Market Size of GCC Home Furniture Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR | 7.30 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
GCC Home Furniture Market Analysis
- The growth in the interior design market and the rising increase in the construction of new buildings are some of the major factors fueling the growth of the home furniture market in the GCC region. Interior design is one of the fastest-growing industries in the Gulf, and the GCC interior design market is worth nearly USD 18 billion currently. The GCC’s continued construction boom ahead of Expo 2020 has also driven demand for the interior design market, especially in areas, like UAE and Saudi Arabia.
- Some of the top reasons for driving furniture and furnishing purchases in the GCC countries include home improvements and innovations. There is a growing inclination of homeowners toward customizing their houses and an increased willingness to invest more in refurbishing and renovating them. Another rising purchase trend has been observed toward luxury furniture products.
- As per an article published by Home Furniture Business, the increasing penetration of the internet and e-commerce has fostered the growth of furniture and home furnishings industry in the GCC. Online stores are also gaining popularity in the region at a CAGR of nearly 16%. Many companies, like IKEA, are also putting in efforts toward their online retail stores and are offering benefits, like free delivery and installation to customers who shop online.
- The countries from GCC are heavy importers of furniture with the majority of the imports from countries, like China, Italy, Turkey, Germany, the United States, Poland, and Malaysia.
GCC Home Furniture Industry Segmentation
This report aims to provide a detailed analysis of the GCC home furniture market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyzes the key players and the competitive landscape in the GCC home furniture market.
By Geography | |
Saudi Arabia | |
United Arab Emirates | |
Kuwait | |
Qatar | |
Rest of GCC Countries |
By Type | |
Kitchen Furniture | |
Living-room and Dining-room Furniture | |
Bedroom Furniture | |
Other Types |
By Distribution Channel | |
Supermarkets and Hypermarkets | |
Specialty Stores | |
Online | |
Other Distribution Channels |
GCC Home Furniture Market Size Summary
The GCC home furniture market is experiencing significant growth, driven by the booming interior design sector and the ongoing construction of new buildings across the region. The interior design industry in the Gulf is rapidly expanding, supported by the construction surge in preparation for major events like Expo 2020, particularly in the UAE and Saudi Arabia. This growth is further fueled by a rising trend among homeowners to invest in home improvements and luxury furniture, reflecting a desire for customization and modernization of living spaces. The increasing penetration of the internet and e-commerce has also played a crucial role in this market expansion, with online retailing gaining traction and companies like IKEA enhancing their digital presence to offer convenient shopping experiences.
Saudi Arabia stands out as a key player in the GCC home furniture market, with its vibrant and rapidly growing industry. The country's substantial construction market, driven by real estate development and government initiatives, is a major contributor to the demand for home furniture. Despite low domestic production, Saudi Arabia relies heavily on furniture imports from countries such as China, Italy, and the United States. The rising urbanization and increasing disposable income among consumers are boosting spending on premium furniture, particularly in the bedroom segment. The market is characterized by a mix of international and local players, with prominent companies like IKEA, Home Center, and Royal Furniture leading the charge in catering to the evolving consumer preferences in the region.
GCC Home Furniture Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.3 Market Restraints
-
1.4 Opportunities
-
1.5 Porters Five Forces Analysis
-
1.5.1 Threat of New Entrants
-
1.5.2 Bargaining Power of Buyers/Consumers
-
1.5.3 Bargaining Power of Suppliers
-
1.5.4 Threat of Substitute Products
-
1.5.5 Intensity of Competitive Rivalry
-
-
1.6 Latest Innovations
-
-
2. MARKET SEGMENTATION
-
2.1 By Geography
-
2.1.1 Saudi Arabia
-
2.1.2 United Arab Emirates
-
2.1.3 Kuwait
-
2.1.4 Qatar
-
2.1.5 Rest of GCC Countries
-
-
2.2 By Type
-
2.2.1 Kitchen Furniture
-
2.2.2 Living-room and Dining-room Furniture
-
2.2.3 Bedroom Furniture
-
2.2.4 Other Types
-
-
2.3 By Distribution Channel
-
2.3.1 Supermarkets and Hypermarkets
-
2.3.2 Specialty Stores
-
2.3.3 Online
-
2.3.4 Other Distribution Channels
-
-
GCC Home Furniture Market Size FAQs
What is the current GCC Home Furniture Market size?
The GCC Home Furniture Market is projected to register a CAGR of 7.30% during the forecast period (2024-2029)
Who are the key players in GCC Home Furniture Market?
Al Huzaifa, IKEA, Home Center, Royal Furniture and Danube Home are the major companies operating in the GCC Home Furniture Market.