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The Middle East - luxury furniture market size is estimated to grow at a CAGR of 4.48% between 2023 and 2028. The market size is forecast to increase by USD 413.02 million. The accelerated growth of the market is by various factors, including the increase in the number of office spaces, the growth in residential construction, and the significant rise in the affluent population
The report includes a comprehensive outlook on the Middle East Luxury Furniture Market, offering forecasts for the industry segmented by Application, residential, and commercial. Additionally, it categorizes Distribution Channel into offline, and online. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growth in residential construction is the key factor driving market growth. The construction boom in the Middle East has led to an upsurge in the number of luxury residential projects, such as high-end apartments, villas, and luxury housing complexes. This surge in construction activity has created a demand for premium and luxury furniture to furnish these upscale living spaces.
Moreover, the growth of the construction industry in the region is anticipated to grow further due to the rising government initiatives taken to build tourist spots. Raised demand for high-end interiors, rising disposable incomes, a shift toward branded and designer furniture, the growing tourism and hospitality industry, and the influence of global trends are anticipated to drive the growth of the market during the forecast period.
Technological advancements in the luxury furniture retailing industry is the primary trend shaping market growth. Some of the new visual technologies include augmented reality (AR) and virtual reality (VR). Furniture manufacturers, retailers, and distributors are increasingly opting for these visual technologies, such as AR and VR, to increase sales in their retail outlets. For example, Wayfair introduced an AR feature in its mobile application that enables customers to visualize the furniture in their rooms virtually before the purchase.
In addition, various market players, including IKEA, have been embracing the use of these visual technologies in product sales of furniture. The market players use their VR to enable customers to scan a room and create a digital version of it to try new furniture and various other furniture. The adoption of such technologically advanced visual technologies is expected to drive the growth of the market during the forecast period.
The growing prominence of furniture rentals is a challenge that affects market growth. The increase in urbanization has increased the demand for rented apartments and increased the number of single homes, with many customers preferring to rent furniture. Generally, rentals can range around USD 26 and above per month for sofa-cum beds, depending on the material used to manufacture the product. Thus, renting furniture significantly decreases product purchases. Some market players offering furniture are Electra, Absolute Rentals, and Furlenco.
Furthermore, the rising number of investments in start-ups offering furniture rentals is one of the major factors that drive the growth of the furniture rentals (including luxury furniture) market in the region. Thus, such investments in furniture rental start-ups will support the growth of the furniture rental industry, thereby compelling manufacturers of furniture to offer their products at low prices. This, in turn, is impeding the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Middle East Luxury Furniture Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The residential segment is estimated to witness significant growth during the forecast period. he segment comprises items such as lounge chairs, ottomans and benches, sofas, side and coffee tables, dining and kitchen tables, outdoor seating furniture, dining and side chairs, and stools. This segment is mainly driven by the growing demand for multifunctional, multipurpose residential luxury furniture comprising mainly foldable beds and extendable sofa sets.
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The residential segment was the largest segment and was valued at USD 872.80 million in 2018. The other luxury residential furniture application segment also includes outdoor furniture items such as outdoor sets, outdoor seating, kids' furniture, swings and hammocks, canopies, wall shelves, swivels, and gliders. There have been several new product launches in the segment. Such factors are expected to drive the growth of the residential segment of the Middle East - luxury furniture market during the forecast period.
The Middle East luxury furniture market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Middle East Luxury Furniture Market Scope |
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Report Coverage |
Details |
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Page number |
142 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.48% |
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Market Growth 2024-2028 |
USD 413.02 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.88 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Anna Casa Ltd., Auraliving, B and B Italia SPA, Boca Do Lobo, Defure Furniture Trading LLC, DelightFULL, Giorgio Armani S.p.A., Haworth Inc., Inter IKEA Holding BV, Lazzoni Furniture, Luma Inc., LVMH Moet Hennessy Louis Vuitton SE, MillerKnoll Inc., Minotti S.p.A., Natuzzi SpA, Next Space LLC, Pan Emirates Home Furnishings, Poltrona Frau SPA, Scavolini S.p.a., and Workspace |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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