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India Furniture Market Analysis & Opportunity Outlook 2023

Published On : 09:40 AM, 14th September, 2017 REP-ID-331 Category: Miscellaneous

India Furniture Market Overview

Furniture refers to the movable objects that support various human activities such as seating, eating and sleeping. They are also used to hold objects at a convenient height for work or to store things. Furniture is a product of design and it is also considered as a form of decorative art. Furniture can be made from various materials such as metal, plastic and wood. Further, people have been using natural objects such as tree stumps, rocks and moss as furniture since the beginning of human civilization. Archaeological research shows that, people began constructing and craving their own furniture using wood, stone and animal bones.

Moreover, 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. Apart from this, the demand for engineered wood furniture is rising in metro cities such as Delhi, Mumbai, Bangalore and other major cities. The reason behind this is the rising popularity of ready to assemble home furniture in these cities. The availability of engineered wood furniture through various distribution channels provides ease to the customer to buy furniture products. Moreover, the demand for modular and elegant furniture is growing in urban cities of India. The development in housing sector and rapid growth of metro cities is changing the living standards and lifestyle of the population. The rising trend of home décor and home furnishing with modular and stylish furniture is the major reason behind the growth of furniture industry in India.

Further, there are few number of market players in furniture industry, compared to the unorganized market players. The big players include Godrej, Zuari, Durian, Nilkamal, Featherlite and others have their good market presence in furniture industry in India.

Market Size and Forecast

The market is expected to expand at a CAGR of 12.91% during the forecast period of 2016-2023. India furniture market growth is driven by various attributes such as rising trend for modular and state of the art furniture among the population living in urban cities, growing urbanization in Indian states, rising demand for durable and hybrid seating furniture. Moreover, the rising growth of wood industry in India further compensates the price of furniture. On the back of these factors the furniture industry is expected to propel in India. Further, the rising trend of online and mobile shopping in India is envisioned to bolster the demand for furniture through online channels. Various furniture companies such as Pepperfry, Urban ladder and others are creating huge demand from these online channels. Apart from this, the demand for low cost plastic furniture is also increasing in commercial sector. The ease of business doing policies in India gives rise to new businesses across the country. In addition, these increasing numbers of small and medium businesses further boost the demand for low cost plastic furniture products. This factor is believed to foster the growth of India furniture market over the forecast period.

Market Segmentation:

Our in-depth analysis of the India furniture market includes the following segments:

By Material Type

  • Wood
  • Engineered wood
  • Natural wood
  • Metal
  • Leather
  • Plastic
  • Thermoplastic
  • Thermosets
  • Glass

By Application

  • Residential
  • Commercial 

By Region

  • North India
  • South India
  • West India
  • East India

Growth Drivers and Challenges

Rapid urbanization in India and growing demand for modular and compact furniture is expected to positively impact the growth of furniture market in near future. Further, growing urbanization in Indian states such as Gujarat, Maharashtra, Tamil Nadu and others is supporting the culture of housing societies. Moreover, the corporate sector in India is uplifting on the back of ease of doing business reforms introduced by the government. These factors are believed to bolster the growth of India furniture market. 

Further, growth of real estate sector in India is anticipated to boost the demand for modular furniture in urban areas in India. Apart from this, rising investment in retail sector by various national and international entities is anticipated to foster the growth of furniture market in India. Moreover, the technological advancements such as availability of high speed internet networks such as 4G and spiked absorption of smart gadgets is boosting the e-retail sector in India. These advancements further provide ease to the customers to buy furniture through online channels. In addition, the rising number of smartphone users across the country and online shopping is encouraging the furniture industry players to introduce their products through online channels. The players such as Pepperfry, Urban ladder and others are generating significant revenue through online platforms.

Apart from this, 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. Further, rising demand for high-end and western style furniture is envisioned to bolster the growth of India furniture market by the end of 2024.

However, the low cost furniture products offering by unorganized players further decrease the revenues of major market players in India. Further, the unorganized players sell their product through local shops which decreases the cost of branded furniture. The high cost of quality and durable furniture in India is the major restraint for furniture industry. The high cost of wood and leather further increase the cost of overall furniture product.

