Showing posts with label Saudi Arabia Furniture Industry. Show all posts
Showing posts with label Saudi Arabia Furniture Industry. Show all posts

Friday, October 11, 2019

Saudi Arabia Furniture Market | Saudi Arabia Furniture Industry: Ken Research

How Is The Competition Scenario Saudi Arabia Furniture Market?
Competition stage within the Saudi Arabia furniture market was observed to be highly fragmented along with the presence of multiple domestic as well as global players. Furniture products of various price segments, inclusive of cheap, mid-segment and luxurious/premium products are designed by several manufacturers to cater to the needs of ever-expanding the customer base of all classes. Over the years, the competition between the domestic and international players has intensified owing to the increase in demand for furniture products in the KSA. The organized sector has been posing a threat to the unorganized sector for a long while now. However, organized players have been successful due to their rising marketing campaigns and promotions which largely include the price reduction on MRP and high quality being offered at low cost. Apart from that, some of the major parameters on the basis of which companies compete in the market include a number of stores, pricing, and type of material used in furniture, product SKUs, online presence/distribution channel and others.
Saudi Arabia Furniture Market
Case Study For Installing Home Furniture In Saudi Arabia
A set of assumptions have been considered while writing a case study on home furniture installation in the country. Apartment-style houses have been considered where 2 BHK apartments were most widely preferred by the customers of the country ranging from ~ sq. meter to ~sq. meter. We have considered the area of the apartment to be ~square meter. The apartment consists of ~ bedrooms of which one is a master bedroom, with different dimensions, have been considered. The apartment consists of one living room and one kitchen and dining area owing to limited plot size availability with most 2BHK apartments.
Case Study For Installing Hotel Furniture In Saudi Arabia
The hotel furniture installed across Saudi Arabia hotels varies in terms of the quality of the furniture being used which defines the target audience being catered. Luxury and premium hotels are likely to invest heavily on furniture in order to offer exclusive experiences to their customers. However, the budget-friendly hotel is conservative about their spending on furniture. The replacement cycle of furniture is higher in luxury hotels as compared to budget-hotels.
What Is The Future Outlook For The Saudi Arabia Furniture Market?
The furniture industry of Saudi Arabia is expected to grow at a positive double-digit CAGR during the forecast period 2019-2023. The increase in furniture demand is fueled by factors such as the rising number of hotels and resorts due to the promotion of tourism in Saudi Arabia. Government interventions will play a crucial role in driving the furniture market in Saudi Arabia. The relaxation of norms for foreign companies to enter the Saudi Arabia market will drive the increased demand for commercial space hereby, elevating commercial furniture demand. Changing people's preferences from bulky furniture to sleek as well as multi-purpose furniture will also increase the scope of furniture market over the long term. Upcoming real estate projects such as Amaala and The Red Sea Project will also contribute to the rising demand for luxury furniture in the near future.
Key Segments Covered:-
Market Structure
Organized Segment
Unorganized Segment
Material Used
Wood
Glass
Metal
Plastic
Others (Bamboo and MDP)
End Users
Residential Purpose
Bedroom Furniture
Beds
Beds without Storage
Beds with Storage
Size of Beds
Single Size Bed
Double Size Bed
Queen Size Bed
Material Used in Beds
Wood
Steel
Mattresses
Chests of Drawers
Wardrobe
Living Room Furniture
Sofa
Material Used in Sofa
Fabric
Leather
Sofa Seating Furniture
3+2 Seating
3+2+1+1 Seating
Other Seating Pattern
Coffee Table and Centre Table
Material Used in Coffee Table and Centre Table
Wood
Steel and Glass
Sofa cum Bed
Others (TV Cabinets and Stools)
Dining Table Furniture
Material Used in Dining Table
Wood
Others (Steel and Glass)
Seating Arrangement of Dining Table
< 6 Chairs
6-8 Chairs
8 Chairs
Type of Kitchen Furniture
Modular
Regular
Outdoor Furniture
Style of Residential Indoor Furniture
Modern and Contemporary
Traditional or Classic
Hospitality Furniture
Commercial
Type of Office Furniture
Workstation Desk
Office Chair
Conference Table
Corner Table
Office Storage
Key Target Audience
Furniture Retailers
Furnishings Retailers
Private Equity Companies
Contract Furniture Manufacturers
Furniture Association
Government Associations
Real Estate Developers
Time Period Captured in the Report:-
Historical Period: 2013-2018
Forecast Period: 2019-2023
Companies Covered
IKEA
Home Centre
Almutlaq Furniture
Al-Rugaib Furniture
Al Jedaie Office Furniture
El Ajou Group
Key Topics Covered in the Report:-
Saudi Arabia Furniture Market
Saudi Arabia Furniture Industry
Furniture industry in the KSA
Saudi Arabia furniture market revenue in 2018
Furniture sector in KSA
Saudi Arabia Residential Furniture Market
KSA Furniture Market Analysis
Saudi Arabia Furniture Manufacturers
Saudi Arabia Furniture Market Revenue
Saudi Arabia Furniture Retailers Market
Saudi Arabia Outdoor Furniture Market
Saudi Arabia Office Furniture Market
Office Furniture Market in Riyadh
For Information Click On the Below Mentioned Link:-
Related Reports by Ken Research:-
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
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Location: Saudi Arabia

