The luxury furniture market share in the Middle East will post an incremental growth of USD 271.87 million, progressing at a CAGR of almost 4% during the forecast period. The rising number of office spaces will offer immense growth opportunities to market vendors. The luxury furniture market in the Middle East is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Luxury Furniture Market in Middle East Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2020-2024” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The luxury furniture market in the Middle East is segmented by application (residential and commercial) and geography (the UAE, Saudi Arabia, Qatar, Egypt (Arab Republic of Egypt), and the Rest of the Middle East).
The growth of the luxury furniture market size in the Middle East by the residential segment will be significant during the forecast period. Factors such as growing demand for multifunctional, multipurpose residential luxury furniture, comprising mainly foldable beds, and extendable sofa sets will drive the growth of the segment.
The rising number of office spaces will directly influence the sales of luxury furniture in the Middle East. However, factors such as the COVID-19 impact will hamper the luxury furniture market growth in the Middle East.
The market is fragmented due to the presence of several players. Some of the major luxury furniture market vendors in the Middle East are B and B Italia SPA, Danube Group, Haworth Inc., Herman Miller Inc., Inter IKEA Holding BV, Minotti S.p.A., Natuzzi S.p.A., PAN Emirates, Poltrona Frau SPA, and Royal Furniture.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Also, know more about the exclusive Luxury Furniture Market in APAC and get more insights into exact growth variance and the Y-O-Y growth rate
Precise market size estimation during the forecast period 2020-2024.
CAGR of the luxury furniture market in the Middle East forecast during 2020-2024.
Market-level data on units, average selling prices, and values of the luxury furniture market in the Middle East share.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the luxury furniture market in the Middle East.
Luxury furniture industry growth across the Middle East
