Market Size of UAE Luxury Furniture Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.03 Billion |
| Market Size (2029) | USD 4.92 Billion |
| CAGR (2024 - 2029) | 4.09 % |
| 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?
UAE Luxury Furniture Market Analysis
The UAE Luxury Furniture Market size is estimated at USD 4.03 billion in 2024, and is expected to reach USD 4.92 billion by 2029, growing at a CAGR of 4.09% during the forecast period (2024-2029).
The COVID-19 pandemic has highly impacted commercial and residential construction activities, resulting in a significant drop in the revenue of luxury furniture. Additionally, the delivery of furniture items from Italy was postponed or interrupted due to difficulties in producing and shipping goods. The current COVID-19 outburst is hammering the luxury brands heavily. Luxury hotels, hospitality services, and high-end travel retailers have already experienced significant fatalities led by the tumbling global demand. As the long-term scenario looks indefinite, consumer spending on luxury services will be low.
The furniture market in the UAE region is highly competitive owing to the rising demand for furniture and furnishing products. This rise in demand has led to the growing domestic demand and the emergence of multiple players catering to the same target audience for luxury furniture products. Manufacturers and retailers operating in the region compete on almost the same grounds of the quality of the product and the material used to manufacture the product.
Imports play a major role in the UAE luxury furniture market. The penetration of Italian-made luxury furniture is high among the consumers in the region. Major Italian furniture manufacturers have provided their products in the country through showrooms or multi-brand retail stores.
The country's rising construction and real estate sector will majorly drive the demand for finished luxury furniture products over the next few years. Also, the government's initiatives to develop the tourism and hospitality industry, estimated to contribute approximately 12% of the country's GDP, are expected to play a major role in the UAE luxury furniture market over the forecast period.
