart beds, tablet coffee tables, charging lamps, color-changing sideboards, etc. is rapidly increasing. Modern furniture has become significantly more sophisticated and functional, such as advanced sofa sets with USB ports so customers can smartly charge their devices.
Companies such as Arabian Furniture & Design Co. and Bakri Furniture offer smart furniture such as smart beds, smart office chairs, and smart tables. Therefore, furniture companies can focus on enhancing product innovation and development to capture the market.
competitive environment
Company Profile: Detailed analysis of key companies Saudi Arabia furniture market.
- Arabian Furniture and Design Company
- Al-Mutlaq Furniture Co (Saudi Arabia)
- IKEA in Saudi Arabia.Ghassan Ahmed Al Sulaiman Furniture Trading Co., Ltd.
- Midas Furniture Manufacturing LLC
- Al Jedi Office Furniture Company
- Riyadh Furniture Industry Co., Ltd.
- Saudi Modern Factory Company
- algeraisea furniture factory
- Al Sharq Al Masia Trading Company
- Al Makateb Co., Ltd.
Report scope:
Saudi Arabia Furniture Market by Type:
- household furniture,
- office furniture
- Hospitality and institutional furniture
Saudi Arabia Furniture Market by Raw Materials:
- wooden
- metallic
- plastic
- Others (bamboo, cane, etc.)
Saudi Arabia furniture market by point of sale:
Saudi Arabia furniture market by region:
- Western cuisine
- northern and central
- eastern
- southern
For more information on this report, please visit https://www.researchandmarkets.com/r/ve2pl.
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