GCC Luxury Furniture Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
GCC Luxury Furniture Market Analysis
GCC Luxury Furniture Market has generated a revenue of USD 300 million in the current year and is poised to achieve a CAGR of 6% for the forecast period. The luxury furniture industry has become one of the most vibrant and fast-growing industries in the GCC region due to the rising population and increased construction activity. 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 fueling the demand for luxury furniture products in the region.
Local luxury furniture production is relatively lesser in the GCC market, and thus, the region meets its requirements through the imports of foreign 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. The luxury furniture market in the GCC region is highly competitive, owing to the rising demand for furniture and furnishing products. This rise in demand has led to growing domestic demand and the emergence of multiple players catering to the same target audience for luxury furniture products. Imports play a major role in the GCC luxury furniture market. Foreign players are investing heavily in the region to increase their presence or expand their businesses in these countries, thereby further boosting the GCC region's furniture industry. 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. Major foreign luxury furniture manufacturers have been providing their products in the country either through their showrooms or multi-brand retail stores.
The outbreak of the COVID-19 pandemic acted as a massive restraint on the luxury furniture manufacturing market in the GCC region, in 2020. It has disrupted supply chains, caused a shortage of materials, and terminated contracts to control expenses. The lack of labor is also hampering the overall luxury furniture market growth in the GCC region. The outbreak of the coronavirus disease (COVID-19) acted as a massive restraint on the luxury furniture manufacturing market in the Asia-Pacific region, in 2020. This may slow down the industry growth during the forecast timeframe. Sales dropped by almost 60-70% due to consumers having little opportunity to explore luxury furniture products. Almost 40% of luxury furniture production happens in Italy, and all the Italian factories, including small, family-based façonniers, have temporarily shut down, which resulted in a decline in sales in the GCC market.
GCC Luxury Furniture Market Trends
Changing Consumer Preferences Toward Luxury Goods Like Luxury Furniture
The growing number of real estate developments and the increasing demand for residential properties are leading to higher usage of high-end furniture products. Urbanization and industrialization across the region, rising permeation of online retailing in developing nations are manipulating customers for acquiring luxury furniture, which is expected to drive growth in the GCC luxury furniture market. With the population residing in urban areas and the rising disposable income per capita, and the high preference for luxury products among consumers, there is an increase in the awareness of modern lifestyle, and demand for eco-friendly furniture is expected to boost the market growth. Urbanization is enhancing the growth of the market study with all countries across the region witnessing a ride in their urban population which fuels the demand for premium products like luxury furniture. The installation of luxury furniture can improve a home's appearance and boost its value. Luxury furniture made from wood and metal is gaining popularity among consumers due to its high aesthetic value and durability. The rise in eco-friendly and multifunctional luxury furniture is also supporting market growth in developed economies. Residential remodeling and replacement will continue to account for luxury furniture demand as homeowners replace older furniture with newer products that offer enhanced visuals.
Growth of the Real Estate Sector
Dubai, Abu Dhabi, and Doha have emerged as the top three real estate markets in the Gulf Cooperation Council (GCC) region. The GCC region has witnessed rapid economic development and demographic changes, including the influx of expatriates, which in turn has increased the region's overall population. This, coupled with a rise in per capita income, has fueled the demand for residential units in the region. FIFA 2022 in Doha had primarily buoyed the demand for amenities and world-class infrastructure. Post-recession, the GCC has emerged as an attractive destination for global investors, and the real estate sector has become a key economic barometer for the growth in the region. The GCC real estate sector is one of the fastest-growing sectors across the world, albeit with the recent slowdown in economic growth due to oil price fluctuations. This growing real estate sector further boosts the luxury furniture market.
GCC Luxury Furniture Industry Overview
The market is dynamic and competitive, with new entrants and local players also contributing to the diversity of choices available to consumers. The report covers major international players operating in the GCC luxury furniture market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. Several local luxury furniture retailers and manufacturers have a strong presence in the GCC market. These companies often cater to the specific tastes and preferences of the local clientele, offering unique designs and personalized services. Following is the list of major companies in the market: PAN Emirates, IKEA, Al Huzaifa, Luxe Living, and Danube.
