Middle East - Luxury Furniture Market by Application and Distribution Channel - Forecast 2024-2028

Published: Dec 2023

Pages: 142

SKU: IRTNTR44005

Snapshot

Middle East - Luxury Furniture Market 2024-2028

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.

What will be the size of the Middle East Luxury Furniture Market During the Forecast Period?

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Middle East Luxury Furniture Market: Key Drivers, Trends and Challenges

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.

Key Middle East Luxury Furniture Market Driver

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.

Key Middle East Luxury Furniture Market Trends

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.

Key Middle East Luxury Furniture Market Challenge

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.

Middle East Luxury Furniture Market Customer Landscape

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

Who are the Major Middle East Luxury Furniture Market Companies?

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.

Anna Casa Ltd.: The company offers luxury furniture such as sofa, tables, and side tables.

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.

What is the Largest-Growing Segments in the Middle East Luxury Furniture Market?

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.

Segment Overview

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.

Application Outlook
- Residential
- Commercial

Distribution Channel Outlook
- Offline
- Online

Middle East Luxury Furniture Market Scope
Report Coverage	Details
Page number	142
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 4.48%
Market Growth 2024-2028	USD 413.02 million
Market structure	Fragmented
YoY growth 2023-2024(%)	3.88
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
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
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.
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.

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What are the Key Data Covered in this Middle East Luxury Furniture Market Report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the market between 2024 and 2028
Precise estimation of the market size and its contribution of the market in focus to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the market across Middle East
Thorough analysis of the market’s competitive landscape and detailed information about companies
Comprehensive analysis of factors that will challenge the growth of market companies

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Table of Contents

1 Executive Summary

1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 13: Market segments

3.3 Market size 2023

3.4 Market outlook: Forecast for 2023-2028
- Exhibit 14: Chart on Middle East - Market size and forecast 2023-2028 ($ million)
- Exhibit 15: Data Table on Regional - Market size and forecast 2023-2028 ($ million)
- Exhibit 16: Chart on Middle East: Year-over-year growth 2023-2028 (%)
- Exhibit 17: Data Table on Regional - Market size and forecast 2023-2028 ($ million)

4 Historic Market Size

4.1 Luxury furniture market in Middle East 2018 - 2022
- Exhibit 18: Historic Market Size – Data Table on luxury furniture market in middle East 2018 - 2022 ($ million)

4.2 Application Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Application Segment 2018 - 2022 ($ million)

4.3 Distribution Channel Segment Analysis 2018 - 2022
- Exhibit 20: Historic Market Size – Distribution Channel Segment 2018 - 2022 ($ million)

4.4 Geography Segment Analysis 2018 - 2022
- Exhibit 21: Historic Market Size – Geography Segment 2018 - 2022 ($ million)

5 Five Forces Analysis

5.1 Five forces summary
- Exhibit 22: Five forces analysis - Comparison between 2023 and 2028

5.2 Bargaining power of buyers
- Exhibit 23: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028

5.3 Bargaining power of suppliers
- Exhibit 24: Bargaining power of suppliers – Impact of key factors in 2023 and 2028

5.4 Threat of new entrants
- Exhibit 25: Threat of new entrants – Impact of key factors in 2023 and 2028

5.5 Threat of substitutes
- Exhibit 26: Threat of substitutes – Impact of key factors in 2023 and 2028

5.6 Threat of rivalry
- Exhibit 27: Threat of rivalry – Impact of key factors in 2023 and 2028

5.7 Market condition
- Exhibit 28: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Application

6.1 Market segments
- Exhibit 29: Chart on Application - Market share 2023-2028 (%)
- Exhibit 30: Data Table on Application - Market share 2023-2028 (%)

6.2 Comparison by Application
- Exhibit 31: Chart on Comparison by Application
- Exhibit 32: Data Table on Comparison by Application

6.3 Residential - Market size and forecast 2023-2028
- Exhibit 33: Chart on Residential - Market size and forecast 2023-2028 ($ million)
- Exhibit 34: Data Table on Residential - Market size and forecast 2023-2028 ($ million)
- Exhibit 35: Chart on Residential - Year-over-year growth 2023-2028 (%)
- Exhibit 36: Data Table on Residential - Year-over-year growth 2023-2028 (%)

6.4 Commercial - Market size and forecast 2023-2028
- Exhibit 37: Chart on Commercial - Market size and forecast 2023-2028 ($ million)
- Exhibit 38: Data Table on Commercial - Market size and forecast 2023-2028 ($ million)
- Exhibit 39: Chart on Commercial - Year-over-year growth 2023-2028 (%)
- Exhibit 40: Data Table on Commercial - Year-over-year growth 2023-2028 (%)

