(MENAFN- America News Hour) The furniture business in the UAE is one of the major businesses uplifted by the real estate sector. Increased construction activity, both, in residential as well as commercial real estate space, rising urbanization, and growth of disposable income are some of the major factors attributing to the growth of the furniture market in the region.
Furthermore, in the United Arab Emirates, people increased their spending on home renovation, such as living room and kitchens, and they are investing in higher-quality products, which is further increasing the demand for furniture products in the region. The country also has a large expatriate population, belonging to varied regions and countries, who are having diverse interests in furniture designs. Furthermore, these factors are further fueling the demand for furniture in the country.
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The country meets a major portion of its furniture demand, especially wooden furniture, from imports, mainly from countries, such as China, Italy, Germany, Poland, Turkey Malaysia, and Vietnam. The United Arab Emirates is also emerging as a re-export hub among the GCC countries. The country reexports imported furniture products to other Gulf countries and countries, like Kenya and Lebanon.
Key Market Trends
Growth of Furniture Products through Online Channels
Currently, the United Arab Emirates is witnessing an increase in internet penetration and social media penetration, which is increasing opportunities for online sales of furniture products, in the country. E-commerce is slowly gaining momentum in the country and furniture and homeware account for nearly 35% of the total online sales in the region.
The online purchases of furniture products is being supported through secondary methods, such as social media platforms. Social media is acting as another influential channel, which is propelling consumers to buy furniture products, as it engages them through promotions.
Home Furniture accounts for the Largest Share
Residential construction is the largest segment of the UAE construction market. Due to the increasing population, the demand for residential units increased across the region. The residential real estate is witnessing a rise in the region and key cities, like Dubai, witnessed the construction of nearly 31,000 residential units in 2019. The city expects to see the construction of nearly 163,000 new houses by 2021, which will further drive the growth of the furniture market.
Due to this increase in new housing construction, the demand for home furniture products, such as living room furniture, kitchen furniture, and bedroom furniture, is also increasing rapidly in the country.
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Competitive Landscape
The UAE furniture market is highly competitive and fragmented due to the presence of a large number of local and international players with differentiated product offerings. Some of the major furniture companies in the region include IKEA, Home Centre, Danube, Marina Home, and Homes R Us. The rising trend of online and mobile shopping is also bolstering the demand for furniture through online channels and some of the major online players in the region include PAN Emirates, PotteryBarn, and HomeBox stores.
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS & INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Opportunities
4.5 Industry Value Chain Analysis
4.6 Porter's Five Forces Analysis
4.7 Insights into Government and Trade Regulations on Furniture Products
4.8 Insights into Technological Innovations in the Furniture Industry
4.9 Insights into Consumer Preferences for Furniture Products in the Country
4.10 Insights into Key Online Players in the Market
4.11 Impact of COVID-19 on the market
5 MARKET SEGMENTATION
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