Rising middle class population, changing lifestyle and rapid urbanization to fuel the India furniture market through FY2027F.
According to TechSci Research report “India Furniture Market - By Supply (Domestic Vs. Imported), By Organized Vs. Unorganized Market, By Type (Home Furniture, Office Furniture & Institutional Furniture), By Product Type (Bed, Sofa, Wardrobe, Dining Set & Others), By Point of Sale (Offline Vs. Online), By Raw Material (Wood, Metal & Plastic), By Region, By Leading City, Competition Forecast & Opportunities, FY2027F”, India furniture market was valued at USD23.33 billion in FY2021 and is projected to advance with a CAGR of 6.04% in the forecast period to reach USD32.75 billion in FY2027F.
Furniture market in the country is anticipated to witness growth on account of growth in the hospitality and real estate industries. There is increased demand for luxury and premium furniture on account of increasing disposable income and expanding working population base, which in turn is driving the furniture market in the country.
Furniture is considered an essential item of home décor. It supports basic everyday functions such as eating, sitting, sleeping, etc. It is highly movable with a wide range of uses and can be customized by machine-based processing or handcrafting to meet the needs of the end-users. Companies are continuously developing modified and customized products to meet the requirements of customers.
Browse more than 60 market data Figures and 12 market Tables and spread through 139 Pages and an in-depth TOC on “India Furniture Market."
The growing impact of western culture has changed consumer preferences. The demand for flexible and attractive furniture is increasing in India's metropolitan areas. The fast rise of metro cities and the development of the housing industry are transforming people's living standards and lifestyles. Furthermore, consumers are becoming more conscious of sustainability and recycling, and they are making more educated decisions, preferring engineered wood furniture/refurbished furniture over plastic furniture.
Therefore, to meet growing consumer demand, furniture manufacturers are continuously coming up with innovative and sustainable products. For instance, in 2020, Godrej Interio launched Bobbin range of sofa and Gradiant sofa range, which are sustainable and comes at affordable prices.
India furniture market can be segmented based on supply, organized vs unorganized, type and product type, company and region. In terms of type, the market can be segregated into home furniture, office furniture and institutional furniture. The office furniture segment of the market is anticipated to grow at the highest pace during the forecast period, owing to factors such as rising economic growth, higher demand for office spaces post easing of lockdown restrictions, and so on. The focus on real estate and office development is anticipated to continue in the foreseeable future, indicating that the office furniture sector will continue to grow.
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Some of the major players operating in India furniture market are Godrej and Boyce Manufacturing Company Limited, Nilkamal Limited, Featherlite Office Systems Pvt. Ltd., IKEA India Private Limited, Durian Industries Limited, Forte Furniture Products India Private Limited, Haworth India Pvt Ltd, Usha Shriram Enterprises Pvt. Ltd., Damro Furniture Private Limited, Dynasty Modular Furniture Pvt. Ltd., etc.
In order to register sound return in the highly-competitive market, players in the India furniture market are launching their websites or apps so that customers can order online without stepping outside. For instance, IKEA launched its shopping app in India for capturing larger market share. Similarly, Durian also has its online portal with options such as easy payments and expert technician for furniture assembling.
“Online sales channel is the fastest-growing point of sale in the furniture market of India. The rapid growth of online retail especially in 2020 due to COVID-19 has made companies rethink their furniture distribution channel strategy. Companies that earlier were following the direct selling model have shifted their focus to online retail as it is cost-effective too.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm
“India Furniture Market By Supply (Domestic Vs. Imported), By Organized Vs. Unorganized Market, By Type (Home Furniture, Office Furniture & Institutional Furniture), By Product Type (Bed, Sofa, Wardrobe, Dining Set & Others), By Point of Sale (Offline Vs. Online), By Raw Material (Wood, Metal & Plastic), By Region, By Leading City, Competition Forecast & Opportunities, FY2027F”, has evaluated the future growth potential of India furniture market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India furniture market.
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