Saudi Arabia Furniture Market Outlook to 2023: Ken Research

1. Saudi Arabia Residential, Hospitality and Commercial Furniture Market Outlook to 2023: Ken Research The report titled “Saudi Arabia Residential, Hospitality and Commercial Furniture Market Outlook to 2023 – By Bedroom Furniture (Beds, Mattresses, Wardrobes, and Chest of Drawers), By Living Room (Sofas, Sofa Cum Beds, Coffee Tables, and Center Tables, TV Furniture and Stools, Dining Room, Kitchen, and Kids Furniture; By Commercial Furniture (Workstation Desks, Office Chair, Conference Table, Corner Table, and Office Storage)” provides a comprehensive analysis of furniture products in the Saudi Arabia region. The report focuses on overall market size, market segmentation by market structure (organized and unorganized), type of material used for furniture (wood, glass, metal, plastic, and others), major end users (residential, hospitality and commercial), by residential furniture product categories (bedroom, living room, dining room, kitchen furniture, kids furniture and outdoor furniture), by the living room (sofas, sofa cum beds, coffee tables and center tables, TV furniture and stools), by the material used in sofa (fabric and leather), by sofa seating arrangement (3+2 seating, 3+2+1+1 seating and others), by bedroom furniture (beds, mattresses, wardrobes and chest of drawers), by beds (with storage and without storage capacity), by the bed size (single bed, king-sized bed, and queen-sized bed), by the material used in beds (wood and steel), by material used in dining table (wood and others), by dining table seating arrangement (6 and 8 chairs, more than 8 chairs and others), by kitchen furniture (modern, and traditional) and others. Saudi Arabia Furniture Market Overview and Genesis The furniture industry is operating at a maturity stage and is growing at a positive double- digit CAGR during the review period of 5 years from 2013-2018. The industry was adversely hit

2. during 2016-2017 due to recession in the real estate sector and the decline in oil prices in the recent past. The market recovered in 2018 and is anticipated to grow at a CAGR of 10% in the next 5 years. The preference for multi-utilitarian furniture has also been increasing due to the benefits of less space requirement and multi-usage purposes offered. The ease of self- assemblage gives added benefit to the customer. Investments in the real estate financing sector was expected to reach $21.3 billion in 2019 and one of the key targets of the Saudi Ministry of Housing is to increase Saudi homeownership to 70% by 2030. The number of Traditional houses and Apartments were expected to increase to 657,897 and 1,572,654 respectively by the year 2018. Lastly, furniture has recently made their way through online retailing, for instance, retailers such as Home center and IKEA launched online stores to facilitate easy buying of furniture while relaxing at home. Saudi Arabia Furniture Market Segmentation By Market Structure (Organized and Unorganized Segment): The organized sector dominated the market revenues as retailers operating under this segment deal in high quality and designer products manufactured from MDF or solid wood during the year 2018. The unorganized players rely majorly on the price of the material whereby they tend to compromise with the quality of the product. The unorganized segment captured the remaining market share in terms of market revenue during the year 2018. Also, unorganized players procure raw material and labor locally. However, organized players often get furniture imported. By End Users (Residential, Hospitality, and Commercial): The revenues accrued from the sale of residential furniture dominated the Saudi Arabia furniture market revenues in 2018. Bedroom furniture generated the maximum revenue during 2018 and is expected to increase with a CAGR of 7% during the time period 2019-2023. Mattresses and Beds will show a high growth of 12% and 9% respectively over the years from 2019-2023. Hospitality furniture followed residential furniture in terms of revenue in the year 2018. The country has witnessed an increase in the total number of international tourists, from 18.6 million in the year 2017 to 23.6 million in 2018 as a result of the increased promotion of tourism in Saudi Arabia. Construction of new hotels and resorts will drive the demand for hospitality furniture. The remaining revenue share was taken up by the commercial furniture as the total office space in major commercial hubs of Saudi Arabia was forecasted to increase. Riyadh was expected to witness an estimated increase in office space to 3,500,000 sq meters GLA by the end of 2018, owing to the entrance of notable projects such as Cayan Mefic Center, Al Rajhi Bank Tower, and

