Gcc Luxury Furniture Market
GCC Luxury Furniture Market, By Material (Metals, Wood, Plastic, Glass, Leathers); By Product Type (Lighting, Tables, Chairs & Sofas, Accessories, Bedroom, Cabinets); By End Use (Domestic Use, Commercial Use); By Distribution Channel (Online, Offline); By Country (Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, Oman), Trend Analysis, Competitive Landscape & Forecast, 2022–2028
- Published Date: November 2022
- Report ID: BWC22512
- Available Format: PDF
- Page: 150
Report Overview
Rapidly growing industrialization and urbanization, increasing housing construction activities, a surging demand for luxury furnishings for homes, and governments’ supportive programs to establish and boost socio-economic infrastructure are projected to propel the expansion of GCC Luxury Furniture Market at a steady growth rate during forecast period between 2022 and 2028.GCC Luxury Furniture Market - Industry Trends & Forecast Report, 2028
GCC (Gulf Cooperation Council) Luxury Furniture Market size is expected to expand at a steady CAGR of 7.1% during the forecast period between 2022 and 2028. Major growth factors for GCC luxury furniture market include improved infrastructure activities, growing population, a surging demand for housing units, growing adoption luxury furnishings for residential properties, and governments’ initiatives to improve socioeconomic infrastructure across Gulf countries. Furthermore, the increased demand for furniture and furnishing products along with increased competitors focus to further improve luxury furniture products to meet the domestic demand is also expected to boost the overall market. In addition, imports coupled with foreign players heavy investment to expand their businesses in Gulf Cooperation Council countries is expected to further fuel the GCC luxury furniture marker during period in analysis.
GCC Luxury Furniture Market – Overview
Luxury furniture means the high-end or premium home and office furnishings made of various materials, such as wood, metal, glass, and leather. They are installed for esthetic purpose to improve value of the house. The surging number of real estate developments and demand for residential properties are driving up the utilization of high-end furniture products. Customers are being influenced to purchase luxury furniture because of the growing urbanization and industrialization, as well as the increasing penetration of e- commerce in gulf countries, which is expected to stimulate growth in the GCC luxury furniture market. With a growing urban population, increasing disposable income per capita, and a consumer preference for luxury goods, there is a greater awareness of modern lifestyles, and increasing emphasis for eco-friendly furniture is expected to drive GCC luxury furniture market growth.
GCC Luxury Furniture Market
Growth Drivers
Rapid urbanization and population growth
The growing population, particularly in developing countries in the GCC region, and the increasing penetration of online commerce are driving the expansion of the luxury furniture market. Furthermore, increased disposable incomes have influenced customers to buy luxury items that serve as a status symbol and add value to a place, hence catalyzing the GCC luxury furniture market. Other factors driving the market expansion include a growing preference for branding and positioning, an increase in demand for sustainable and environment luxury furnishings, the growing impact of globalization, low operational costs, and increased infrastructure investments.
Restraints
Short supply and excessive cost of luxury furniture
Furniture serves a variety of functions in both household and commercial settings. Despite providing comfort and convenience, luxury furniture is in short supply due to its high price. These items are often available in the homes and workplaces of the upper middle and rich classes, which limits the consumer base for luxury furniture manufacturers. These businesses specialize on zero margin error production, which means that even minor manufacturing issues can result in huge losses. This type of manufacturing technique is anticipated to limit the growth of GCC luxury furniture market.
Impact of COVID – 19 on GCC Luxury Furniture Market
COVID-19 pandemic adversely affected GCC luxury furniture market in 2020. Various negative factors, such as supply disruptions, material shortages, and cancelled contracts to save cost, had a significant negative impact on the revenue growth of participants in GCC luxury furniture market. The GCC region's overall luxury furniture market expansion was also hampered by labor scarcity, and the customers had little chance to explore premium furniture products, resulting in a 60–70% drop in sales. In addition, government-imposed import and export limitations on commodities, as well as quarantine and lockdown measures, were major hurdles for exporters during pandemic. Delays and interruptions at country borders also hindered luxury furniture transit and delivery. Furthermore, the furniture production occurs in Italian factories but due to lockdown imposed by government there was a sharp decline in sales in the GCC luxury furniture market. Despite these challenges, COVID-19 pandemic also led to a rise in online furniture sales, as people are increasingly turning to the internet to buy furniture. This trend is expected to continue in the coming years, as consumers became more comfortable shopping for furniture online.
