Saudi Arabia Furniture Market Growth and Size, Rising Trends, Revenue, Key Manufacturers, CAGR Status, Challenges, Future Opportunities and Forecast till 2033: SPER Market Research
Saudi Arabia Furniture Market is projected to be worth USD 14.6 billion by 2033 and is anticipated to surge at a CAGR of 7.44%.
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It is widely accepted that furniture is an essential requirement for both homes and offices, and that it greatly affects people's comfort and overall productivity. A third element driving up demand for modern and distinctive furniture is the sophisticated appearance that furniture gives a space. Tables, seats, desks, beds, and cabinets are a few instances of these. The furniture industry uses a wide variety of materials, such as plastic, wood, metal, and so forth.
According to SPER market research, ‘Saudi Arabia Furniture Market Size – By Type, By Distribution- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Saudi Arabia Furniture Market is predicted to reach USD 14.6 billion by 2033 with a CAGR of 7.44%.
The market is being driven by a number of reasons, including as growing disposable incomes, the growth of the real estate and hotel industries, and the need for more premium, elegant furniture among specific customer categories. It is also projected that the industry will develop due to the introduction of new wood tree species for furniture manufacture and internet marketing. The increasing number of people living in residential apartments in Saudi Arabia as well as the construction of new infrastructure are predicted to increase demand for home furnishings as consumers grow more interested in furniture and home décor. With bedroom furniture's sales share over 19% and steady increase over time, it commands a significant place in the Saudi Arabian furniture market.
As it expands, Saudi Arabia's furniture business will have to overcome a number of obstacles. One of the main issues is the reliance on oil revenue. Since oil is a major component of Saudi Arabia's economy, fluctuations in oil prices may affect people's capacity to make purchases, which may lead to a decline in furniture sales. Another challenge in furniture design and production is the influence of culture and religion. The types of furniture that can be sold in the market are determined by the strict Islamic principles that Saudi Arabia upholds. Another issue is the potential that specific materials and designs are not suitable for the heat.
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COVID-19 had a detrimental effect on furniture retail offline sales. During this period, online revenue from furniture sales increased as more retailers began selling their products online and as more consumers began using electronic commerce for purchases. Because Amazon has a significant brand share in the Saudi Arabian market, furniture from well-known retailers like Costco, Easy Home, Target, and others can be purchased online. Additionally, Al Aamer Furniture Co Ltd, AL Juraid, Al-Abdulkader Furniture Co. Ltd., Almutlaq Furniture, Ashley Furniture Industries Inc., Distretto Design.
KSA Furniture Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
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.
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