6.5 Market opportunity by Application
- Exhibit 41: Market opportunity by Application ($ million)
- Exhibit 42: Data Table on Market opportunity by Application ($ million)

7 Market Segmentation by Distribution Channel

7.1 Market segments
- Exhibit 43: Chart on Distribution Channel - Market share 2023-2028 (%)
- Exhibit 44: Data Table on Distribution Channel - Market share 2023-2028 (%)

7.2 Comparison by Distribution Channel
- Exhibit 45: Chart on Comparison by Distribution Channel
- Exhibit 46: Data Table on Comparison by Distribution Channel

7.3 Offline - Market size and forecast 2023-2028
- Exhibit 47: Chart on Offline - Market size and forecast 2023-2028 ($ million)
- Exhibit 48: Data Table on Offline - Market size and forecast 2023-2028 ($ million)
- Exhibit 49: Chart on Offline - Year-over-year growth 2023-2028 (%)
- Exhibit 50: Data Table on Offline - Year-over-year growth 2023-2028 (%)

7.4 Online - Market size and forecast 2023-2028
- Exhibit 51: Chart on Online - Market size and forecast 2023-2028 ($ million)
- Exhibit 52: Data Table on Online - Market size and forecast 2023-2028 ($ million)
- Exhibit 53: Chart on Online - Year-over-year growth 2023-2028 (%)
- Exhibit 54: Data Table on Online - Year-over-year growth 2023-2028 (%)

7.5 Market opportunity by Distribution Channel
- Exhibit 55: Market opportunity by Distribution Channel ($ million)
- Exhibit 56: Data Table on Market opportunity by Distribution Channel ($ million)

8 Customer Landscape

8.1 Customer landscape overview
- Exhibit 57: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation
- Exhibit 58: Chart on Market share by geography - 2023-2028 (%)
- Exhibit 59: Data Table on Market share by geography - 2023-2028 (%)

9.2 Geographic comparison
- Exhibit 60: Chart on Geographic comparison
- Exhibit 61: Data Table on Geographic comparison

9.3 Saudi Arabia - Market size and forecast 2023-2028
- Exhibit 62: Chart on Saudi Arabia - Market size and forecast 2023-2028 ($ million)
- Exhibit 63: Data Table on Saudi Arabia - Market size and forecast 2023-2028 ($ million)
- Exhibit 64: Chart on Saudi Arabia - Year-over-year growth 2023-2028 (%)
- Exhibit 65: Data Table on Saudi Arabia - Year-over-year growth 2023-2028 (%)

9.4 United Arab Emirates - Market size and forecast 2023-2028
- Exhibit 66: Chart on United Arab Emirates - Market size and forecast 2023-2028 ($ million)
- Exhibit 67: Data Table on United Arab Emirates - Market size and forecast 2023-2028 ($ million)
- Exhibit 68: Chart on United Arab Emirates - Year-over-year growth 2023-2028 (%)
- Exhibit 69: Data Table on United Arab Emirates - Year-over-year growth 2023-2028 (%)

9.5 Kuwait - Market size and forecast 2023-2028
- Exhibit 70: Chart on Kuwait - Market size and forecast 2023-2028 ($ million)
- Exhibit 71: Data Table on Kuwait - Market size and forecast 2023-2028 ($ million)
- Exhibit 72: Chart on Kuwait - Year-over-year growth 2023-2028 (%)
- Exhibit 73: Data Table on Kuwait - Year-over-year growth 2023-2028 (%)

9.6 Oman - Market size and forecast 2023-2028
- Exhibit 74: Chart on Oman - Market size and forecast 2023-2028 ($ million)
- Exhibit 75: Data Table on Oman - Market size and forecast 2023-2028 ($ million)
- Exhibit 76: Chart on Oman - Year-over-year growth 2023-2028 (%)
- Exhibit 77: Data Table on Oman - Year-over-year growth 2023-2028 (%)

9.7 Rest of Middle East - Market size and forecast 2023-2028
- Exhibit 78: Chart on Rest of Middle East - Market size and forecast 2023-2028 ($ million)
- Exhibit 79: Data Table on Rest of Middle East - Market size and forecast 2023-2028 ($ million)
- Exhibit 80: Chart on Rest of Middle East - Year-over-year growth 2023-2028 (%)
- Exhibit 81: Data Table on Rest of Middle East - Year-over-year growth 2023-2028 (%)

9.8 Market opportunity by geography
- Exhibit 82: Market opportunity by geography ($ million)
- Exhibit 83: Data Table on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges
- Exhibit 84: Impact of drivers and challenges in 2023 and 2028