GCC Luxury Furniture Market
Segmental Coverage
GCC Luxury Furniture Market - By Material
On basis of material, GCC luxury furniture market is categorized into Metals, Wood, Plastic, Glass, and Leathers segments. The wood segment holds the highest market share in the GCC luxury furniture market by material because wood is one of the most popular raw materials. Furthermore, clients are drawn to wood items because of their esthetic appeal, exceptional value for money due to their durability, and distinctive appearance.
GCC Luxury Furniture Market - By Product Type
Based on product type, GCC Luxury Furniture Market is categorized into Lighting, Tables, Chairs & Sofas, Accessories, Bedroom, and Cabinets. The bedroom furniture market holds the highest share in terms of income generated in Saudi Arabia, with prospects for expansion in the other GCC countries. Consumers’ spending capacity on luxury products and services, such as house furniture, is expanding as disposable income rises. Furthermore, economic growth and an increase in the number of independent residences are encouraging consumers to spend more money on high-quality bedroom furniture.
GCC Luxury Furniture Market - By Distribution Channel
On basis of distribution channel, GCC luxury furniture market is bifurcated into Online and Offline. The online segment holds a higher market share in the GCC luxury furniture market due to expanding e-commerce industry boosting the growth of overall market. Furthermore, the popularity of luxury furnishings among customers in emerging nations is projected to benefit key players, who have seen significant opportunities in the hospitality industry.
GCC Luxury Furniture Market - By End Use
Based on end use, GCC luxury furniture market is bifurcated into Domestic Use and Commercial Use.
GCC Luxury Furniture Market - By Country
Regionally, GCC Luxury Furniture Market is divided into major countries: Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman. Saudi Arabia home furnishings business has emerged as one of fastest-growing segments in the GCC region. Saudi Arabia has the largest construction market in the GCC, accounting for about 33% of the entire construction market share. The home furnishings sector in Saudi Arabia is being driven by increased real estate development and demand for residential properties, rising population and urbanization as well as government measures to enhance socioeconomic infrastructure.
Competitive Landscape
GCC luxury furniture market is fiercely competitive. Major players in the GCC luxury furniture market include PAN Emirates, IKEA, Al Huzaifa, Luxe Living, Danube, Royal Furniture, Home Center, B&B Italia, Bukannan Furnishing, and ID Design. To further enhance their presence and market share, these large companies are primarily focused on the development of innovative and efficient products, new product releases, market initiatives, mergers and acquisitions, and other collaborative activities.
Recent Developments
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In November 2020 – PAN Emirates Home Furnishings opened its new store in Abu Dhabi's Capital Mall. Pan Emirates Home Furnishings invested AED 5 million in its largest store in the region, Capital Mall, Mohammed Bin Zayed City, Mussaffah, Abu Dhabi, covering 4,200 sq. m.