Thursday, September 12, 2019

Saudi Arabia Furniture Market is driven by Vision 2030 that aim at promoting tourism, foreign investment and increased house ownership: Ken Research

“Rising number of furniture manufacturers and retail outlets, the surge in online retail activities, residential construction, an increasing number of hotels and resorts, rising ownership of residential properties and changing consumer preferences towards the furniture has driven the demand for KSA furniture market.”
Saudi Arabia Furniture Industry
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Emergence of Foreign Players in the Market: The growing demand for furniture has elevated the scope for foreign players to sell their products in the Saudi Arabia market. Increase in the number of global players has led to a larger portfolio of products to choose from for the customers. A Swedish company, IKEA which entered the Saudi Arabia market in 1985 has established itself as a reputed brand known for both low cost and high-quality products.
Highly Competitive Environment of the Furniture Market of Saudi Arabia: The furniture market of Saudi Arabia has become highly competitive and fragmented. The domestic players are getting overshadowed by the offerings of global players characterized by high quality and low-cost product offerings which are often imported.
Changing Buying Pattern: The replacement cycle for furniture has decreased over the years because Saudi people change their furniture more often these days. Upgrading furniture once in every 2-3 years has increased the demand for furniture. Consumer Spending in Saudi Arabia increased to SAR 284.8 Billion in the first quarter of 2019 from SAR 282.2 Billion in the fourth quarter of 2018. Increasing disposable income of people has made them capable of upgrading and changing their furniture regularly. Kid’s furniture is on rising demand due to a short replacement cycle as a result of the growing age of children.
Growing Need for Customized Furniture: With the increase in internet penetration rate to 88.4% in 2018, people have got easy access to ideas. The young population of Saudi Arabia relies on global furniture ideas available on the internet to get their furniture customized. They prefer to adopt global furniture designs and bring a change in the aesthetics of their house. It does not only help them in saving a lot of money but also adds uniqueness to their house.
Key Segments Covered:-
Market Structure
Organized Segment
Unorganized Segment
Material Used
Wood
Glass
Metal
Plastic
Others (Bamboo and MDP)
End Users
Residential Purpose
Bedroom Furniture
Beds
Beds without Storage
Beds with Storage
Size of Beds
Single Size Bed
Double Size Bed
Queen Size Bed
Material Used in Beds
Wood
Steel
Mattresses
Chests of Drawers
Wardrobe
Living Room Furniture
Sofa
Material Used in Sofa
Fabric
Leather
Sofa Seating Furniture
3+2 Seating
3+2+1+1 Seating
Other Seating Pattern
Coffee Table and Centre Table
Material Used in Coffee Table and Centre Table
Wood
Steel and Glass
Sofa cum Bed
Others (TV Cabinets and Stools)
Dining Table Furniture
Material Used in Dining Table
Wood
Others (Steel and Glass)
Seating Arrangement of Dining Table
< 6 Chairs
6-8 Chairs
8 Chairs
Type of Kitchen Furniture
Modular
Regular
Outdoor Furniture
Style of Residential Indoor Furniture
Modern and Contemporary
Traditional or Classic
Hospitality Furniture
Commercial
Type of Office Furniture
Workstation Desk
Office Chair
Conference Table
Corner Table
Office Storage
Key Target Audience
Furniture Retailers
Furnishings Retailers
Private Equity Companies
Contract Furniture Manufacturers
Furniture Association
Government Associations
Real Estate Developers
Time Period Captured in the Report:-
Historical Period: 2013-2018
Forecast Period: 2019-2023
Companies Covered
IKEA
Home Centre
Almutlaq Furniture
Al-Rugaib Furniture
Al Jedaie Office Furniture
El Ajou Group
Key Topics Covered in the Report:-
Online Furniture Retailing KSA
Saudi Arabia Furniture Import Volume
Saudi Arabia Furniture Export Revenue
KSA Chests of Drawers and Wardrobe Market
Saudi Arabia Beds and Mattresses Market
KSA Coffee Table and Centre Table Market
KSA Sofa cum Bed Furniture Market Analysis
Wooden Furniture Market Saudi Arabia
Glass Furniture Market Saudi Arabia
KSA Residential Indoor Furniture Market
Pepper Fry Furniture Market in Saudi Arabia
Urban Ladder SWOT Analysis KSA
Office Furniture Market in Riyadh
Furniture industry of Saudi Arabia
For Information Click On the Below Mentioned Link:-
Related Reports by Ken Research:-
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
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Location: Saudi Arabia

