The UAE and Saudi Arabia Furniture Market is projected to grow at a CAGR of 8.40% in the forecast period of 2021-26, reveals MarkNtel Advisors in their recent research report. It owes to the mounting focus of the UAE & Saudi Arabia governments on developing real estate & the hospitality industry, principally to attract tourism & enhance the overall infrastructure in line with diversifying the economy away from the oil & gas sector.
Additionally, an increasing number of construction projects to build commercial buildings like hotels & resorts and the rapidly developing residential sector are other crucial aspects soaring the demand for furniture & fueling the overall market growth.
Besides, the UAE & Saudi Arabia are where luxury items act as status symbols. Hence, the furniture market in these countries is likely to display significant growth opportunities for the leading players during the forecast period. Moreover, institutions like educational centers, healthcare facilities, government offices, etc., are other prominent furniture consumers across UAE & Saudi Arabia, further states the research report, “UAE and Saudi Arabia Furniture Market Analysis, 2021.”
Residential sector to proliferate the UAE & Saudi Arabia Furniture Market through 2026
Of all End-Users, the Residential sector is expecting the fastest market growth during the forecast period. It owes to the increasing number of construction projects in these countries, which are augmenting infrastructural developments, and the rapidly improving economic status of people, i.e., propelling the demand for fancy & luxurious furniture to enhance residential aesthetics.
Additionally, the active participation of governments in Saudi Arabia & the UAE through various initiatives for developing the socio-economic infrastructure is another crucial aspect stimulating the demand for furniture across the residential sectors of these countries. Besides, these countries are also witnessing an increasing number of establishments by several foreign players to expand their business scalability, which, in turn, is positively influencing the development of home infrastructures and driving the overall market.
The Advent of Smart Homes to Contribute Significantly to the Furniture Market in UAE & Saudi Arabia
The UAE & Saudi Arabia are undergoing rapid urbanization to suffice the residential requirements of the mounting population, along with the increasing awareness about smart furniture. It, in turn, is creating remunerative growth opportunities for the leading players in the furniture industry across these countries.
The demand for technology-based furniture like charging lamps, color-changing sideboards, tablet coffee tables, and smart beds, among others, are swiftly gaining momentum in these countries and positively impacting the Furniture Market, reveals MarkNtel Advisors in their research report, "UAE and Saudi Arabia Furniture Market Analysis, 2021."
According to MarkNtel Advisors, the leading players in the UAE and Saudi Arabia Furniture Market are IKEA, Home Centre, PAN Emirates, Royal Furniture, Danube, Marina Home, Homes R Us, IDdesign, Pottery Barn, Home Box, Natuzzi. Major, Al-Abdulkader Furniture Co. Ltd., Riyadh Furniture Industries Co., Al Jedaie, AL Rugaib Furniture, Saudi Modern Factory Company, AL Aamer Furniture, Almutlaq Furniture, Wardeh Salehiya, HABITAT FURNITURE CO. LTD., Midas Furniture, Gautier Jeddah, BoConcept, Ebarza, The People of Sand, MarMarLand, The Bowery Company, Wysada.
Key Questions Answered in the Study