Hyderabad, Aug. 21, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “GCC Furniture Market Report (2023-2028),” the market is estimated at USD 13.50 billion in 2023. It is expected to register a CAGR of 7.54% during the forecast period.
Objects that support a variety of human activities, including sleeping, eating, and sleeping and/or using an item, are referred to as furniture. The report offers a thorough analysis of the GCC furniture market, concentrating on market dynamics, new market tendencies in specialized markets and geographical regions, and insights into a broad range of product and application categories. It also looks at the leading businesses and market trends in the GCC for furniture.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 13.50 billion |
| Market Size (2028) | USD 19.42 billion |
| CAGR (2023-2028) | 7.54% |
| Study Period | 2018-2028 |
| Forecast Units | Value (billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Widespread rollout of e-commerce. |
| The growth in the construction industry. |
Who are the Top Companies in the GCC Furniture Market?
The market is fiercely competitive. The noteworthy players in the GCC furniture market are:
- Saudi Modern Factory Co
- Midas Furniture
- Al Aamer Furniture Co.
- Jassco Furnishing
- AL Jabriya Furniture
- IKEA Group
- Herman Miller
- Merint Furniture Factory
- Ashley Furniture Industries Inc.
- Deena Furniture Factory
Other Reports That Might Be of Your Interest:
- Off-The-Shelf Second Hand Furniture Market Report - The off-the-shelf second-hand furniture market size is expected to grow from USD 21.30 billion in 2023 to USD 29.28 billion by 2028 at a CAGR of 6.57% during the forecast period (2023-2028).
- GCC Prefabricated Housing Market Report - The GCC prefabricated housing market is expected to register a CAGR of more than 5% during the forecast period.
Key Highlights from the GCC Furniture Market Report:
Saudi Arabia to be the Fastest Growing Market
- From 2023 to 2026, the Saudi construction industry is projected to expand at an average annual growth rate (AAGR) of 4%. The construction industry continues to be the most successful in the MENA region, despite being influenced by the state of the global economy.
- For the past four years, Saudi Arabia has secured the title of the MENA region's most robust market and nation, with the highest overall value of project awards. It held a 35% market share as of October 2022, according to MEED Projects' tracking, with contract awards totaling USD 31 billion versus a total MENA value of USD 87 billion.
E-commerce and Digital Space to Drive the Market
- By 2025, it is anticipated that the e-commerce sector will account for about half of all retail growth. While e-commerce will rule the retail industry of the future, businesses are embracing a brand-new concept called omnichannel retailing that is emerging from digital retailing. Tech-savvy consumers want to compare prices online across various platforms before going into a store.
- The furniture business is expanding because of technologies like artificial intelligence (AI), machine learning (ML), augmented reality (AR), virtual reality (VR), data analysis, the Internet of Things (IoT), etc. 3D.
What are the Latest Developments in the GCC Furniture Market?
- In January 2023, Majid Al Futtaim’s Lifestyle division took on the UAE rights for Poltrona Frau, the luxury Italian furniture brand known for its leather interiors, thereby marking the UAE entity’s entry into the home interior space.
- In August 2022, Sophia Home opened its second showroom in the United Arab Emirates at Dubai Hills Mall. In Abu Dhabi, it has now become one of the best places to buy high-end furniture.
Mordor Intelligence has Segmented the GCC Furniture Market Based on Application, Material Type, Distribution Channel, and Country:
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Home Furniture
- Office Furniture
- Hospitality Furniture
- Other Furniture
- By Material Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Wood Furniture
- Plastic Furniture
- Metal Furniture
- Other Materials
- By Distribution Channel (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Home Centers
- Flagship Stores
- Specialty Stores
- Online Channels
- Other Distribution Channels
- By Country (Market Size and Forecast based on Value (USD billion), 2018-2028)
- United Arab Emirates
- Saudi Arabia
- Qatar
- Kuwait
- Oman
- Bahrain
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the GCC Furniture Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Germany Office Furniture Market Report - The German office furniture market generated a transaction volume of USD 32.46 billion in the current year and is expected to register a CAGR of 2% for the forecast period.
- India Luxury Furniture Market Report - The Indian luxury furniture market has generated a revenue of USD 3.76 billion in the current year and is poised to achieve a CAGR of 4% for the forecast period.
- China Office Furniture Market Report - The Chinese office furniture market size is estimated at USD 34.79 billion in 2023 and is expected to reach USD 48.88 billion by 2028 at a CAGR of 7.04% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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