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In April 2020 - IKEA acquired GeomagicalLabs, the AI imaging business. GeomagicalLabs has a device that allows a user to instantly survey a room using any smartphone and transform it into a panoramic 3D picture in a matter of minutes.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2018–2021 |
Base Year – 2021 |
|
Estimated Year – 2022 |
|
Forecast – 2022–2028 |
|
Facts Covered |
Revenue in USD Million |
Market Coverage |
Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, Oman |
Product/ Service Segmentation |
Material, Product Type, End Use, Distribution Channel, Country |
Key Players |
PAN Emirates, IKEA, Al Huzaifa, Luxe Living, Danube, Royal Furniture, Home Center, B&B Italia, Bukannan Furnishing, ID Design |
By Material
-
Metals
-
Wood
-
Plastic
-
Glass
-
Leathers
By Product Type
-
Lighting
-
Tables
-
Chairs & Sofas
-
Accessories
-
Bedroom
-
Cabinets
By End Use
-
Domestic Use
-
Living & Bedroom
-
Kitchen
-
Lighting
-
Outdoor
-
Bathroom
-
Commercial Use
-
Hospitality
-
Office
By Distribution Channel
-
Online
-
Offline
By Country
-
Saudi Arabia
-
UAE
-
Qatar
-
Bahrain
-
Kuwait
-
Oman
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- GCC Luxury Furniture Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Rapid urbanization
- Rise in demand for Luxury home furnishings
- Restraints
- Lack of skilled workforce
- Volatiles raw material prices
- Opportunities
- Changing consumer preferences toward luxury furniture
- Growth of real estate sector
- Challenges
- Growth Drivers
- Technology Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- GCC Luxury Furniture Market Overview
- Market Size & Forecast by Value, 2018–2028
- By Value (USD Million)
- Market Share & Forecast
- By Material
- Metals
- Wood
- Plastic
- Glass
- Leathers
- Others
- By Product Type
- Lighting
- Tables
- Chairs & Sofas
- Accessories
- Bedroom
- Cabinets
- Others
- By End Use
- Domestic Use
- Living & Bedroom
- Kitchen
- Lighting
- Outdoor
- Bathroom
- Commercial Use
- Hospitality
- Office
- Others
- Domestic Use
- By Distribution Channel
- Online
- Offline
- By Country
- Saudi Arabia
- UAE
- Qatar
- Bahrain
- Kuwait
- Oman
- By Material
- Market Size & Forecast by Value, 2018–2028
- Saudi Arabia Luxury Furniture Market Overview
- Market Size & Forecast by Value, 2018–2028
- By Value (USD Million)
- Market Share & Forecast
- By Material
- By Product Type
- By End Use
- By Distribution Channel
- Market Size & Forecast by Value, 2018–2028
- UAE Luxury Furniture Market Overview
- Market Size & Forecast by Value, 2018–2028
- By Value (USD Million)
- Market Share & Forecast
- By Material
- By Product Type
- By End Use
- By Distribution Channel
- Market Size & Forecast by Value, 2018–2028
- Qatar Luxury Furniture Market Overview
- Market Size & Forecast by Value, 2018–2028
- By Value (USD Million)
- Market Share & Forecast
- By Material
- By Product Type
- By End Use
- By Distribution Channel
- Market Size & Forecast by Value, 2018–2028
- Bahrain Luxury Furniture Market Overview
- Market Size & Forecast by Value, 2018–2028
- By Value (USD Million)
- Market Share & Forecast
- By Material
- By Product Type
- By End Use
- By Distribution Channel
- Market Size & Forecast by Value, 2018–2028
- Kuwait Luxury Furniture Market Overview
- Market Size & Forecast by Value, 2018–2028
- By Value (USD Million)
- Market Share & Forecast
- By Material
- By Product Type
- By End Use
- By Distribution Channel
- Market Size & Forecast by Value, 2018–2028
- Oman Luxury Furniture Market Overview
- Market Size & Forecast by Value, 2018–2028
- By Value (USD Million)
- Market Share & Forecast
- By Material
- By Product Type
