Press Release

Surging Housing Units to Influence the Home Furniture Market in Saudi Arabia

The Saudi Arabia Home Furniture Market is projected to grow at a CAGR of around 7.4% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The major reason which led to an increase in the sale of home furniture is the surging construction of housing units, the rich lifestyle of the population, and the emergence of eco-friendly & smart cities in the country. The existing problem of housing shortages due to an increase in the expatriate population has led to the rise in the construction of residential buildings, homes, villas, etc., during the historical period.

Furthermore, the Saudi Arabian government has launched various housing programs to boost the residential construction industry. In the first ten months of 2020 alone, more than 101,000 families purchased a fully constructed house built under the Sakani housing program. Moreover, the government has continued to invest in the residential sector to increase homeownership in the country to around 70% by 2030. In 2020, the government undertook more than 90 residential construction projects across Saudi Arabia. These projects plan to provide more than 140,000 housing units over the next few years.

The government has also been supporting the inhabitants in approving the housing loan to increase the homeownership rate in the country. Thus, the expansion of the residential infrastructures would drive the requirement for home furniture during the forecast period. Moreover, the growing vogue for creative architecture & interior designs of residential buildings in Saudi Arabia has catalyzed the interest of residents in Home Decor & Interior.

Further, the presence of high disposable income among the residents has surged the demand for luxurious beds, sofas, and other furniture of premium quality for comfort & decoration purposes. Hence, it is projected that the market would grow at a considerable rate during the forecast period, further states the research report, "Saudi Arabia Home Furniture Analysis, 2023."

Bedroom Furniture Acquired a Significant Share Owing to the Long-term Monitoring Capabilities It Possesses

Based on the Type of Furniture, the market is segmented into Bedroom Furniture & Living Room Furniture. Among them, Bedroom Furniture accounted for the majority of the market share. The robust expansion of residential as well as commercial buildings in Saudi Arabia in line with the increasing tourism & surging expatriates in the country has been positively impacting the growth of the Home Furniture market over the previous period. The trend of changing furniture frequently in Saudi Arabia has been significantly amplifying the sales of bedroom furniture, like beds, side tables, etc. The bed remains one of the important parts of a bedroom, and customers in the country are more concerned about their bedroom interiors && resting comforts. Furthermore, the considerable spending on beds by customers in the country owing to bedroom aesthetics is resulting in the demand for these types of furniture in the forthcoming years. 

Offline Sector to Acquire a Considerable Share of the Market Followed by Online Sector

Based on Sales Channel, the market is bifurcated into Offline & Online. Of them, Offline Sector held a substantial share in the Saudi Arabia Home Furniture market due to the vast presence of offline stores in the region. There are large-sized furniture stores in the country that sell furniture in a variety of sizes & brands, making it easier for customers to buy. Customers consider the offline store to be the best option for purchasing furniture based on their preferences and their room's design. Furthermore, with consumers' increasing integration of online purchasing habits, fueled primarily by the implementation of the COVID-19 lockdown, the online sales channel is also anticipated to spur in the forecast years.

Key Competitors

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including B&B Italia, Natuzzi, Kare Design, Marina Home, ID Design, ABYAT, and Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across the country?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?