Saudi Arabia Furniture Market Key Players, Future Outlook, Size, Share, Growth, Trends and Forecast 2021-2023: Ken Research

The report titled "Saudi Arabia Residential, Hospitality and Commercial Furniture Market Outlook to 2023 - By Bedroom Furniture (Beds, Mattresses, Wardrobes and Chest of Drawers), By Living Room (Sofas, Sofa Beds, Coffee Tables and Center Tables, TV Furniture and Stools, Dining Room, Kitchen and Kids Furniture; By Commercial Furniture (Workstation Desks, Office Chair, Conference Table, Corner Table and Office Storage)" provides a comprehensive analysis of furniture products in the Saudi Arabia region. The report focuses on overall market size, market segmentation by market structure (organized and unorganized), type of material used for furniture (wood, glass, metal, plastic and others), major end users (residential, hospitality and commercial), by residential furniture product categories (bedroom, living room, dining room, kitchen furniture, kids furniture and outdoor furniture), by living room (sofas, sofa beds, coffee tables and center tables, TV furniture and stools), by material used in sofa (fabric and leather), by sofa seating arrangement (3+2 seating, 3+2+1+1 seating, and others), by bed room furniture (beds, mattresses, wardrobes and chest of drawers), by beds (with storage and without storage capacity), by bed size (single bed, king-sized bed and queen sized-bed), by material used in beds (wood and steel), by material used in dining table (wood and others), by dining table seating arrangement (6 and 8 chairs, more than 8 chairs and others), by kitchen furniture (modern, and traditional) and others.

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Saudi Arabia Furniture Market Overview and Genesis

The furniture industry is operating at a maturity stage and is growing at a positive double digit CAGR during the review period of 5 years from 2013-2018. The industry was adversely hit during 2016-2017 due to recession in the real estate sector and the decline in oil prices in the recent past. The market recovered in 2018 and is anticipated to grow at a CAGR of 10% in next 5 years.

The preference towards multi-utilitarian furniture has also been increasing due to the benefits of less space requirement and multi-usage purposes offered. The ease of self-assemblage gives added benefit to the customer.

Investments in the real estate financing sector was expected to reach $21.3 billion in 2019 and one of the key targets of the Saudi Ministry of Housing is to increase Saudi home ownership to 70% by 2030. The number of Traditional houses and Apartments was expected to increase to 657,897 and 1,572,654 respectively by the year 2018.

Lastly, furniture has recently made their way through online retailing, for instance, retailers such as Home center and IKEA launched online stores to facilitate easy buying of furniture while relaxing at home.

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Saudi Arabia Furniture Market Segmentation

By Market Structure (Organized and Unorganized Segment):

The organized sector dominated the market revenues as retailers operating under this segment deal in high quality and designer products manufactured from MDF or solid wood during the year 2018. The unorganized players rely majorly on price of the material whereby they tend to compromise with the quality of the product. The unorganized segment captured the remaining market share in terms of market revenue during the year 2018. Also, unorganized players procure raw material and labor locally. However, organized players often get furniture imported.

By End Users (Residential, Hospitality and Commercial):

The revenues accrued from the sale of residential furniture dominated the Saudi Arabia furniture market revenues in 2018. Bedroom furniture generated the maximum revenue during 2018 and is expected to increase with a CAGR of 7% during the time period 2019-2023. Mattresses and Beds will show a high growth of 12% and 9% respectively over the years from 2019-2023.

Hospitality furniture followed residential furniture in terms of revenue in the year 2018. The country has witnessed an increase in the total number of international tourists, from 18.6 million in the year 2017 to 23.6 million in 2018 as a result of increased promotion of tourism in Saudi Arabia. Construction of new hotels and resorts will drive the demand for hospitality furniture.

The remaining revenue share was taken up by the commercial furniture as the total office space in major commercial hubs of Saudi Arabia was forecasted to increase. Riyadh was expected to witness an estimated increase in office space to 3,500,000 sq meter GLA by the end of 2018, owing to the entrance of notable projects such as: Cayan Mefic Center, Al Rajhi Bank Tower and the Business Front. The office space in Jeddah and Eastern Province was expected to reach to 1,100,000 sq meter GLA and 1,050,000 sq meter GLA respectively by the end of 2018.

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Future Analysis of KSA Residential & Commercial Furniture Market

Saudi Arabia furniture market was observed to be highly fragmented with the presence of domestic as well as global players. Furniture in various price segments, including mass, economy, premium and luxury are designed by several retailers to cater to the needs of expanding customer base of all classes.

Over the years, the competition between the domestic and international players has intensified owing to the increase in demand for furniture products in Saudi Arabia. Companies with disruptive model like that of IKEA have acted as a significant threat to the unorganized sector. Organized players have been successful due to their high budget marketing campaigns and promotions which largely include the price reduction on MRP and high quality being offered at low cost. Some of the major competition parameters include number of stores, pricing, and type of material used in furniture, product SKUs, online presence / distribution channel and others.

Saudi Arabia Future Outlook and Projections

The furniture industry of Saudi Arabia is expected to grow at a positive double digit CAGR during the forecast period 2019-2023. Expected tailwinds include rising hotels and resorts room supply, expected increase in commercial space, increase customer budget allocation for multi-utility furniture and customer preference shift to premium modern-design furniture.

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