The UAE and Saudi Arabia Furniture market are witnessing robust growth owing to the factors significant rise in the number of real-estate developers, burgeoning demand for residential property, growth in the e-commerce sector has to shift the customer focus to purchase via online channel. Besides this, the increasing presence of the international brand in the region, the rise in the tourism sector due to the boost in a host of an international event in the UAE and snowballing governmental initiatives to develop socio-economic infrastructure are the factors propelling the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report “UAE and Saudi Arabia Furniture Market Analysis, 2021”, the market are anticipated to grow at a CAGR of around 8.4% during 2021-26F. Based on End-User, Residential Furniture acquired a significant market share in 2019. The changing lifestyle of people, rising urbanization, escalating investing in a high-quality product due to growing disposable income. Besides this, burgeoning investment by the government in new housing construction and growth in the real estate sector are snowballing the demand for various home furniture products, such as living room furniture, kitchen furniture, and bedroom furniture, etc.
“UAE and Saudi Arabia Furniture Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Furniture providers across the countries. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
UAE Exhibits the Fastest Growth
UAE is projected to grow at the fastest rate in the UAE and Saudi Arabia Furniture market during 2021-26. The growth of the market is attributed to increasing in online sales of furniture on account of growth in the e-commerce sector, the presence of giant market player and a significant rise in the number of foreign investors and entrepreneurs thus, fueling the demand for real estate. Moreover, UAE is known as an important hub for business setup. The host of EXPO 2021 has augmented the growth of commercial due to investment in the various hotel, a shopping mall which has a positive influence on the growth of commercial furniture. Hence, this is anticipated to catalyze the growth of the Furniture Market in the forthcoming period as stated in MarkNtel Advisors’ research report “UAE and Saudi Arabia Furniture Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share 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 and Natuzzi. Major online furniture stores include Ebarza, The People of Sand, MarMarLand, The Bowery Company, Wysada, 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 and Souq.com etc.
Key questions answered in the study: