It's widely accepted that furniture is a basic requirement for homes and offices and that it plays a significant role in improving people's comfort levels and overall living efficiency. Furthermore, the sophisticated look that furniture gives a space is evolving into a style element and driving up demand for modern and distinctive furniture. Beds, desks, chairs, tables, and cabinets are a few examples of these. In the furniture industry, a variety of materials are used, including plastic, wood, metal, etc.
Saudi Arabia Furniture Market Driving Factors and Challenges
Drivers: The market is being driven by a number of factors, such as growing disposable incomes, the growth of the real estate and hospitality industries, and the demand for upscale, opulent furniture among particular consumer segments. Moreover, some of the factors predicted to facilitate the market's growth include the introduction of new wood tree species for furniture manufacturing and internet marketing. In addition, the number of residential apartments in Saudi Arabia as well as the construction of new infrastructure are anticipated to increase demand for home furnishings due to consumer interest in furniture and home décor. Bedroom furniture is a significant component of the Saudi Arabian furniture market, with a revenue share of more than 19% and steady growth over time.
The Saudi Arabian furniture market must navigate a number of obstacles in order to keep expanding. One of the main obstacles is the reliance on oil revenue. Since oil plays a significant role in Saudi Arabia's economy, fluctuations in oil prices may affect people's capacity to make purchases, which may lead to a decline in sales of furniture. Another challenge in the design and manufacturing of furniture is the influence of culture and religion. The types of furniture that are acceptable in the market are influenced by the strict Islamic principles that are upheld in Saudi Arabia. Another issue with the heat is that certain materials and designs might not be suitable for the temperature.
Impact of COVID-19 on Saudi Arabia Furniture Market
The retail offline sales of furniture were negatively impacted by the introduction of COVID-19. Furniture sales saw an increase in online revenue during this time due to the fact that more retailers started selling their goods online and more customers started using electronic commerce to make purchases. Furniture from well-known retailers like Costco, Easy Home, Target, and others can be bought online because Amazon has a large brand share in the Saudi Arabian market.
Saudi Arabia Furniture Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are Al Aamer Furniture Co Ltd, AL Juraid, Al-Abdulkader Furniture Co. Ltd., Almutlaq Furniture, Ashley Furniture Industries Inc., Distretto Design, Inter IKEA Group, Midas Furniture, Riyadh Furniture Industry, Saudi Modern Factory.
Saudi Arabia Furniture Market Segmentation:
By Type: Based on the Type, Saudi Arabia Furniture Market is segmented as; Living Room Furniture, Dining Room Furniture, Bedroom Furniture, Kitchen Furniture, Others.
By Distribution Channel: Based on the Distribution Channel, Saudi Arabia Furniture Market is segmented as; Home Centers, Flagship Stores, Specialty Stores, Online, Others.
By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.