GCC Furniture Market to Grow at a CAGR of 7.29% during 2024-2032

Furniture Market - GCC

Market Statistics

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 7.29% (2024-2032)

The GCC furniture market is growing, driven by urbanization, real estate development, and rising demand for modern, high-quality furnishings. According to the latest report by IMARC Group, the market is projected to grow at a CAGR of 7.29% from 2024 to 2032.

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GCC Furniture Market Trends and Drivers

• Real Estate and Infrastructure Growth:

  • The expanding real estate sector and a strong focus on tourism and hospitality infrastructure are key drivers of the GCC furniture market.

  • The development of luxury hotels, commercial spaces, and high-end residential projects is fueling increased demand for furniture.

• Rising Affluent Population and Expatriates:

  • The growing number of expatriates and an affluent population in the GCC are driving demand in the upscale furniture market segment.

  • Mega-events like the Dubai Expo and the upcoming FIFA World Cup have significantly boosted furniture procurement for hospitality and public viewing areas, pushing demand to new levels.

• Shift Toward Customized and Luxury Furniture:

  • Consumer preferences are increasingly leaning toward customized and luxury furniture, reflecting a global trend of personalization and exclusivity.

  • This shift is encouraging both local and international manufacturers to offer bespoke services and products tailored to the unique tastes of the Middle East market.

• Sustainable and Eco-Friendly Design:

  • There is a growing interest in sustainable practices and eco-friendly materials in furniture design, driven by heightened environmental awareness and supportive regulatory policies.

• Digital Transformation and Online Retailing:

  • The rise of online furniture retailing is making it easier for consumers to access a wide variety of products.

  • This digital shift is enhancing competition and fostering innovation, which is expected to drive the market's growth in the coming years.
    
    

GCC Furniture Outllook and Segmentation:

The report has segmented the market into the following categories:

Breakup by Material:

• Metal

• Wood

• Plastic

• Glass

• Others 

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets

• Specialty stores

• Online stores

• Others 

Breakup by End Use:

• Residential

• Commercial 

Breakup by Country:

• Saudi Arabia

• UAE

• Qatar

• Bahrain

• Kuwait

• Oman

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Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• COVID-19 Impact on the Market

• Porter’s Five Forces Analysis

• Strategic Recommendations

• Historical, Current and Future Market Trends

• Market Drivers and Success Factors

• SWOT Analysis

• Structure of the Market

• Value Chain Analysis

• Comprehensive Mapping of the Competitive Landscape
  
  

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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