- By End Use
- By Distribution Channel
- Market Size & Forecast by Value, 2018–2028
- Competitive Landscape
- List of Key Players and Their Offerings
- Market Share Analysis, 2021
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Covid-19 on GCC Luxury Furniture Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
- PAN Emirates
- IKEA
- Al Huzaifa
- Luxe Living
- Danube
- Royal Furniture
- Home Center
- B&B Italia
- Bukannan Furnishing
- ID Design
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumption & Limitation
- Qualitative Research
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
Figure 1 GCC Luxury Furniture Market Segmentation
Figure 2 GCC Luxury Furniture Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2021
Figure 4 GCC Luxury Furniture Market Size, By Value (USD Million), 2018–2028
Figure 5 GCC Luxury Furniture Market Share, By Material, By Value, 2018–2028
Figure 6 GCC Luxury Furniture Market Share, By Product Type, By Value, 2018–2028
Figure 7 GCC Luxury Furniture Market Share, By End Use, By Value, 2018–2028
Figure 8 GCC Luxury Furniture Market Share, By Distribution Channel, By Value, 2018–2028
Figure 9 GCC Luxury Furniture Market Share, By Country, By Value, 2018–2028
Figure 10 Saudi Arabia Luxury Furniture Market Size, By Value (USD Million), 2018–2028
Figure 11 Saudi Arabia Luxury Furniture Market Share, By Material, By Value, 2018–2028
Figure 12 Saudi Arabia Luxury Furniture Market Share, By Product Type, By Value, 2018–2028
Figure 13 Saudi Arabia Luxury Furniture Market Share, By End Use, By Value, 2018–2028
Figure 14 Saudi Arabia Luxury Furniture Market Share, By Distribution Channel, By Value, 2018–2028
Figure 15 UAE Luxury Furniture Market Size, By Value (USD Million), 2018–2028
Figure 16 UAE Luxury Furniture Market Share, By Material, By Value, 2018–2028
Figure 17 UAE Luxury Furniture Market Share, By Product Type, By Value, 2018–2028
Figure 18 UAE Luxury Furniture Market Share, By End Use, By Value, 2018–2028
Figure 19 UAE Luxury Furniture Market Share, By Distribution Channel, By Value, 2018–2028
Figure 20 Qatar Luxury Furniture Market Size, By Value (USD Million), 2018–2028
Figure 21 Qatar Luxury Furniture Market Share, By Material, By Value, 2018–2028
Figure 22 Qatar Luxury Furniture Market Share, By Product Type, By Value, 2018–2028
Figure 23 Qatar Luxury Furniture Market Share, By End Use, By Value, 2018–2028
Figure 24 Qatar Luxury Furniture Market Share, By Distribution Channel, By Value, 2018–2028
Figure 25 Bahrain Luxury Furniture Market Size, By Value (USD Million), 2018–2028
Figure 26 Bahrain Luxury Furniture Market Share, By Material, By Value, 2018–2028
Figure 27 Bahrain Luxury Furniture Market Share, By Product Type, By Value, 2018–2028
Figure 28 Bahrain Luxury Furniture Market Share, By End Use, By Value, 2018–2028
Figure 29 Bahrain Luxury Furniture Market Share, By Distribution Channel, By Value, 2018–2028
Figure 30 Kuwait Luxury Furniture Market Size, By Value (USD Million), 2018–2028
Figure 31 Kuwait Luxury Furniture Market Share, By Material, By Value, 2018–2028
Figure 32 Kuwait Luxury Furniture Market Share, By Product Type, By Value, 2018–2028
Figure 33 Kuwait Luxury Furniture Market Share, By End Use, By Value, 2018–2028
Figure 34 Kuwait Luxury Furniture Market Share, By Distribution Channel, By Value, 2018–2028
Figure 35 Oman Luxury Furniture Market Size, By Value (USD Million), 2018–2028
Figure 36 Oman Luxury Furniture Market Share, By Material, By Value, 2018–2028
Figure 37 Oman Furniture Market Share, By Product Type, By Value, 2018–2028
Figure 38 Oman Furniture Market Share, By End Use, By Value, 2018–2028
Figure 39 Oman Furniture Market Share, By Distribution Channel, By Value, 2018–2028
