Furniture - Western Asia

Western Asia

In 2024, the revenue in the Furniture market in Western Asia amounts to US$27.09bn.
It is predicted that the market will have an annual growth rate of 1.49% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, which has a market volume of US$8.86bn in 2024.
When compared globally, in the United States generates the highest revenue in this market, with US$263bn in 2024.
Taking into account the total population figures, per person revenues of US$121.70 are generated in 2024.
In Western Asia, the furniture market is experiencing a surge in demand for luxury and traditional designs, reflecting the region's rich cultural heritage and preference for opulent interiors.

Key regions: Worldwide, United States, China, India, Germany

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Market

Region

Region comparison

Currency

Analyst Opinion

The Furniture market in Western Asia has been experiencing significant growth in recent years. Customer preferences have shifted towards modern and contemporary furniture designs, with a focus on functionality and space-saving features. Additionally, there is a growing demand for eco-friendly and sustainable furniture options.

Customer preferences: Customers in Western Asia are increasingly opting for modern and contemporary furniture designs. This trend can be attributed to the region's rapid urbanization and the desire for sleek and minimalist interiors. The younger generation, in particular, is driving the demand for furniture that reflects their modern lifestyle and tastes. In addition to design, customers in Western Asia are also placing a strong emphasis on functionality and space-saving features. With the rising cost of housing and limited living spaces in urban areas, there is a growing need for furniture that can maximize space utilization. Multifunctional furniture, such as sofa beds and storage ottomans, are becoming increasingly popular in the region. Furthermore, there is a growing awareness and demand for eco-friendly and sustainable furniture options. Customers in Western Asia are becoming more conscious of the environmental impact of their purchasing decisions and are actively seeking furniture made from sustainable materials, such as bamboo or recycled materials.

Trends in the market: One of the key trends in the Furniture market in Western Asia is the rise of online retail. With the increasing penetration of smartphones and internet access, customers in the region are increasingly turning to online platforms to purchase furniture. Online retailers offer a wide range of options, competitive prices, and convenient delivery services, making it an attractive option for customers. This trend is expected to continue as more customers become comfortable with online shopping and as e-commerce platforms improve their services. Another trend in the market is the growing demand for customized furniture. Customers in Western Asia are looking for unique and personalized furniture pieces that reflect their individual style and preferences. This trend has led to the emergence of local furniture designers and artisans who offer bespoke furniture solutions. Customization allows customers to have furniture that fits perfectly into their space and meets their specific needs.

Local special circumstances: Western Asia is a region with diverse cultural influences, and this is reflected in the furniture market. Local craftsmanship and traditional designs play an important role in the market, with customers valuing furniture that showcases their cultural heritage. This has created a niche market for traditional and handcrafted furniture, which appeals to customers looking for unique and authentic pieces.

Underlying macroeconomic factors: The Furniture market in Western Asia is also influenced by macroeconomic factors. Economic growth and rising disposable incomes in the region have contributed to increased consumer spending on furniture. As the middle class expands, more people are able to afford higher quality and more expensive furniture. Additionally, government initiatives to promote housing and infrastructure development have also stimulated demand for furniture in the region. Overall, these factors are expected to continue driving the growth of the Furniture market in Western Asia in the coming years.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.