Wednesday, September 11, 2019

Saudi Arabia Residential, Hospitality and Commercial Furniture Market Outlook to 2023: Ken Research

The report titled “Saudi Arabia Residential, Hospitality and Commercial Furniture Market Outlook to 2023 – By Bedroom Furniture (Beds, Mattresses, Wardrobes, and Chest of Drawers), By Living Room (Sofas, Sofa Cum Beds, Coffee Tables, and Center Tables, TV Furniture and Stools, Dining Room, Kitchen, and Kids Furniture; By Commercial Furniture (Workstation Desks, Office Chair, Conference Table, Corner Table, and Office Storage)” provides a comprehensive analysis of furniture products in the Saudi Arabia region. The report focuses on overall market size, market segmentation by market structure (organized and unorganized), type of material used for furniture (wood, glass, metal, plastic, and others),  major end users (residential, hospitality and commercial), by residential furniture product categories (bedroom, living room, dining room, kitchen furniture, kids furniture and outdoor furniture), by the living room (sofas, sofa cum beds, coffee tables and center tables, TV furniture and stools), by the material used in sofa (fabric and leather), by sofa seating arrangement (3+2 seating, 3+2+1+1 seating and others), by bedroom furniture (beds, mattresses, wardrobes and chest of drawers), by beds (with storage and without storage capacity), by the bed size (single bed, king-sized bed, and queen-sized bed), by the material used in beds (wood and steel), by material used in dining table (wood and others), by dining table seating arrangement (6 and 8 chairs, more than 8 chairs and others), by kitchen furniture (modern, and traditional) and others.
Saudi Arabia Furniture Market
Saudi Arabia Furniture Market Overview and Genesis
The furniture industry is operating at a maturity stage and is growing at a positive double-digit CAGR during the review period of 5 years from 2013-2018. The industry was adversely hit during 2016-2017 due to recession in the real estate sector and the decline in oil prices in the recent past. The market recovered in 2018 and is anticipated to grow at a CAGR of 10% in the next 5 years. The preference for multi-utilitarian furniture has also been increasing due to the benefits of less space requirement and multi-usage purposes offered. The ease of self-assemblage gives added benefit to the customer.
Investments in the real estate financing sector was expected to reach $21.3 billion in 2019 and one of the key targets of the Saudi Ministry of Housing is to increase Saudi homeownership to 70% by 2030. The number of Traditional houses and Apartments were expected to increase to 657,897 and 1,572,654 respectively by the year 2018.
Lastly, furniture has recently made their way through online retailing, for instance, retailers such as Home center and IKEA launched online stores to facilitate easy buying of furniture while relaxing at home.
Saudi Arabia Furniture Market Segmentation
By Market Structure (Organized and Unorganized Segment):
The organized sector dominated the market revenues as retailers operating under this segment deal in high quality and designer products manufactured from MDF or solid wood during the year 2018.
The unorganized players rely majorly on the price of the material whereby they tend to compromise with the quality of the product. The unorganized segment captured the remaining market share in terms of market revenue during the year 2018. Also, unorganized players procure raw material and labor locally. However, organized players often get furniture imported.
By End Users (Residential, Hospitality, and Commercial):
The revenues accrued from the sale of residential furniture dominated the Saudi Arabia furniture market revenues in 2018. Bedroom furniture generated the maximum revenue during 2018 and is expected to increase with a CAGR of 7% during the time period 2019-2023. Mattresses and Beds will show a high growth of 12% and 9% respectively over the years from 2019-2023.
Hospitality furniture followed residential furniture in terms of revenue in the year 2018. The country has witnessed an increase in the total number of international tourists, from 18.6 million in the year 2017 to 23.6 million in 2018 as a result of the increased promotion of tourism in Saudi Arabia. Construction of new hotels and resorts will drive the demand for hospitality furniture.
