Saudi Arabia Furniture Market Grow with a CAGR of 4.62% through 2030F
The Saudi Arabia Furniture market is driven by rising
urbanization, increased disposable income, government housing initiatives, and
growing demand for modern, multifunctional, and luxury home furnishings.
According to
TechSci Research report, “Saudi Arabia Furniture Market – By Region, Competition,
Forecast & Opportunities, 2030F”, the Saudi Arabia Furniture market stood at USD 7.23 Billion in 2024 and
is anticipated to grow USD 9.48 Billion by 2030 with a CAGR 4.62% during
forecast period. The Saudi Arabia Furniture market is driven by western
influence, as international design trends continue to shape consumer
preferences. As globalization and cultural exchange increase, Saudi consumers
are becoming more exposed to Western interior design styles, which emphasize
minimalist, contemporary, and functional furniture. This has led to a surge in
demand for modern pieces that incorporate clean lines, neutral colors, and
innovative materials. Also, the presence of international furniture brands in
the Saudi market caters to this growing interest in Western-style furniture,
further boosting market growth. The younger generation, in particular, is
embracing these global trends, contributing to a shift in the types of
furniture sought, with a strong focus on style, comfort, and design
versatility.
The Saudi Arabia
Furniture market is primarily driven by large-scale infrastructure and
residential projects, especially with the government's Vision 2030 initiative.
This plan aims to diversify the economy and reduce reliance on oil by investing
in sectors like real estate, construction, and tourism. Major projects such as
the NEOM smart city, The Line megastructure, and the Red Sea Project are
reshaping urban landscapes and generating significant demand for furniture,
both residential and commercial. These developments require the furnishing of
new homes, offices, hotels, and public spaces, increasing the need for
high-quality, stylish, and durable furniture. Also, the government's housing
programs have led to the construction of thousands of new housing units,
further boosting the demand for home furnishings.
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"Saudi Arabia Furniture Market”
The Saudi Arabia
Furniture market is segmented into type, raw material, point of sale, and
region.
Based on the type,
the hospitality & institutional furniture segment is the fastest growing in
the Saudi Arabia Furniture market, driven by several key factors. The rapid
expansion of the hospitality sector, including hotels, resorts, and
restaurants, has significantly increased the demand for specialized furniture
that meets the aesthetic and functional needs of these establishments. Also,
the government's Vision 2030 initiatives, which focus on diversifying the
economy and boosting tourism, have led to numerous infrastructure projects that
require substantial investments in commercial and institutional furnishings.
The growing emphasis on creating unique and memorable guest experiences has
also spurred the demand for customized and high-quality furniture solutions.
These developments collectively contribute to the robust growth of the
hospitality and institutional furniture segment in the region.
Based on the
region, Eastern is the fastest-growing region in the Saudi Arabia Furniture
market, driven by several key factors. The region's economic prosperity,
largely fueled by the oil and gas industry, has led to increased disposable
incomes and a demand for high-quality, luxury furniture. Cities like Dammam and
Khobar are witnessing a rise in residential and commercial developments,
further boosting the need for diverse furniture solutions. Also, the influx of
expatriates has diversified consumer preferences, leading to a demand for a
wide range of furniture styles. The government's Vision 2030 initiatives, which
aim to diversify the economy and improve infrastructure, have also contributed
to the growth of the furniture market in this region. These combined factors
position the Eastern region as a significant contributor to the overall
expansion of Saudi Arabia's furniture market.
Major companies
operating in the Saudi Arabia Furniture market are:
- Arabian
Furniture & Design Co
- Almutlaq Furniture
- Inter IKEA Systems B.V.
- Bold Bespoke Design
- Al Jedaie Office Furniture
- Al Wasad Furniture
- Saudi Modern Factory
- Jeraisy Furniture Factory
- Zivella Office Furniture
- Aflak Furniture
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“The Saudi
Arabia Furniture market is expected to grow in the future owing to
the government policies that
encourage local manufacturing and reduce reliance on imports. Initiatives like
the "Made in Saudi" program, launched in 2021, aim to promote
domestic production and enhance the competitiveness of Saudi-made products both
locally and internationally. These policies are supported by the National
Industrial Development and Logistics Program (NIDLP), which provides incentives
for local manufacturers and aims to increase the non-oil sector's contribution
to the GDP. Also, the Saudi Green Building Code encourages sustainable
practices in furniture production, further boosting local manufacturing
efforts. As a result, local furniture manufacturers are expanding their
production capacities and enhancing product quality, leading to a reduction in
import dependency and fostering a more self-sufficient and competitive
furniture industry in Saudi Arabia, said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based management consulting firm.
Saudi Arabia Furniture
Market By Type (Home Furniture, Office Furniture, Hospitality &
Institutional Furniture), By Raw Material (Wooden, Metallic, Plastic, Others),
By Point of Sale (Online, Offline), By Region, Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth potential of Saudi
Arabia Furniture market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the Saudi Arabia
Furniture market.
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