Saudi Arabia Furniture Market Key Players, Future Outlook,

by decwells
Saudi Arabia Furniture Market Key Players, Future Outlook,

The report is titled “Saudi Arabia Residential, Hospitality and Commercial Furniture Market Outlook 2023 – By Bedroom Furniture (Beds, Mattresses, Wardrobes & Chests of Drawers), By Living Room (Sofas, Sofa Beds, Coffee Tables & Center Tables, TV Furniture and Stools, Dining Room, Kitchen & Kids Furniture; By Commercial Furniture (Office Desks, Office Chairs, Conference Tables, Corner Tables & Office Lockers)” provides a comprehensive analysis of furniture products in Saudi Arabia region. The report focuses on the overall market size, by Market structure (organized and unorganized), types of materials used for furniture (wood, glass, metal, plastic, etc.), major end users (residential, hospitality, and commercial), residential furniture product categories (bedrooms, living rooms, dining rooms, kitchen furniture, children’s furniture and outdoor furniture), by living room (sofa, sofa bed, coffee table and center table, TV furniture and stool), by material sed in sofa (fabric and leather), sofa seating arrangement (3+2 seats, 3+2+1+1 seating, etc.), bedroom furniture (beds, mattresses, wardrobes and chests of drawers), beds (with and without storage), by bed size (single, king and large bed), by bed material (wood and steel), by dining table material (wood and others), by dining table seating arrangement (6 and 8 chairs, more than 8 chairs and others), by kitchen furniture (modern and traditional) and other.

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Saudi Arabia Furniture Market Overview and Origins

The furniture industry is in a mature stage, growing at a double-digit CAGR during the 5-year review period from 2013 to 2018. The sector was adversely affected in 2016-2017 due to the recession in the real estate sector and the recent drop in oil prices. The market recovered in 2018 and is expected to grow at a CAGR of 10% over the next 5 years.

Preference for multifunctional furniture is also increasing due to reduced space requirements and the benefits of offering multiple uses. The ease of self-assembly brings additional benefits to customers.

Investments in the real estate financing sector are expected to reach $21.3 billion in 2019, and one of the key goals of the Saudi Ministry of Housing is to increase the kingdom’s homeownership rate to 70 percent by 2030. The number of traditional houses and condos is expected to increase to 657,897 and 1,572,654 respectively in 2018.

Lastly, furniture has recently started retailing online, for example, retailers such as Home Center and IKEA have launched online stores to facilitate easy furniture purchases at home.

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Saudi Arabia Furniture Market Segmentation

By market structure (organized and unorganized segments):

The organized segment dominated the market revenue as retailers operating in this segment dealt with high quality and designer products made of MDF or solid wood in 2018. Unorganized players rely mainly on the price of materials, so they tend to compromise on the quality of their products. The unorganized segment accounted for the remaining market share in terms of market revenue in 2018. In addition, unorganized players source raw materials and labor locally. However, organized players often import furniture.

By End User (Residential, Hospitality and Commercial):

Revenue generated from the sale of residential furniture dominated the Saudi Arabian furniture market revenue in 2018. Bedroom furniture generated the largest revenue in 2018 and is expected to grow at a CAGR of 7% during 2019-2023. From 2019 to 2023, mattresses and bedding will show high growth of 12% and 9%, respectively.

The revenue of hotel furniture in 2018 was second only to residential furniture. The kingdom’s total international tourist arrivals rose from 18.6 million in 2017 to 23.6 million Arabs in 2018, thanks to increased tourism promotion efforts. The construction of new hotels and resorts will drive the demand for hotel furniture.

The remaining revenue share is occupied by commercial furniture as total office space is expected to increase in key commercial centers in Saudi Arabia. Riyadh’s office space is expected to increase to an estimated 3,500,000 sqm GLA by the end of 2018, thanks to the entry of prominent projects such as Cayan Mefic Centre, Al Rajhi Bank Tower and Commercial Frontier. By the end of 2018, office space in Jeddah and Eastern Province is expected to reach GLA of 1,100,000 sqm and 1,050,000 sqm respectively.

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Future Analysis of KSA Residential and Commercial Furniture Market

The Saudi Arabian furniture market is observed to be highly fragmented, with the presence of both domestic and global players. Furniture at different price points, including mass, economy, premium and luxury, is designed by multiple retailers to meet the needs of an expanding customer base in all categories.

Over the years, competition between domestic and international players has intensified due to increased demand for furniture products in Saudi Arabia. A company with a disruptive model like IKEA poses a major threat to an unorganized industry. Organized players have achieved success due to their high-budget marketing campaigns and promotions, which mainly consist of reduced MRP prices and high quality at low cost. Some of the key competitive parameters include the number of stores, pricing and types of materials used in furniture, product SKUs, online presence/distribution channels, etc.

Saudi Arabia Future Outlook and Forecast

The furniture industry in Saudi Arabia is expected to grow at a double-digit CAGR during the forecast period 2019-2023. Anticipated tailwinds include an increase in hotel and resort room supply, an expected increase in commercial space, an increase in customer budget allocations for multipurpose furniture, and a shift in customer preference to premium contemporary design furniture.

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Ken Research is a research-based management consulting firm. We provide strategic consulting to help clients from key business perspectives: strategy, marketing, organizational, operational and technology transformation, advanced analytics, corporate finance, mergers and acquisitions, and sustainability across all industries and geographies. We provide business intelligence and operations consulting across more than 300 verticals, emphasizing disruptive technologies, emerging business models, and precedent analysis and successful case studies. Some of the top consulting firms and market leaders turn to our intelligence to identify new revenue streams, customer/vendor paradigms and pain points, and due diligence for competition.

This release is published on openPR.


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