GCC Luxury Furniture Market Leaders
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PAN Emirates
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IKEA
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Al Huzaifa
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Luxe Living
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Danube
*Disclaimer: Major Players sorted in no particular order
GCC Luxury Furniture Market News
- June 2023: Daze Furniture, the leading furniture brand known for its bespoke collection of furniture, lighting, and home accessories, is poised to revolutionise the luxury furniture segment in the UAE.
- May 2023: PAN Emirates, a premier home furnishings and online furniture shopping store in UAE, has rebranded itself as PAN Home. The rebranding effort includes a complete makeover, signaling a more modernised perspective for PAN Home.
GCC Luxury 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 INSIGHTS AND DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Growing Consumer Trend for Luxury Furniture
- 4.2.2 Real Estate Development
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4.3 Market Restraints
- 4.3.1 High Import Taxes and Duties
- 4.3.2 High Cost of Raw Materials
- 4.4 Value Chain/Supply Chain Analysis
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4.5 Porter's Five Forces 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 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 Product Type
- 5.1.1 Lighting
- 5.1.2 Tables
- 5.1.3 Chairs and Sofas
- 5.1.4 Accessories
- 5.1.5 Bedroom
- 5.1.6 Cabinets
- 5.1.7 Other Products
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5.2 End User
- 5.2.1 Residential
- 5.2.2 Commercial
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5.3 Distribution Channel
- 5.3.1 Home Centers
- 5.3.2 Flagship Stores
- 5.3.3 Specialty Stores
- 5.3.4 Online
- 5.3.5 Other Distribution Channels
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5.4 Geography
- 5.4.1 Saudi Arabia
- 5.4.2 United Arab Emirates
- 5.4.3 Kuwait
- 5.4.4 Qatar
- 5.4.5 Rest of GCC Countries
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 PAN Emirates
- 6.1.2 IKEA
- 6.1.3 Royal Furniture
- 6.1.4 Al Huzaifa
- 6.1.5 Luxe Living
- 6.1.6 Home Center
- 6.1.7 Danube
- 6.1.8 B&B Italia
- 6.1.9 Bukannan Furnishing
- 6.1.10 ID Design*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
** Subject To AvailablityGCC Luxury Furniture Industry Segmentation
Luxury Furniture is conducive to sumptuous living and includes elements that are elegant, sumptuous, and indulgent. A complete background analysis of the GCC Luxury Furniture market, which includes an assessment of the luxury furniture market in GCC, emerging trends by segments and regional markets, significant changes in market dynamics, and a market overview, is covered in the report. The report also features qualitative and quantitative assessments by analyzing the data gathered from industry analysts and market participants across key points in the industry's value chain. The GCC Luxury Furniture Market is segmented by Product Type (Lighting, Tables, Chairs and Sofas, Accessories, Bedroom, Cabinets, and Other Products), End User (Residential and Commercial), by Distribution Channel (Home Centers, Flagship Stores, Specialty Stores, Online, and Other Distribution Channels), and by Geography (Saudi Arabia, United Arab Emirates, Kuwait, Qatar, and Rest of GCC Countries). The report offers market size and forecasts for the Mom and Pop Stores Market in value (USD Billion) for all the above segments.
| Product Type | Lighting |
| Tables | |
| Chairs and Sofas | |
| Accessories | |
| Bedroom | |
| Cabinets | |
| Other Products | |
| End User | Residential |
| Commercial | |
| Distribution Channel | Home Centers |
| Flagship Stores | |
| Specialty Stores | |
| Online | |
| Other Distribution Channels | |
| Geography | Saudi Arabia |
| United Arab Emirates | |
| Kuwait | |
| Qatar | |
| Rest of GCC Countries |
GCC Luxury Furniture Market Research FAQs
What is the current GCC Luxury Furniture Market size?
The GCC Luxury Furniture Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in GCC Luxury Furniture Market?
PAN Emirates, IKEA, Al Huzaifa, Luxe Living and Danube are the major companies operating in the GCC Luxury Furniture Market.
What years does this GCC Luxury Furniture Market cover?
The report covers the GCC Luxury Furniture Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the GCC Luxury Furniture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
GCC Luxury Furniture Industry Report
Statistics for the 2024 GCC Luxury Furniture market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. GCC Luxury Furniture analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
