Luxury Furniture Market in Middle East is to grow by USD 350.67 million from 2022 to 2027 | An increase in the number of office spaces to boost market growth - Technavio

NEW YORK, Sept. 4, 2023 /PRNewswire/ -- The Middle East luxury furniture market is estimated to grow at a CAGR of 4.02% between 2022 and 2027. The market size is forecast to increase by USD 350.67 million, according to Technavio. The increase in the number of office spaces is a key factor driving market growth. The number of available office space and job opportunities has increased due to the establishment of branch offices for different international businesses in the region. The demand for office spaces in other cities throughout the Middle East also continues to grow. In addition, the growth of the luxury furniture market is expected to be driven by increased demand for office space that enables flexibility, including coworking spaces. Hence, these factors are expected to drive market growth during the forecast period. Request a sample report

Luxury Furniture Market in Middle East– Company Analysis

Company Landscape - The luxury furniture market is fragmented, with the presence of several global as well as regional companies. A few prominent companies that offer luxury furniture in the market are Auraliving, B and B Italia SPA, Boca Do Lobo, Decca Home LLC, DelightFULL, Giorgio Armani S.p.A., Haworth Inc., Inter IKEA Holding BV, Lazzoni Furniture, Luma Inc., MillerKnoll Inc., Minotti S.p.A., Natuzzi SpA, Next Space LLC, Pan Emirates Home Furnishings, Poltrona Frau SPA, Scavolini S.p.a., Workspace, Anna Casa Ltd., and Global Amenagement and others.

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Company Offerings -

• Auraliving - The company offers an original homeware brand that blends Middle Eastern taste with the best of global design.
• Giorgio Armani S.p.A - The company offers luxury furniture under the brand Armani Casa. 
• Haworth Inc. - The company offers luxury furniture such as BuzziSpace, Cappellini, and Cassina. 
• For details on the company and its offerings – Request a sample report

Luxury Furniture Market in Middle East- Segmentation Assessment

Segment Overview

Technavio has segmented the market based on application (residential and commercial), and distribution channels (offline and online). 

• The market share growth by the residential segment will be significant during the forecast period. Products in this segment include lounge chairs, ottomans and benches, sofas, cushions, coffee tables, kitchen tables, outdoor dining furniture, and stools. The growing demand for multi-functional luxury residential furniture consisting of a variety of folded beds and extended sofas has largely driven this segment. Additionally, some of the other factors driving this segment are new product launches. Hence, these factors are expected to drive segment growth during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Luxury Furniture Market in Middle East – Market Dynamics

Major Trend

Growing demand for eco-friendly products is a major trend in the market. Consumer demand for more sustainable options has been growing, and this is reflected in consumer awareness of the impact of their purchases on the environment. Exotic and rare materials such as tropical wood, which contribute to deforestation and the destruction of natural habitats are often used in luxury furniture. Furthermore, customers are increasingly concerned about the environmental impact of longer hauls and seek locally or regionally appropriate solutions to combat carbon emissions. Hence, the growing demand for eco-friendly products is expected to drive market growth during the forecast period.

Significant Challenge

Increasing raw material prices is a significant challenge restricting market growth. Wood, which accounts for 40% to 50% of all furniture produced from timber, has been used as a raw material in the luxury furniture sector. Moreover, various NGOs and other environmental organizations have been working on campaigns aimed at stopping deforestation that impedes the supply of timber. For companies, this will mean an increased cost of purchasing raw materials and therefore an increase in their prices. However, the high costs of wood and its scarcity led to an increase from 25 % to 30 % in the minimal price of furniture including luxury furniture. Hence, these factors are expected to restrict market growth during the forecast period.

Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Luxury Furniture Market in Middle East report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the luxury furniture market in Middle East between 2023 and 2027
• Precise estimation of the size of the luxury furniture market in Middle East and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the luxury furniture market in the Middle East 
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of luxury furniture market companies in Middle East 

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Table of Contents

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 Company Landscape

12 Company Analysis

13 Appendix

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