GCC Multifunctional Furniture Market, Growth Trends, COVID-19 Impact and Forecast (2022-2027)

The GCC Multifunctional Furniture Market is segmented on the basis of product type (tables, chairs, outdoor furniture, windows etc.,), end-use industry (service and manufacturing industry) and by distribution channels (exclusive showrooms, online, hypermarkets, others) and application (commercial, residential).

Market Snapshot

Market Summary
Study Period: 2018-2027
Base Year: 2021
CAGR: >7.6 %

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Market Overview

The GCC furniture market is expected to witness strong growth during the forecast period, owing to factors such as the rising population and increased construction activity. The furniture industry has become one of the GCC region's most vibrant and fast-growing industries. The growing number of real estate developments, the increasing demand for residential properties, and governmental initiatives to develop socio-economic infrastructure are some of the major factors fuelling the demand for furniture products in the region.

Due to covid-19, The crisis has altered how people shop by adapting to new technologies. Shopping for furniture is now a decision of buying virtually. The product images talk in every corner of the website with self-explanatory labels. People also want to shop from the convenience of their mobile phones or tab. So, your website should also be mobile responsive, making it easy for them to browse smoothly. In GCC, the major impact of Covid-19 on the furniture industry will be through the supply chains. Furniture brands need to develop an effective supply chain response plan to mitigate risk and prepare for any interruptions that the coronavirus outbreak can cause

Scope of the Report

This report covers regional markets with a detailed analysis of the overall growth prospects for the market. It also highlights the broad competitive environment in the global marketplace.The GCC Multifunctional Furniture Market is segmented based on product type (tables, chairs, outdoor furniture, windows, etc.), end-use industry (service and manufacturing industry) and by, distribution channels (exclusive showrooms, online, hypermarkets, others), and application (commercial, residential).

By Application
Commercial
Residential
By distribution channel
Mass Merchandisers
Online
Supermarket
Hyper Market
Others*
By Product Type
Chairs
Tables
Windows
Doors
Others*

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Key Market Trends

Increased momentum in development of smaller apartments

The rise in population and urbanization globally has fueled the demand for accommodation, boosted the real estate market, and reduced the size of apartments. The development of urban housing has forced habitants to prefer smaller spaces, which in turn has increased the demand for furniture that can fit in small spaces and carry out multiple functions

2018-2027

Saudi Arabia is One of the Fastest-growing Furniture Markets in the GCC Region

Saudi Arabia has the largest construction market in the GCC region, accounting for nearly 33% of the total market share in the area. Due to the rising population and urbanization, the country's construction sector is expanding. Increasing real estate development and the rising demand for residential properties in the region, along with the governmental initiatives to develop socio-economic infrastructure, are fuelling the growth of the furniture industry in Saudi Arabia.

The continuous development of new housing units, coupled with a rise in the young and growing population of the country, is increasing the demand for furniture products. Additionally, urbanization and the development of the KSA's economy have generated a significant demand for furniture in the residential areas, hotels, offices, and industrial sectors. This is expected to grow further in the coming years.

2018-2023-2027

Competitive Landscape

The report presents the market competition landscape and a corresponding detailed analysis of the prominent manufacturers in this market, including Inova, Lifetime Products, Expand Furniture, Clei, Meco Corporation, Kestell Furniture, Gomlden Furniture, Zorin Furniture, Ikea, Leggett & Platt, Dorel Industries, Hussey Seating, La-Z-Boy, KI, Haworth, Quanyou, BBMG Tiantan Furniture, Flexsteel Industries, RUKU Klappmöbel, Maxchief Europe, Sauder Woodworking, Qumei.

Recent Developments

  • In June 2022, Ikea, the Swedish furniture giant and home furnishing retailer will open its doors to the first flagship store at Oman Avenues Mall. The two-story 25,000 sq m outlet will include cutting-edge customer experience technology and offer inspirational unique home furnishing ideas.
  • In 2021, IKEA-backed Livspace to step into the GCC market. Ikea And Livspace became partners in GCC Market.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Insights on impact of technology

    5. 4.5 Industry Attractiveness - Porters' Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitutes

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Application

      1. 5.1.1 Commercial

      2. 5.1.2 Residential

    2. 5.2 By distribution channel

      1. 5.2.1 Mass Merchandisers

      2. 5.2.2 Online

      3. 5.2.3 Supermarket

      4. 5.2.4 Hyper Market

      5. 5.2.5 Others*

    3. 5.3 By Product Type

      1. 5.3.1 Chairs

      2. 5.3.2 Tables

      3. 5.3.3 Windows

      4. 5.3.4 Doors

      5. 5.3.5 Others*

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concetration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 MeCo Corporation

      2. 6.2.2 IKEA

      3. 6.2.3 Walmart

      4. 6.2.4 Kestell Furnitures

      5. 6.2.5 Flexsteel Industries

      6. 6.2.6 Zuari Furniture

      7. 6.2.7 Godrej Interior

      8. 6.2.8 Dorel Industries

      9. 6.2.9 Others*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNTIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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Frequently Asked Questions

The GCC Multifunctional furniture market market is studied from 2018 - 2027.

The GCC Multifunctional furniture market is growing at a CAGR of >7.6% over the next 5 years.

MeCo Corporation, Kestell Furniture, Ikea, Dorel Industries, Flexsteel Industries are the major companies operating in GCC Multifunctional furniture market.

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