Key Players

  • HNI BP Ergo India
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Nilkamal Limited
  • Godrej & Boyce Manufacturing Co. Ltd.
  • Zuari Global Ltd.
  • Wipro Enterprises (P) Ltd.
  • Furniturewalla
  • Featherlite
  • Millennium lifestyles
  • Urban ladder
  • Damro
  • IKEA
  • Geeken India
  • Evok
  • Durian Furniture

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The India furniture Market is segmented as follows:

  • By Material Type Market Size & Y-O-Y Growth Analysis
  • By Application Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment

 

Key Answers Captured in Report?
Which geography would have better demand for product/services?
What are the strategies adopted by big players in the regional market?
Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
What is the current & expected market size in next five years?
What is the market feasibility for long term investment?
What opportunity the country would offer for existing and new players in the market?
What is risk involved for suppliers in the geography?
What factors would drive the demand for the product/service in near future?
What is the impact analysis of various factors in the market growth?
What are the recent trends in the regional market and how successful they are?

 

 

1. Executive Summary

2. Research Methodology

3. Distribution Channel Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

3.1. Offline Channel Distribution Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

3.2. Online Channel Distribution Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

3.3. Market Attractiveness By Distribution Channel

3.4. BPS Analysis By Distribution Channel

4.    Risk Analysis

4.1. Demand Risk

4.2. Supply Risk

5.  India Furniture Market Size($ Million) and Forecast, 2016-2023

6.  Market Dynamics & Its Impact Analysis

6.1. Growth Drivers

6.2. Challenges

7. India Furniture Market Segmentation Analysis

7.1. India Furniture By Material Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.1. India Wood Furniture Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.1.1. India Engineered Wood Furniture Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.1.2. India Natural Wood Furniture Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.2. India Metal Furniture Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.3. India Leather Furniture Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.4. India Plastic Furniture Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.4.1. India Thermoplastics (molded) Furniture Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.4.2. India Thermosets Furniture Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.5. India Glass Furniture Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.6. Market Attractiveness By Furniture Material

7.1.7. BPS Analysis By Furniture Material

7.2. India Residential Furniture Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.1. India Residential Furniture By Material Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.1.1. India Wood Furniture in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.1.1.1. India Engineered Wood Furniture in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.1.1.2. India Natural Wood Furniture in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.1.2. India Metal Furniture in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.1.3. India Leather Furniture in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.1.4. India Plastic Furniture in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.1.4.1. India Thermoplastics (molded) Furniture in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.1.4.2. India Thermosets Furniture in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.1.5. India Glass Furniture in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.1.6. Market Attractiveness By Furniture Material

7.2.1.7. BPS Analysis By Furniture Material

7.2.2. India Residential Furniture By Type Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.2.1. India Seating Furniture in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.2.2. India Bedroom Furniture in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.2.3. India Tables in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.2.4. India Storage Cabinets in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.2.5. India Other Furniture in Residential Sector Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.2.6. Market Attractiveness By Furniture Type in Residential Sector

7.2.2.7. BPS Analysis By Furniture Type in Residential Sector

7.3. India Commercial Furniture Market Size (USD Billion) & Y-O-Y growth (%), 2016-2023

7.3(a). India Commercial Furniture Market Size (USD Billion) & Y-O-Y growth (%), BY Contract & Non-Contract Furniture 2016-2023

