The surging demand for home decor, many companies have initiated expansion & collaboration-based activities. Consequently, the collaborations between the companies may help the Saudi Arabia Home Furniture market grow in the near future.
According to MarkNtel Advisors study, The Saudi Arabia Home Furniture Market is estimated to grow at a CAGR of around 7.4% during the forecast period, i.e., 2024-30.
An emerging trend of adopting multifunctional furniture in homes has been observed in the country, owing to the aesthetic enhancements of bedrooms & living rooms. Furthermore, there are numerous advantages of using multifunctional furniture, such as beds that can be converted into cupboards, wardrobes, etc., when not in use, and sofas that can be molded into bunk beds, etc. Thus, such innovative features in home furniture have attracted customers to purchase multifunctional furniture for their homes.
In addition, the exceptional demand for such furniture in Saudi Arabia has led to offline & online stores keeping them in stock to fulfill consumer needs. Moreover, some prominent online & offline stores that offer multifunctional furniture in Saudi Arabia are Bakri Furniture, UBUY, Home Centre, etc. Hence, the diversified usefulness of multifunctional furniture would attract more customers to purchase them for their homes in the coming years.
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Market Growth Driver: The increasing real estate development projects as well as the growing demand for residential property in Saudi Arabia has infused the growth of home furniture in the country. Moreover, the government of Saudi Arabia has taken several initiatives, such as the Housing Program Vision 2030, the Sakani Program, and the Ministry of Housing Infrastructure Program, which has heightened the establishment of new residential units in the country.
Saudi Arabia Home Furniture Market Key Players:
B&B Italia, Natuzzi, Kare Design, Ashley Furniture Industries Inc., ID Design, Wayfair, Saudi Modern Factory Company, IKEA, Oppein Home Group, Williams-Sonoma, Others
Market Segmentation Overview:
By Type of Furniture
-Bedroom Furniture
–Bed-
—Low End
—Mid Segment
—High End
–Others (Side-table, Closets & Cabinets, etc.)
-Living Room Furniture
–Seats
–Sofas
—Low End
—Mid Segment
—High End
–Others (Dining table, Cabinets, TV & other storage units, etc.) –
Bedroom Furniture sales increased significantly in the Saudi Arabian Home Furniture market due to the growing number of residential buildings. The rising population & surge in expatriates in Saudi Arabia have been the prime factors for the increasing number of residential buildings & apartments in the region. Moreover, consumers have been spending extensively on the purchase of beds based on their comfort & attractiveness.
The high-income consumers in Saudi Arabia have been opting for luxurious & high-end type beds like furniture designed & made in France, Italy, and Spain. Whereas individuals with relatively less income have tended towards mid-segment & low-end type beds offered by China & Turkey. Furthermore, with the launch of various projects for the expansion of residential projects, such as the construction of buildings, townships, etc., in the region, the demand for bedroom furniture is anticipated to rise in the forecast years.
By Sales Channel
-Offline
-Online
By Material Type
-Wood
-Metal
-Glass
-Plastic
-Others (Rattan/Wicker, Upholstery, etc.)
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By Region
- Central
- East
- West
- South
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