The remaining revenue share was taken up by the commercial furniture as the total office space in major commercial hubs of Saudi Arabia was forecasted to increase. Riyadh was expected to witness an estimated increase in office space to 3,500,000 sq meters GLA by the end of 2018, owing to the entrance of notable projects such as Cayan Mefic Center, Al Rajhi Bank Tower, and the Business Front. The office space in Jeddah and Eastern Province was expected to reach to 1,100,000 sq meters GLA and 1,050,000 sq meters GLA respectively by the end of 2018.
Comparative Landscape in Saudi Arabia Furniture Market
Saudi Arabia furniture market was observed to be highly fragmented with the presence of domestic as well as global players. Furniture in various price segments, including mass, economy, premium, and luxury are designed by several retailers to cater to the needs of expanding the customer base of all classes.
Over the years, the competition between the domestic and international players has intensified owing to the increase in demand for furniture products in Saudi Arabia. Companies with a disruptive model like that of IKEA have acted as a significant threat to the unorganized sector. Organized players have been successful due to their high budget marketing campaigns and promotions which largely include the price reduction on MRP and high quality being offered at low cost. Some of the major competition parameters include a number of stores, pricing, and type of material used in furniture, product SKUs, online presence/distribution channel and others.
Saudi Arabia Future Outlook and Projections
The furniture industry of Saudi Arabia is expected to grow at a positive double digit CAGR during the forecast period 2019-2023. Expected tailwinds include rising hotels and resorts room supply, expected to increase in commercial space, increase customer budget allocation for multi-utility furniture and customer preference shift to premium modern-design furniture.
Key Segments Covered:-
Market Structure
Organized Segment
Unorganized Segment
Material Used
Wood
Glass
Metal
Plastic
Others (Bamboo and MDP)
End Users
Residential Purpose
Bedroom Furniture
Beds
Beds without Storage
Beds with Storage
Size of Beds
Single Size Bed
Double Size Bed
Queen Size Bed
Material Used in Beds
Wood
Steel
Mattresses
Chests of Drawers
Wardrobe
Living Room Furniture
Sofa
Material Used in Sofa
Fabric
Leather
Sofa Seating Furniture
3+2 Seating
3+2+1+1 Seating
Other Seating Pattern
Coffee Table and Centre Table
Material Used in Coffee Table and Centre Table
Wood
Steel and Glass
Sofa cum Bed
Others (TV Cabinets and Stools)
Dining Table Furniture
Material Used in Dining Table
Wood
Others (Steel and Glass)
Seating Arrangement of Dining Table
< 6 Chairs
6-8 Chairs
8 Chairs
Type of Kitchen Furniture
Modular
Regular
Outdoor Furniture
Style of Residential Indoor Furniture
Modern and Contemporary
Traditional or Classic
Hospitality Furniture
Commercial
Type of Office Furniture
Workstation Desk
Office Chair
Conference Table
Corner Table
Office Storage
Key Target Audience
Furniture Retailers
Furnishings Retailers
Private Equity Companies
Contract Furniture Manufacturers
Furniture Association
Government Associations
Real Estate Developers
Time Period Captured in the Report:-
Historical Period: 2013-2018
Forecast Period: 2019-2023
Companies Covered
IKEA
Home Centre
Almutlaq Furniture
Al-Rugaib Furniture
Al Jedaie Office Furniture
El Ajou Group
Key Topics Covered in the Report:-
Market Overview and Genesis
Value Chain Analysis
Market Size, 2013-2018
Saudi Arabia Furniture Market Segmentation, 2018
Trade Scenario, 2013-2017
SWOT Analysis
Supplier Selection Criteria
Decision Making Parameters
Trends and Developments
Issues and Challenges
Competitive Landscape
Future Outlook and Projections, 2019-2023
Analyst Recommendations
Online Retailing Success Stories of Major Indian Furniture Retailers
For Information Click On the Below Mentioned Link:-
Related Reports by Ken Research:-
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
Posted by at No comments:
Labels: , ,
Location: Saudi Arabia
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