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Saudi Arabia Furniture Market Forecast to 2017
Buoyed by construction boom and growing investment in the real estate sector, Saudi Arabia’s furniture industry has become one of the most vibrant segments in the country. The construction sector in the country is considered as the largest and the fastest growing market in the Gulf region with huge growth potential. The sector’s booming activities has led to significant furniture demand in Saudi Arabia.
In their latest research study, “Saudi Arabia Furniture Market Forecast to 2017”, RNCOS’ analysts have identified that furniture demand in the Kingdom has rapidly expanded over the past few years on the back of rising affluence, influence of western culture, booming construction activities and tourism developments. Consequently, the furniture demand is anticipated to grow at a CAGR of around 13.7% during 2013-2017, making the Kingdom one of the most attractive furniture markets in the Middle East.
In the report, we have studied the Saudi Arabia furniture market in terms of production, demand scenario, import and export. We have studied the furniture demand, including offices’ and households’ demand, along with making their forecast till 2017. Considering the total furniture demand by segment, household demand accounts for a significant share due to rise in residential construction activities. Importantly, the report covers a detailed analysis of furniture imports and exports as well as of major furniture exporting and importing countries.
The report also discusses current and futuristic trends of Interior Design Contracting and Fit-out Industry spending that are included in costs by retail, office, residential, and hotel sectors, which are making Saudi Arabia an attractive destination for furniture industry giants. Subsequently, the report covers the wood product industry framework analysis for an in-depth understanding of the Saudi Arabian furniture industry.
And as there is immense growth potential for the industry, the study foresees huge opportunities for both existing and new market players. It therefore includes the profiles of key industry players, like Al-Abdulkader Furniture, Almutlaq Furniture, Riyadh Furniture Industries, Al Aamer Furniture, among others. Overall, the objective of the study is to help clients understand the prospects of the industry and make sound investment decisions in view of those.