NewswireToday - /newswire/ -
Noida, Uttar Pradesh, India, 2010/08/13 - Increasing household consumption and influence of western furniture style will support the overall demand to grow at a CAGR of 11.8% during 2010-2013, says RNCOS.
According to our new research report “Saudi Arabia Furniture Market Analysis”, the furniture industry in Saudi Arabia has shown remarkable growth over the recent years. Increasing population, surging income levels, emergence of western style furniture products and construction boom have resulted in an ever growing furniture industry. The industry almost bucked the post recessionary negative impacts and sustained positive year-on-year growth in 2009. The report has identified that the industry will continue to post CAGR of around 11.8%, which will be one of the highest globally, during 2010-2013.
The report has revealed that the fast economic developments have raised income levels of the population. Per capita income of Saudi residents has substantially grown over the past few years and consequently, the disposable income has amplified. It is expected that per head disposable income will surpass US$ 7000 by 2013, which will increase consumers spending on life style and household products including furniture and IDC & Fit-outs.
However, the Saudi Arabian furniture industry is witnessing a huge demand-supply gap due to massive in-efficient and underdeveloped wood products industry. Domestic manufacturers are facing shortage of furniture raw material and parts; therefore, huge imports become inevitable. However, it is expected that dependence on imports will reduce in future as various international furniture giants are establishing their roots in the Kingdom and raw material supply is getting government focus.
On interior design contracting & fit-out front, the residential sector will experience the highest spending among the prominent segments. The sector will register around US$ 2.6 Billion worth of IDC and Fit-out spending by 2013 on account of various factors.
“Saudi Arabia Furniture Market Analysis” provides thorough research and objective analysis of the Saudi Arabian furniture industry. The report discusses the market structure, current and past market performance and factors critical to the success of the furniture industry in the Kingdom. Most importantly, the report has given segment wise industry forecast based on correlation of past drivers, challenges and opportunities for expansion. In this way, the report presents a complete and coherent analysis of the Saudi Arabian furniture industry and will prove decisive for clients.
RNCOS (rncos.com) specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.