Gcc Luxury Furniture Market

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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

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

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.
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
1. Research Objective
2. Product Overview
3. Market Segmentation
Executive Summary
GCC Luxury Furniture Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
    1. Rapid urbanization
    2. Rise in demand for Luxury home furnishings
  2. Restraints
    1. Lack of skilled workforce
    2. Volatiles raw material prices
  3. Opportunities
    1. Changing consumer preferences toward luxury furniture
    2. Growth of real estate sector
  4. Challenges
3. Technology Advancements/Recent Developments
4. Regulatory Framework
5. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of New Entrants
  4. Threat of Substitutes
  5. Intensity of Rivalry
GCC Luxury Furniture Market Overview
1. Market Size & Forecast by Value, 2018–2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Material
    1. Metals
    2. Wood
    3. Plastic
    4. Glass
    5. Leathers
    6. Others
  2. By Product Type
    1. Lighting
    2. Tables
    3. Chairs & Sofas
    4. Accessories
    5. Bedroom
    6. Cabinets
    7. Others
  3. By End Use
    1. Domestic Use
      1. Living & Bedroom
      2. Kitchen
      3. Lighting
      4. Outdoor
      5. Bathroom
    2. Commercial Use
      1. Hospitality
      2. Office
      3. Others
  4. By Distribution Channel
    1. Online
    2. Offline
  5. By Country
    1. Saudi Arabia
    2. UAE
    3. Qatar
    4. Bahrain
    5. Kuwait
    6. Oman
Saudi Arabia Luxury Furniture Market Overview
1. Market Size & Forecast by Value, 2018–2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Material
  2. By Product Type
  3. By End Use
  4. By Distribution Channel
UAE Luxury Furniture Market Overview
1. Market Size & Forecast by Value, 2018–2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Material
  2. By Product Type
  3. By End Use
  4. By Distribution Channel
Qatar Luxury Furniture Market Overview
1. Market Size & Forecast by Value, 2018–2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Material
  2. By Product Type
  3. By End Use
  4. By Distribution Channel
Bahrain Luxury Furniture Market Overview
1. Market Size & Forecast by Value, 2018–2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Material
  2. By Product Type
  3. By End Use
  4. By Distribution Channel
Kuwait Luxury Furniture Market Overview
1. Market Size & Forecast by Value, 2018–2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Material
  2. By Product Type
  3. By End Use
  4. By Distribution Channel
Oman Luxury Furniture Market Overview
1. Market Size & Forecast by Value, 2018–2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Material
  2. By Product Type
  3. By End Use
  4. By Distribution Channel
Competitive Landscape
1. List of Key Players and Their Offerings
2. Market Share Analysis, 2021
3. Competitive Benchmarking, By Operating Parameters
4. 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)
1. PAN Emirates
2. IKEA
3. Al Huzaifa
4. Luxe Living
5. Danube
6. Royal Furniture
7. Home Center
8. B&B Italia
9. Bukannan Furnishing
10. ID Design
11. Other Prominent Players
Key Strategic Recommendations
Research Methodology
1. Qualitative Research
  1. Primary & Secondary Research
2. Quantitative Research
3. Market Breakdown & Data Triangulation
  1. Secondary Research
  2. Primary Research
4. Breakdown of Primary Research Respondents, By Region
5. Assumption & Limitation

*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):

1. What are the major factors driving the growth of GCC Luxury Furniture Market?

Ans: Major factors driving the growth of GCC luxury furniture market include increasing urbanization, surging demand for home furnishings, rising in construction activities, and active government initiatives to establish socio-economic infrastructure.

2. What is the expected growth rate of GCC Luxury Furniture Market during the forecast period?

Ans: During the forecast period between 2022 and 2028, the GCC luxury furniture market size is projected to grow at a CAGR of 7.1%.

3. Which segment accounted for the highest share in the GCC Luxury Furniture Market by product type?

Ans: The bedroom segment accounted for the highest market share in the GCC Luxury Furniture Market by product type.

4. Which country is the dominant one in GCC Luxury Furniture Market?

Ans: Saudi Arabia holds the highest market share in the GCC Luxury Furniture Market.

5. Name the key players in GCC Luxury Furniture Market.

Ans: Key players in GCC Luxury Furniture Market include PAN Emirates, IKEA, Al Huzaifa, Luxe Living, Danube, Royal Furniture, Home Center, B&B Italia, Bukannan Furnishing, ID Design PAN Emirates, IKEA, Al Huzaifa, Luxe Living, Danube, Royal Furniture, Home Center, B&B Italia, Bukannan Furnishing, and ID Design.

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