List of Tables
Table 1 GCC Luxury Furniture Market Size, By Material, By Value, 2018–2028
Table 2 GCC Luxury Furniture Market Size, By Product Type, By Value, 2018–2028
Table 3 GCC Luxury Furniture Market Size, By End Use, By Value, 2018–2028
Table 4 GCC Luxury Furniture Market Size, By Distribution Channel, By Value, 2018–2028
Table 5 GCC Luxury Furniture Market Size, By Country, By Value, 2018–2028
Table 6 Saudi Arabia Luxury Furniture Market Size, By Material, By Value, 2018–2028
Table 7 Saudi Arabia Luxury Furniture Market Size, By Product Type, By Value, 2018–2028
Table 8 Saudi Arabia Luxury Furniture Market Size, By End Use, By Value, 2018–2028
Table 9 Saudi Arabia Luxury Furniture Market Size, By Distribution Channel, By Value, 2018–2028
Table 10 UAE Luxury Furniture Market Size, By Material, By Value, 2018–2028
Table 11 UAE Luxury Furniture Market Size, By Product Type, By Value, 2018–2028
Table 12 UAE Luxury Furniture Market Size, By End Use, By Value, 2018–2028
Table 13 UAE Luxury Furniture Market Size, By Distribution Channel, By Value, 2018–2028
Table 14 Qatar Luxury Furniture Market Size, By Material, By Value, 2018–2028
Table 15 Qatar Luxury Furniture Market Size, By Product Type, By Value, 2018–2028
Table 16 Qatar Luxury Furniture Market Size, By End Use, By Value, 2018–2028
Table 17 Qatar Luxury Furniture Market Size, By Distribution Channel, By Value, 2018–2028
Table 18 Bahrain Luxury Furniture Market Size, By Material, By Value, 2018–2028
Table 19 Bahrain Luxury Furniture Market Size, By Product Type, By Value, 2018–2028
Table 20 Bahrain Luxury Furniture Market Size, By End Use, By Value, 2018–2028
Table 21 Bahrain Luxury Furniture Market Size, By Distribution Channel, By Value, 2018–2028
Table 22 Kuwait Luxury Furniture Market Size, By Material, By Value, 2018–2028
Table 23 Kuwait Luxury Furniture Market Size, By Product Type, By Value, 2018–2028
Table 24 Kuwait Luxury Furniture Market Size, By End Use, By Value, 2018–2028
Table 25 Kuwait Luxury Furniture Market Size, By Distribution Channel, By Value, 2018–2028
Table 26 Oman Luxury Furniture Market Size, By Material, By Value, 2018–2028
Table 27 Oman Furniture Market Size, By Product Type, By Value, 2018–2028
Table 28 PAN Emirates Financial Overview+A1:B30
Table 29 PAN Emirates Company Overview
Table 30 PAN Emirates Financial Overview
Table 31 IKEA Company Overview
Table 32 IKEA Financial Overview
Table 33 Al Huzaifa Company Overview
Table 34 Al Huzaifa Financial Overview
Table 35 Luxe Living Company Overview
Table 36 Luxe Living Financial Overview
Table 37 Danube Company Overview
Table 38 Danube Financial Overview
Table 39 Royal Furniture Company Overview
Table 40 Royal Furniture Financial Overview
Table 41 Home Center Company Overview
Table 42 Home Center Financial Overview
Table 43 B&B Italia Company Overview
Table 44 B&B Italia Financial Overview
Table 45 Bukannan Furnishing Company Overview
Table 46 Bukannan Furnishing Financial Overview
Table 47 ID Design Company Overview
Table 48 ID Design Financial Overview
Market Segmentation
By Material
-
Metals
-
Wood
-
Plastic
-
Glass
-
Leathers
By Product Type
-
Lighting
-
Tables
-
Chairs & Sofas
-
Accessories
-
Bedroom
-
Cabinets
By End Use
-
Domestic Use
-
Living & Bedroom
-
Kitchen
-
Lighting
-
Outdoor
-
Bathroom
-
Commercial Use
-
Hospitality
-
Office
By Distribution Channel
-
Online
-
Offline
By Country
-
Saudi Arabia
-
UAE
-
Qatar
-
Bahrain
-
Kuwait
-
Oman
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Frequently Asked Questions (FAQs):
3. Which segment accounted for the highest share in the GCC Luxury Furniture Market by product type?
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