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.
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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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