GCC Multifunctional Furniture Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
GCC Multifunctional Furniture Market Analysis
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
GCC Multifunctional Furniture Market Trends
This section covers the major market trends shaping the GCC Multifunctional Furniture Market according to our research experts:
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
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.
GCC Multifunctional Furniture Industry Overview
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.
GCC Multifunctional Furniture Market Leaders
MeCo Corporation
Kestell Furniture
Ikea
Dorel Industries
Flexsteel Industries
*Disclaimer: Major Players sorted in no particular order
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GCC Multifunctional Furniture Market News
- 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.
GCC Multifunctional Furniture Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on impact of technology
4.5 Industry Attractiveness - Porters' Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Application
5.1.1 Commercial
5.1.2 Residential
5.2 By distribution channel
5.2.1 Mass Merchandisers
5.2.2 Online
5.2.3 Supermarket
5.2.4 Hyper Market
5.2.5 Others*
5.3 By Product Type
5.3.1 Chairs
5.3.2 Tables
5.3.3 Windows
5.3.4 Doors
5.3.5 Others*
6. COMPETITIVE LANDSCAPE
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 MeCo Corporation
6.2.2 IKEA
6.2.3 Walmart
6.2.4 Kestell Furnitures
6.2.5 Flexsteel Industries
6.2.6 Zuari Furniture
6.2.7 Godrej Interior
6.2.8 Dorel Industries
6.2.9 Others*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
GCC Multifunctional Furniture Industry Segmentation
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* |
GCC Multifunctional Furniture Market Research FAQs
What is the current GCC Multifunctional Furniture Market size?
The GCC Multifunctional Furniture Market is projected to register a CAGR of greater than 7.60% during the forecast period (2024-2029)
Who are the key players in GCC Multifunctional Furniture Market?
MeCo Corporation, Kestell Furniture, Ikea, Dorel Industries and Flexsteel Industries are the major companies operating in the GCC Multifunctional Furniture Market.
What years does this GCC Multifunctional Furniture Market cover?
The report covers the GCC Multifunctional Furniture Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the GCC Multifunctional Furniture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
GCC Multifunctional Furniture Industry Report
Statistics for the 2024 GCC Multifunctional furniture market market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. GCC Multifunctional furniture market analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
