UAE Smart Furniture Market Size
|2020 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Historical Data Period
|2020 - 2022
|> 5.00 %
*Disclaimer: Major Players sorted in no particular order
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UAE Smart Furniture Market Analysis
In the United Arab Emirates, people are increasing their spending on renovating homes (furniture, kitchens, bathrooms, and flooring), and are investing in higher-quality products. In Abu Dhabi and Dubai, there are many expats (more than 170 nationalities), therefore, the region is developing as a potential market for all types of furniture.
The COVID-19 pandemic has impacted commercial and residential construction activities highly, resulting in a significant drop in the revenue of smart furniture. Additionally, the delivery of furniture items from Italy was postponed or interrupted due to difficulties in the production and shipping of 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.
The rising construction and real estate sector in the country plays a major role in driving the demand for finished luxury furniture products for the next few years. This rise in demand has led to the growing domestic demand and the emergence of multiple players catering to the same target audience. Manufacturers and retailers operating in the region compete on almost the same grounds of quality of the product and the material used to manufacture the product.
UAE Smart Furniture Market Trends
This section covers the major market trends shaping the UAE Smart Furniture Market according to our research experts:
Surge in Number of Smart Homes
With the growing urbanization in developing economies, there has been a surge in smart homes, which is estimated to bolster the market's overall growth. Furthermore, the increasing number of internet users, growing adoption of smart devices further fuels market growth.
With more than 90% of the population residing in urban areas and the rising disposable income per capita, the preference for smart products is high among the consumers in the UAE. Abu Dhabi and Dubai account for more than 50% of the overall population in the country. The UAE is a ready-made market for luxury brands - tourism, combined with a wealthy population, are big drivers for the sector.
Many end consumers are increasingly shifting towards smart furniture owing to the multiple transformation facilities provided by the furniture, such as stools transforming from modular sofas just at the press of a button in the user's smartphone, and smart beds that helps to maintain health of the user by keeping a track of the user's heart rate, respiration rate, sleeping posture and others.
Growth of Construction Sector is Driving the Market
The construction market in Dubai has been impacted by COVID-19, leading to the halt of construction work. This factor has reduced net profits in the sector. The country's government is also focusing on smart cities and planning to digitize up to 1,000 government services and install 2,000 Wi-Fi hotspots. Moreover, liberal trade policies in the country are attracting foreign investors and boosting the UAE construction market.
The construction sector is the essence of the UAE economy, and the industry is expecting rapid growth in the coming years. The construction industry plays an important role in the economic upliftment and development of the country.
United Arab Emirates has about half of the pipeline value of Saudi Arabia, with USD 288 billion in planned projects. An additional concern for the UAE construction is that the USD 125 billion of future projects in the country is low compared to the USD 145 billion of projects in execution, suggesting a shrinking market.
UAE Smart Furniture Industry Overview
The market is moderately fragmented, with the presence of players, such as Bakri Furniture, Royal Furniture, Danube Home, PAN Emirates, IKEA.The market is comprised both of manufacturers and distributors. However, distributors that import products from other countries have been dominant in the market. In terms of market share, the companies in the region compete heavily among each other through innovation and creativity to meet the dynamic behavior of the consumers in the region.
UAE Smart Furniture Market Leaders
*Disclaimer: Major Players sorted in no particular order
UAE Smart Furniture Market News
January 2022: Royal Furniture launched a new store in the UAE in City Center Al Zahia, a New Haven for mall-goers by Majid Al Futtaim, situated in the heart of Sharjah.
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.
UAE Smart Furniture Market Report - 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 Innovations in the Industry
4.7 Insights into Recent Developments in the Industry
4.8 Consumer Preferences and Buying Behavior Analysis
4.9 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 Smart Sofas
5.1.5 Smart Beds
5.1.6 Other Products
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
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Pan Emirates
6.2.2 Bakri Furniture
6.2.4 Danube Home
6.2.6 Royal Furniture
6.2.7 Al Huzaifa
6.2.8 Marina Home
6.2.9 Poltrona Frau
6.2.10 Bukannan Furniture*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
UAE Smart Furniture Market Research FAQs
What is the current UAE Smart Furniture Market size?
The UAE Smart Furniture Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in UAE Smart Furniture Market?
PAN Emirates, Royal Furniture, Danube Home, Bakri Function and Sagtco are the major companies operating in the UAE Smart Furniture Market.
What years does this UAE Smart Furniture Market cover?
The report covers the UAE Smart Furniture Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the UAE Smart Furniture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
UAE Smart Furniture Industry Report
Statistics for the 2024 UAE Smart Furniture market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. UAE Smart Furniture analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.