SAUDI ARABIA HOME FURNITURE MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Saudi Arabian home furniture industry has become one of the most vibrant and fastest-growing industries in the GCC region. The growing number of real estate development and increasing demand for residential property, along with the governmental initiatives to develop socio-economic infrastructure, are driving the furniture industry in the country. Since the local manufacturers are facing a shortage of raw materials and parts required for manufacturing furniture products, the demand is met by importing furniture products. The rising interest and investment of foreign players, either to increase their presence or to expand in different emirates, are further boosting the country’s home furniture industry. It is anticipated that in the future, the demand and supply gap may reduce with the expected decline in the import of furniture products. Rising internet penetration is increasing the demand for online furniture. Role of media has also played a pivotal role in increasing the demand for furniture products. Consumers get new innovative ideas on redecoration of houses from various TV programs and magazines, which cater to home furnishings. E-commerce has played an important role in advertising and promotion of furniture products across the country.

Key Market Trends

Bedroom Furniture Segment

Bedroom furniture is considered a form of decorative art. The furniture included in the market segment ranges from beds with mattresses of different shapes and sizes, to clothes closets, nightstands, and dressers. The segment has been recording year on year growth in terms of market revenue and market size. Growth in the residential apartments and rise in modern infrastructure facilities are expected to spur the demand for the home furniture market owing to the customer's interest in furniture and home decor.

Living-room Furniture Segment

In Saudi Arabia, the demand for living-room furniture is increasing owing to the consumer's interest in spending more on their living room and are turning more towards contemporary designs for as they enhance the overall aesthetics of the home. The living room furniture includes sofas, coffee tables, storage units, TV, and media cabinets.

Competitive Landscape

The report covers major manufacturers and retailers operating in the Saudi Arabian home furniture market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, the mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support