India furniture market is segmented into material type such as wood, metal, leather, plastic, glass furniture market. Among these segments, wood furniture market is expected to occupy the top position in the market. The popularity of traditional furniture has strengthened the demand for wood in the manufacturing of furniture in India. Over the past few years, the utilization of wooden goods in home has increased as people have started using wood for furnishing cupboards, decorating and for other purposes.
The India furniture market is expected to register a 12.91% CAGR over the forecast period. Moreover, the market of furniture in India was valued at USD 25.7 Billion in 2016. The market is expected to expand on the back of the rising adoption of furniture in the residential sector. Moreover, the market of commercial furniture is estimated to register a CAGR of 11.52% during the forecast period. The migration from rural areas and development of small cities of India on the back of rapid infrastructural investment further boost the housing sector in the nation. The positive GDP growth and rising personal disposable income along with favorable housing schemes of government allows the population to buy new and spacious homes in developing cities. These factors further spur the demand for quality and luxury furniture in India.
Rapid Growth in Real Estate Sector
The real estate growth is primarily driven by the growth in the hospitality industry and the intense competition in order to provide better services to the customer. Moreover, 100 percent FDI policy for townships and settlements development project is attracting more foreign investors in the real estate sector which increase the quality of residential apartments.
The rising concern towards quality and durability of furniture in India is rising among the population. As a result, people are looking for more sophisticated furniture products. The furniture according to the space is the most prominent factor which is driving the growth of compact and multi-purpose furniture market. Further, the demand for modular furniture is increasing as the corporate sector is rising in India. The rising number of corporates such as IT companies, BPO’s, BFSI and others are some of the major sectors which boost the demand for corporate furniture. The major demand for furniture is expected from the IT and BPO companies due to growing need of utilization of resources and shifting towards modular office interiors.
However, the presence of large number of unorganized players in the furniture industry is restraining the growth of furniture market in India. Further, high cost of modular furniture is one the major reason behind the sluggish growth of furniture market in India.
The report titled “India Furniture Market Outlook 2023” delivers detailed overview of the India Furniture Market in terms of market segmentation by material type, application and region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the India furniture market which includes company profiling of Nilkamal Limited, Godrej & Boyce Manufacturing Co. Ltd., Zuari Global Ltd, Wipro Enterprises (P) Ltd., Furniturewalla, Featherlite, Millennium lifestyles, Urban ladder, Damro, IKEA. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the India furniture market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.