3. the Business Front. The office space in Jeddah and Eastern Province was expected to reach to 1,100,000 sq meters GLA and 1,050,000 sq meters GLA respectively by the end of 2018. Comparative Landscape in Saudi Arabia Furniture Market Saudi Arabia furniture market was observed to be highly fragmented with the presence of domestic as well as global players. Furniture in various price segments, including mass, economy, premium, and luxury are designed by several retailers to cater to the needs of expanding the customer base of all classes. Over the years, the competition between the domestic and international players has intensified owing to the increase in demand for furniture products in Saudi Arabia. Companies with a disruptive model like that of IKEA have acted as a significant threat to the unorganized sector. Organized players have been successful due to their high budget marketing campaigns and promotions which largely include the price reduction on MRP and high quality being offered at low cost. Some of the major competition parameters include a number of stores, pricing, and type of material used in furniture, product SKUs, online presence/distribution channel and others. Saudi Arabia Future Outlook and Projections The furniture industry of Saudi Arabia is expected to grow at a positive double digit CAGR during the forecast period 2019-2023. Expected tailwinds include rising hotels and resorts room supply, expected to increase in commercial space, increase customer budget allocation for multi-utility furniture and customer preference shift to premium modern-design furniture. Key Segments Covered:- Market Structure Organized Segment Unorganized Segment Material Used Wood Glass Metal Plastic Others (Bamboo and MDP) End Users Residential Purpose Bedroom Furniture Beds Beds without Storage Beds with Storage Size of Beds Single Size Bed

4. Double Size Bed Queen Size Bed Material Used in Beds Wood Steel Mattresses Chests of Drawers Wardrobe Living Room Furniture Sofa Material Used in Sofa Fabric Leather Sofa Seating Furniture 3+2 Seating 3+2+1+1 Seating Other Seating Pattern Coffee Table and Centre Table Material Used in Coffee Table and Centre Table Wood Steel and Glass Sofa cum Bed Others (TV Cabinets and Stools) Dining Table Furniture Material Used in Dining Table Wood Others (Steel and Glass) Seating Arrangement of Dining Table < 6 Chairs 6-8 Chairs 8 Chairs Type of Kitchen Furniture Modular Regular Outdoor Furniture Style of Residential Indoor Furniture Modern and Contemporary Traditional or Classic

5. Hospitality Furniture Commercial Type of Office Furniture Workstation Desk Office Chair Conference Table Corner Table Office Storage Key Target Audience Furniture Retailers Furnishings Retailers Private Equity Companies Contract Furniture Manufacturers Furniture Association Government Associations Real Estate Developers Time Period Captured in the Report:- Historical Period: 2013-2018 Forecast Period: 2019-2023 Companies Covered IKEA Home Centre Almutlaq Furniture Al-Rugaib Furniture Al Jedaie Office Furniture El Ajou Group Key Topics Covered in the Report:- Market Overview and Genesis Value Chain Analysis Market Size, 2013-2018 Saudi Arabia Furniture Market Segmentation, 2018 Trade Scenario, 2013-2017 SWOT Analysis Supplier Selection Criteria Decision Making Parameters Trends and Developments Issues and Challenges Competitive Landscape

6. Future Outlook and Projections, 2019-2023 Analyst Recommendations Online Retailing Success Stories of Major Indian Furniture Retailers For Information Click On the Below Mentioned Link:- Saudi Arabia Residential, Hospitality and Commercial Furniture Market Outlook Related Reports by Ken Research:- UAE Home Furniture and Furnishing Market Outlook to 2022 - By Living Room Furniture (Sofa, Sofa Cum bed, Other Sitting Furniture, Coffee Tables, Others), Bedroom Furniture (Bed, Mattresses, Wardrobes, Chest of Drawers), Dining Room, Home Office, Kitchen Furniture and Furnishing (Home Textile, Window Covering, Barbeques, Lightning Products) Australia Furniture Market Outlook to 2022 - By Residential (Bedroom, Living Room, Kitchen, Home Office Furniture, Dining Room, Storage Furniture and Other Residential Furniture), Hospitality and Commercial Furniture, by Home Furnishing (Indoor, Outdoor and Lighting) Philippines Furniture Market by Type (Home - Bed Room, Living Room, Dining Room, Kitchen Furniture; Office; Hotel & Industrial), by Sales (Domestic and Export) - Outlook to 2021 Contact Us:- Ken Research Ankur Gupta, Head Marketing & Communications Sales@kenresearch.com +91-9015378249