How Furniture Market Is Positioned In Saudi Arabia?
The furniture industry in the KSA is operating at a maturity stage, although the industry was adversely hit due to a recession in the real estate sector and the decline in oil prices in the recent past. The spending power of people of Saudi Arabia has been changing over the past few years where they have been spending a higher proportion of their disposable income on furniture year on year. The market revenue was observed to increase at a positive double-digit CAGR during the review period of 5 years from 2013 to 2018. Also, the demand for luxury furniture has increased in the Kingdom of Saudi Arabia as it is perceived as an indication of wealth and social status. The preference for multi-utilitarian furniture has also been increasing due to the benefits of less space requirement and multi-usage purposes offered by multi-utilitarian furniture. The furniture sector in KSA was positively influenced by the continuous development of new housing units coupled with a rise in the young and growing population base of the country. Lastly, furniture has recently made their way through online retailing. However, in recent years, many retailers such as Home center and IKEA launched online stores.
This increase in market revenue is credited to the growth of furniture manufactures and retail outlets. Additionally, urbanization and development of the KSA economy generated a demand for furniture from residential areas, hotels, office and industrial sectors during this period. Along with the entry of a number of real estate developers and increasing demand for residential properties, the housing industry in KSA has witnessed tremendous growth in the past. This has infused growth in the furniture market. The booming economy, government support and young population base, have created a strong platform for the furniture industry to grow to new horizons. As of 2018, there is approximate ~ furniture manufacturing factories in Saudi Arabia.
Saudi Arabia Furniture Market Segmentation
By Market Structure (Organized and Unorganized Segment): The organized sector dominated the market revenues as retailers operating under this segment deal in high quality and designer products manufactured from MDF or solid wood during the year 2018. The unorganized segment, on the other hand, captured the remaining market share in terms of market revenue during the year 2018. The unorganized players rely majorly on the price of the material whereby they tend to compromise with the quality of the product. Also, unorganized players procure raw material and labor locally. However, organized players often get furniture and furnishings imported.
By Material (Wood, Glass, Metal, Plastic and Others): Wood has been observed as the most used material for furniture in Saudi Arabia along with a dominant market share to the overall market revenue in the year 2018. The heightened preference of people for wood is due to properties of wood i.e. wood is sturdy, longer durability, and represents the class.
The only reason why few people do not prefer wood is due to the fact that wood is expensive as compared to all other materials. The remaining market share was collectively captured by glass, metal, plastic and other segments during the year 2018.
By End Users (Residential, Hospitality, and Commercial): The revenues accrued from the sale of residential furniture dominated the Saudi Arabia furniture market revenues in 2018. Also, bedroom furniture amongst residential furniture generated the maximum revenue during 2018. The Government of KSA has been vigorously promoting ownership of residential properties in the country; therefore a greater demand for furniture is being derived from the residential furniture. The remaining market share was collectively captured by the hospitality and commercial segment in the year 2018.
Key Segments Covered:-
Market Structure
Organized Segment
Unorganized Segment
Material Used
Wood
Glass
Metal
Plastic
Others (Bamboo and MDP)
End Users
Residential Purpose
Bedroom Furniture
Beds
Beds without Storage
Beds with Storage
Size of Beds
Single Size Bed
Double Size Bed
Queen Size Bed
Material Used in Beds
Wood
Steel
Mattresses
Chests of Drawers
Wardrobe
Living Room Furniture
Sofa
Material Used in Sofa
Fabric
Leather
Sofa Seating Furniture
3+2 Seating
3+2+1+1 Seating
Other Seating Pattern
Coffee Table and Centre Table
Material Used in Coffee Table and Centre Table
Wood
Steel and Glass
Sofa cum Bed
Others (TV Cabinets and Stools)
Dining Table Furniture
Material Used in Dining Table
Wood
Others (Steel and Glass)
Seating Arrangement of Dining Table
< 6 Chairs
6-8 Chairs
8 Chairs
Type of Kitchen Furniture
Modular
Regular
Outdoor Furniture
Style of Residential Indoor Furniture
Modern and Contemporary
Traditional or Classic
Hospitality Furniture
Commercial
Type of Office Furniture
Workstation Desk
Office Chair
Conference Table
Corner Table
Office Storage
Key Target Audience
Furniture Retailers
Furnishings Retailers
Private Equity Companies
Contract Furniture Manufacturers
Furniture Association
Government Associations
Real Estate Developers
Time Period Captured in the Report:-
Historical Period: 2013-2018
Forecast Period: 2019-2023
Companies Covered
IKEA
Home Centre
Almutlaq Furniture
Al-Rugaib Furniture
Al Jedaie Office Furniture
El Ajou Group
Key Topics Covered in the Report:-
Furniture industry in the KSA
Saudi Arabia furniture market revenues in 2018
Furniture sector in KSA
Saudi Arabia Residential Furniture Market
KSA Furniture Market Analysis
Saudi Arabia Furniture Market Size
Saudi Arabia Furniture Manufacturers
Furniture for Sale in Saudi Arabia
Saudi Arabia Furniture Market Revenue
Saudi Arabia Furniture Retailers Market
Saudi Arabia Outdoor Furniture Market
Saudi Arabia Office Furniture Market
Office Furniture Market in Riyadh
Saudi Arabia Furniture Market
Saudi Arabia Furniture Industry
For Information Click On the Below Mentioned Link:-
Saudi Arabia Residential, Hospitality and Commercial Furniture Market Outlook
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