UAE Luxury Furniture Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.03 Billion |
| Market Size (2029) | USD 4.92 Billion |
| CAGR (2024 - 2029) | 4.09 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UAE Luxury Furniture Market Analysis
The UAE Luxury Furniture Market size is estimated at USD 4.03 billion in 2024, and is expected to reach USD 4.92 billion by 2029, growing at a CAGR of 4.09% during the forecast period (2024-2029).
The COVID-19 pandemic has highly impacted commercial and residential construction activities, resulting in a significant drop in the revenue of luxury furniture. Additionally, the delivery of furniture items from Italy was postponed or interrupted due to difficulties in producing and shipping goods. The current COVID-19 outburst is hammering the luxury brands heavily. Luxury hotels, hospitality services, and high-end travel retailers have already experienced significant fatalities led by the tumbling global demand. As the long-term scenario looks indefinite, consumer spending on luxury services will be low.
The furniture market in the UAE region is highly competitive owing to the rising demand for furniture and furnishing products. This rise in demand has led to the growing domestic demand and the emergence of multiple players catering to the same target audience for luxury furniture products. Manufacturers and retailers operating in the region compete on almost the same grounds of the quality of the product and the material used to manufacture the product.
Imports play a major role in the UAE luxury furniture market. The penetration of Italian-made luxury furniture is high among the consumers in the region. Major Italian furniture manufacturers have provided their products in the country through showrooms or multi-brand retail stores.
The country's rising construction and real estate sector will majorly drive the demand for finished luxury furniture products over the next few years. Also, the government's initiatives to develop the tourism and hospitality industry, estimated to contribute approximately 12% of the country's GDP, are expected to play a major role in the UAE luxury furniture market over the forecast period.
UAE Luxury Furniture Market Trends
This section covers the major market trends shaping the UAE Luxury Furniture Market according to our research experts:
Growth of Real Estate Sector
In UAE alone, 1,089 new hotel rooms were to be constructed in 2020. It has been observed that 70% of the timber and wood products are used for construction purposes, while the remaining 30% is used in real estate, interiors, furniture, and other industrial applications. The demand for furniture will likely go up in the near future as Dubai will add new hotel rooms and service apartments to meet the growing demand of tourists following the "Expo 2020" in Dubai, which is for a period of 1 year from 2020 to 2021.
Changing Consumer Preferences Towards Luxury Goods
With more than 90% of the population residing in urban areas and the rising disposable income per capita, the preference for luxury products is high among the consumers in UAE. Abu Dhabi and Dubai account for more than 50% of the overall population in the country. The UAE is a ready-made market for luxury brands - tourism, combined with a wealthy population, is a big driver for the sector.
Dubai alone accounts for 30% of the Middle East's luxury market. One study found that UAE citizens spend around 30% of their monthly salaries on luxury goods. The UAE was recently eighth in a list of countries whose consumers are trading up from mid-market brands. Established international brands have more advantages, as foreign products account for 58% of all UAE purchases.
UAE Luxury Furniture Industry Overview
The report covers the major players operating in the UAE luxury furniture market. The market has comprised both manufacturers and distributors. However, distributors that import products from other countries dominate the market. In terms of market share, the regional companies compete heavily with each other through innovation and creativity to meet the dynamic behavior of the consumers in the region.
UAE Luxury Furniture Market Leaders
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PAN Emirates
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Royal Furniture
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Danube
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B&B Italia
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Poltrona Frau
*Disclaimer: Major Players sorted in no particular order
UAE Luxury Furniture Market News
- On January 26, 2022, Royal Furniture opened a new store in the UAE in City Center Al Zahia, a new haven for mall-goers by Majid Al Futtaim, situated in the heart of Sharjah.
- In 2021, Pan Emirates released a product catalog consisting of more than 100 new designs for living room, dining room, bedroom, kitchen, and home decoration and lighting accessories.
UAE Luxury Furniture Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain/Supply Chain Analysis
4.5 Porters' Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights into Technological Advancements in the industry
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Material
5.1.1 Wood
5.1.2 Metal
5.1.3 Glass
5.1.4 Plastic
5.1.5 Other Materials
5.2 By Application
5.2.1 Home Furniture
5.2.2 Office Furniture
5.2.3 Hospitality Furniture
5.2.4 Other Furniture
5.3 By Distribution Channel
5.3.1 Home Centers
5.3.2 Flagship Stores
5.3.3 Specialty Stores
5.3.4 Online
5.3.5 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Competion Overview
6.2 Company Profiles
6.2.1 PAN Emirates
6.2.2 Royal Furniture
6.2.3 Danube
6.2.4 B&B Italia
6.2.5 Poltrona Frau
6.2.6 Natuzzi Italia
6.2.7 Minotti
6.2.8 Marina Home Interiors
6.2.9 Durabella Furniture
6.2.10 Finasi*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
UAE Luxury Furniture Industry Segmentation
This report aims to provide a detailed analysis of the UAE luxury furniture market. It focuses on the market dynamics, technological trends, and insights into various product and application types. Also, it analyses the key players and the competitive landscape in the UAE luxury furniture market. The market is segmented by Material (Wood, Glass, Metal, Plastic, and Other Materials), By Application (Home Furniture, Office Furniture, Hospitality Furniture, Other Furniture), By Distribution Channel (Home Centers, Flagship Stores, Specialty Stores, Online, and Other Distribution Channels).
| By Material | |
| Wood | |
| Metal | |
| Glass | |
| Plastic | |
| Other Materials |
| By Application | |
| Home Furniture | |
| Office Furniture | |
| Hospitality Furniture | |
| Other Furniture |
| By Distribution Channel | |
| Home Centers | |
| Flagship Stores | |
| Specialty Stores | |
| Online | |
| Other Distribution Channels |
UAE Luxury Furniture Market Research FAQs
How big is the UAE Luxury Furniture Market?
The UAE Luxury Furniture Market size is expected to reach USD 4.03 billion in 2024 and grow at a CAGR of 4.09% to reach USD 4.92 billion by 2029.
What is the current UAE Luxury Furniture Market size?
In 2024, the UAE Luxury Furniture Market size is expected to reach USD 4.03 billion.
Who are the key players in UAE Luxury Furniture Market?
PAN Emirates, Royal Furniture, Danube, B&B Italia and Poltrona Frau are the major companies operating in the UAE Luxury Furniture Market.
What years does this UAE Luxury Furniture Market cover, and what was the market size in 2023?
In 2023, the UAE Luxury Furniture Market size was estimated at USD 3.87 billion. The report covers the UAE Luxury Furniture Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the UAE Luxury Furniture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
UAE Luxury Furniture Industry Report
Statistics for the 2024 UAE Luxury Furniture market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. UAE Luxury Furniture analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
