Ideas That Generate Results
Saudi Arabia Furniture Market Outlook 2020
The Saudi Arabia furniture industry has become one of the most vibrant and fastest growing industries in the GCC region. The growth of the furniture industry has been supported by the growing number of real estate development and increasing demand for residential property in the Kingdom. Also, with increasing foreign investments across the hospitality, education and healthcare sectors, the Kingdom’s furniture market is further opening to massive opportunities. Thus, it is anticipated that the demand in the furniture industry of the Kingdom will grow at a CAGR of around 11% during 2016-2020.
In RNCOS’ latest report titled “Saudi Arabia Furniture Market Outlook 2020”, the company’s analysts have identified and deciphered the market dynamics of important segments to clearly highlight the areas offering promising possibilities for players to boost their growth. Accordingly, the report provides an in-depth analysis of furniture production and consumption in Saudi Arabia. The report depicts the current market scenario and future potential with respect to these aspects till 2020.
The report studies the furniture market by segments to provide the overview and in-depth understanding of each of the segments. As per our study, it has been found that bedroom furniture market holds a major share of the total household furniture market. Thus, the analysis by market segments (i.e. commercial furniture and household furniture) has been provided with a forecast till 2020. Also, a further segmentation of the furniture market i.e. by bedroom furniture, kitchen furniture etc., has been analyzed in the report.
Moreover, all the current trends & drivers of the Saudi furniture industry have been evaluated in the report. Accordingly, it has been observed that Saudi Arabia mainly imports its furniture requirement as its domestic production is not able to fulfill the country’s increasing demand for the good both in the household and commercial sectors. In this connection both the import and export data of the furniture industry in the country have been incorporated in the report. A detailed regional market analysis and the market’s regulatory analysis, along with the wood product industry’s framework are also covered. Furniture products have a close association with the construction sector, in particular, the commercial and household segments. Therefore, the report also gives a better coverage of the Kingdom’s construction sector through a detailed analysis of the interior design, contracting and fit out segments associated with real estate industry.
Finally, to provide a most fair analysis of the Saudi furniture market to clients, the report includes the profiles of key industry players with their business overviews. It also provides important information for furniture makers looking to venture into this industry, and facilitates them to formulate strategies while going for an investment/partnership deal in the Saudi furniture market.