7.3.1. India Commercial Furniture Market Size (USD Billion) & CAGR (%), By Material Type- 2016-2023

7.3.1.1. India Commercial Wooden Furniture Market Size (USD Billion) & Y-O-Y growth (%), 2016-2023

7.3.1.1.1. India Commercial Engineered Wood Furniture Market Size (USD Billion) & Y-O-Y growth (%) - 2016-2023

7.3.1.1.2. India Commercial Natural Wood Furniture Market Size (USD Billion) & Y-O-Y growth (%), 2016-2023

7.3.1.2. India Commercial Metal Furniture Market Size (USD Billion) & Y-O-Y growth (%) - 2016-2023

7.3.1.3. India Commercial Leather Furniture Market Size (USD Billion) & Y-O-Y growth (%) - 2016-2023

7.3.1.4. India Commercial Plastic Furniture Market Size (USD Billion) & Y-O-Y growth (%) - 2016-2023

7.3.1.4.1. India Commercial Moulded Plastic Furniture Market Size (USD Billion) & Y-O-Y growth (%) - 2016-2023

7.3.1.4.2. India Commercial Thermoset Plastic Furniture Market Size (USD Billion) & Y-O-Y growth (%), 2016-2023

7.3.1.5. India Commercial Glass Furniture Market Size (USD Billion) & Y-O-Y growth (%) - 2016-2023

7.3.1.6. India Commercial Furniture Market Attractiveness-By Material Type, 2016-2023

7.3.1.7. India Commercial Furniture Market BPS Analysis-By Material Type, 2016-2023

7.3.2. India Commercial Furniture Market Size (USD Billion) & Y-O-Y growth (%), By Furniture Type-2016-2023

7.3.2.1. India Commercial Furniture Market Size (USD Billion) & Y-O-Y growth (%), By Seating Furniture Type-2016-2023

7.3.2.2. India Commercial Furniture Market Size (USD Billion) & Y-O-Y growth (%), By Workstations Furniture Type-2016-2023

7.3.2.3. India Commercial Furniture Market Size (USD Billion) & Y-O-Y growth (%), By Tables Furniture Type-2016-2023

7.3.2.4. India Commercial Furniture Market Size (USD Billion) & Y-O-Y growth (%), By Storage Cabinets Type-2016-2023

7.3.2.5. India Commercial Furniture Market Size (USD Billion) & Y-O-Y growth (%), By File Cabinets Type-2016-2023

7.3.2.6. India Commercial Furniture Market Size (USD Billion) & Y-O-Y growth (%), By Overhead Bins Type-2016-2023

7.2.2.7. India Commercial Furniture Market Attractiveness-By Furniture Type, 2016-2023

7.2.2.8. India Commercial Furniture Market BPS Analysis-By Furniture Type, 2016-2023

7.3.3. India Commercial Furniture Market Size (USD Billion) & CAGR (%), By End-User- 2016-2023

7.3.3.1. India Commercial Furniture Market Size (USD Billion) & Y-O-Y growth (%), By Corporate Sector-2016-2023

7.3.3.2. India Commercial Furniture Market Size (USD Billion) & Y-O-Y growth (%), By Hospitality Sector-2016-2023

7.3.3.3. India Commercial Furniture Market Size (USD Billion) & Y-O-Y growth (%), By Education Sector-2016-2023

7.3.3.4. India Commercial Furniture Market Attractiveness-By End-User, 2016-2023

7.3.3.5. India Commercial Furniture Market BPS Analysis-By End-User, 2016-2023

7.4. India Furniture Market Size (USD Billion) & CAGR (%), By Region- 2016-202

7.4.1. East India Furniture Market Size (USD Billion) & Y-O-Y growth (%), 2016-2023

7.4.2. West India Furniture Market Size (USD Billion) & Y-O-Y growth (%), 2016-2023

7.4.3. North India Furniture Market Size (USD Billion) & Y-O-Y growth (%), 2016-2023

7.4.4. East India Furniture Market Size (USD Billion) & Y-O-Y growth (%), 2016-2023

7.4.5. India Furniture Market Attractiveness-By Region, 2016-2023

7.4.6. India Furniture Market BPS Analysis-By Region, 2016-2023

8. Porter’s Five Force Model

9. Competitive Landscape

9.1 Company Profiling

9.1.1. HNI BP Ergo India (A holding company of HNI Corporation)

9.1.2. Nilkamal Limited

9.1.3. Godrej & Boyce Manufacturing Co. Ltd.

9.1.4. Zuari Global Ltd.

9.1.5. Wipro Enterprises (P) Ltd.

9.1.6. Furniturewalla

9.1.7. Featherlite

9.1.8. Millennium Lifestyles

9.1.9. Urban Ladder

9.1.10. Pepperfry

9.1.11. Damro

9.1.12. IKEA

9.1.13. Geeken India

9.1.14. Evok ( Subsidiary of Hindware Home Retail Pvt. Ltd. (HHRPL) )

9.1.15. Durian Furniture

9.1.16. Home Town

 

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