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The GCC smart 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 most vibrant and fast-growing industries in the GCC region. The growing number of real estate developments and the increasing demand for residential properties, along with governmental initiatives to develop socio-economic infrastructure, are some of the major factors fuelling the demand for smart furniture products in the region.
Foreign players are also investing heavily in the region, either to increase their presence or to expand their businesses in these countries, thereby, further boosting the GCC region's smart furniture industry. Furniture consumption is also rising due to a positive trend in construction activity. This generates a demand for furniture, both for residential and non-residential usage. The local furniture production is relatively lesser in the GCC market, and thus, the region meets its requirements thorough the imports of foreign products.
The countries in the GCC region are heavy importers of furniture, with most of the imports coming from countries, like China, Italy, Turkey, Germany, the United States, Poland, and Malaysia.
Scope of the Report
Smart furniture is a furniture integrated with technology such as sensors and intelligent systems to enhance its functionality, for example, coffee tables with wireless charging. This report aims to provide a detailed analysis of the GCC smart furniture market. It focuses on the market dynamics, emerging trends in the segments and the regional markets, and insights into the various product and application types. It also analyses the key players and the competitive landscape of the GCC smart furniture market. The GCC Smart Furniture Market is segmented by Product Type (Smart Tables, Smart Desks, Smart Chairs, Other Products), by End User (Residential, Commercial), by Distribution Channel (Multi-brand Stores, Specialty Stores, Online, Other Distribution Channels), and by Geography (Saudi Arabia, United Arab Emirates, Kuwait, Qatar, and Rest of GCC Countries).
|By Product Type|
|Other Products (smart beds, smart sofas, etc.)|
|By End User|
|Other Distribution Channels|
|Rest of GCC Countries|
Key Market Trends
Rise in Consumer Expenditure on Home Improvement Fuels the Market
The coronavirus pandemic is creating dramatic changes for the furniture industry. Consumers, more so now than ever before, are basing their purchasing decisions on society value. Post-COVID consumer has a strong desire to improve their living space. COVID-19 forced nearly half of the world’s population to stay at home, causing a sudden explosion in working-from-home, home schooling, and a litany of at-home activities dining-at-home, etc that benefit from an upgrade in comfort and style. With social distancing being the new normal, a spike in consumer spending on furniture and home furnishings are expected.
The months of global quarantine is boosting consumer comfort for purchasing products online. Furniture manufacturers seeking to reach this digitally connected consumer will have to increase their online presence and cater to the rising expectations for price transparency, speed of delivery and product quality. The prolonged period at home is also influencing how consumers want to buy products.
To keep pace with these changes and adapt to the new demands of today’s hyper-connected consumer, furniture manufacturers are rapidly investing in digital technology and automation solutions. The goal is to strengthen their position in the marketplace by optimizing the production process to deliver innovative products faster without increasing costs or compromising on quality.
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Expanding Construction Sector is Driving the Market
The real estate sector has a significant effect on the furniture industry. The GCC region hosts one of the fastest-growing real estate markets across the world. Demographic changes, hosting of mega-events, tourism, and the influx of expatriates over the last few years are some of the major growth drivers for the real estate sector. Although the GCC region may have witnessed an economic slowdown, due to fluctuations in the oil market, the region is still witnessing increased investments. FIFA 2022 in Doha had primarily buoyed the demand for amenities and world-class infrastructure.
Due to the increase in real estate activities in the region, the construction sector is expanding rapidly, mainly being driven by government-backed investments. The construction industry is witnessing a growth rate of nearly 5%, year-on-year, in the region, with increasing residential and commercial property developments. This rapid expansion in the construction sector will boost the demand for smart furniture products.
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The market is highly competitive and comprises both local and international players. The market is moderately fragmented, with the presence of players, such as Bakri Furniture, Sagtco, Schuco, Modern Gardens, IKEA. Most of the furniture products in the country, such as home furniture products, are primarily imported and retailed through large-format showrooms, like IKEA. The furniture producers are slowly making their way through online retailing, across the GCC region. Some of the online furniture stores in the region are Ebarza, The Bowery Company, HomeBox, and LifeInteriors.
November 2021 - PAN Emirates Home Furnishings set to launch its newest store in Capital Mall, Abu Dhabi. Pan Emirates Home Furnishings invests AED 5 million in its biggest store in the region, spanning across 4200 sq. m in Capital Mall, Mohammed Bin Zayed City, Mussaffah, Abu Dhabi.
April 2021 - IKEA acquired AI imaging startup GeomagicalLabs, with a product that allows a user to quickly scan a room using any smartphone and render that into a panoramic 3D picture in a few minutes.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights into Latest Trends and Technological Innovations in the Industry
4.7 Consumer Buying Behavior and Preferences
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Smart Tables
5.1.2 Smart Desks
5.1.3 Smart Chairs
5.1.4 Other Products (smart beds, smart sofas, etc.)
5.2 By End User
5.3 By DistributionChannel
5.3.1 Multi-brand Stores
5.3.2 Specialty Stores
5.3.4 Other Distribution Channels
5.4 By Geography
5.4.2 Saudi Arabia
5.4.5 Rest of GCC Countries
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Bakri Furniture
6.2.2 Mordern Gardens
6.2.6 Pan Emirates
6.2.7 Al Huzaifa
6.2.8 Royal Furniture
6.2.9 Bukannan Furniture*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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Frequently Asked Questions
What is the study period of this market?
The GCC Smart Furniture Market market is studied from 2018 - 2027.
What is the growth rate of GCC Smart Furniture Market?
The GCC Smart Furniture Market is growing at a CAGR of >5% over the next 5 years.
Who are the key players in GCC Smart Furniture Market?
Bakri Furniture, Modern Gardens, IKEA, Schuco, Sagtco are the major companies operating in GCC Smart Furniture Market.