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape
- Exhibit 85: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption
- Exhibit 86: Overview on factors of disruption

11.4 Industry risks
- Exhibit 87: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered
- Exhibit 88: Vendors covered

12.2 Market positioning of vendors
- Exhibit 89: Matrix on vendor position and classification

12.3 Anna Casa Ltd.
- Exhibit 90: Anna Casa Ltd. - Overview
- Exhibit 91: Anna Casa Ltd. - Product / Service
- Exhibit 92: Anna Casa Ltd. - Key offerings

12.4 B and B Italia SPA
- Exhibit 93: B and B Italia SPA - Overview
- Exhibit 94: B and B Italia SPA - Product / Service
- Exhibit 95: B and B Italia SPA - Key offerings

12.5 Boca Do Lobo
- Exhibit 96: Boca Do Lobo - Overview
- Exhibit 97: Boca Do Lobo - Product / Service
- Exhibit 98: Boca Do Lobo - Key offerings

12.6 Giorgio Armani S.p.A.
- Exhibit 99: Giorgio Armani S.p.A. - Overview
- Exhibit 100: Giorgio Armani S.p.A. - Product / Service
- Exhibit 101: Giorgio Armani S.p.A. - Key offerings

12.7 Haworth Inc.
- Exhibit 102: Haworth Inc. - Overview
- Exhibit 103: Haworth Inc. - Product / Service
- Exhibit 104: Haworth Inc. - Key offerings

12.8 Inter IKEA Holding BV
- Exhibit 105: Inter IKEA Holding BV - Overview
- Exhibit 106: Inter IKEA Holding BV - Product / Service
- Exhibit 107: Inter IKEA Holding BV - Key news
- Exhibit 108: Inter IKEA Holding BV - Key offerings

12.9 Lazzoni Furniture
- Exhibit 109: Lazzoni Furniture - Overview
- Exhibit 110: Lazzoni Furniture - Product / Service
- Exhibit 111: Lazzoni Furniture - Key offerings

12.10 Luma Inc.
- Exhibit 112: Luma Inc. - Overview
- Exhibit 113: Luma Inc. - Product / Service
- Exhibit 114: Luma Inc. - Key offerings

12.11 MillerKnoll Inc.
- Exhibit 115: MillerKnoll Inc. - Overview
- Exhibit 116: MillerKnoll Inc. - Business segments
- Exhibit 117: MillerKnoll Inc. - Key offerings
- Exhibit 118: MillerKnoll Inc. - Segment focus

12.12 Minotti S.p.A.
- Exhibit 119: Minotti S.p.A. - Overview
- Exhibit 120: Minotti S.p.A. - Product / Service
- Exhibit 121: Minotti S.p.A. - Key offerings

12.13 Natuzzi SpA
- Exhibit 122: Natuzzi SpA - Overview
- Exhibit 123: Natuzzi SpA - Product / Service
- Exhibit 124: Natuzzi SpA - Key offerings

12.14 Pan Emirates Home Furnishings
- Exhibit 125: Pan Emirates Home Furnishings - Overview
- Exhibit 126: Pan Emirates Home Furnishings - Product / Service
- Exhibit 127: Pan Emirates Home Furnishings - Key offerings

12.15 Poltrona Frau SPA
- Exhibit 128: Poltrona Frau SPA - Overview
- Exhibit 129: Poltrona Frau SPA - Product / Service
- Exhibit 130: Poltrona Frau SPA - Key offerings

12.16 Scavolini S.p.a.
- Exhibit 131: Scavolini S.p.a. - Overview
- Exhibit 132: Scavolini S.p.a. - Product / Service
- Exhibit 133: Scavolini S.p.a. - Key offerings

12.17 Workspace
- Exhibit 134: Workspace - Overview
- Exhibit 135: Workspace - Product / Service
- Exhibit 136: Workspace - Key offerings

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist
- Exhibit 137: Inclusions checklist
- Exhibit 138: Exclusions checklist

13.3 Currency conversion rates for US$
- Exhibit 139: Currency conversion rates for US$

13.4 Research methodology
- Exhibit 140: Research methodology
- Exhibit 141: Validation techniques employed for market sizing
- Exhibit 142: Information sources

13.5 List of abbreviations
- Exhibit 143: List of abbreviations

Methodology

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

What are the key global market and the regional market share?
What are the revenue-generating key market segments?
What are the key factors driving and challenging this market’s growth?
Who are the key market vendors and their growth strategies?
What are the latest trends influencing the growth of this market?
What are the variables influencing the market growth in the primary regions?
What are the factors influencing the growth of the parent market?

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