India Furniture Market to Grow with a CAGR of 6.55% through 2030
The India furniture market
is expanding rapidly, driven by rising disposable incomes, urbanization, and a
growing middle class as well as increasing demand for customization
According
to TechSci Research report, “India Furniture Market – By Region, Competition,
Forecast & Opportunities, 2030F”, the India Furniture market stood at USD
27.23 billion in 2024 and is anticipated to grow USD 39.72 billion by 2030 with
a CAGR 6.55% during
forecast period. The Indian furniture market is experiencing rapid
growth, driven by several factors including rising urbanization, increasing
disposable incomes, and changing consumer preferences. With the growing number
of nuclear families and the rise in single-person households, the demand for
smaller, modular, and multifunctional furniture is on the rise. Modern
consumers are increasingly leaning towards stylish, functional, and ergonomic
furniture solutions, which is further propelling the market. Furthermore, the
surge in online retail platforms has expanded the reach of furniture brands,
offering consumers a wider variety of choices at competitive prices.
Urbanization
is a primary driver in the Indian furniture market. As more people migrate to
urban areas for employment opportunities and better lifestyles, there is a
demand for contemporary furniture that matches modern living spaces.
Residential and commercial property development has increased significantly in
metropolitan cities, leading to a growing need for furniture across segments.
With urban areas like Delhi, Mumbai, Bengaluru, and Pune witnessing an influx
of new residents, the demand for furniture has been expanding in tandem with
the growth of real estate projects.
The
Indian furniture market is also witnessing the growing influence of millennials
and Gen Z. These young consumers, who prefer personalized and customized
furniture, are shaping the trends in the market. They are more willing to
invest in furniture that complements their modern lifestyle, which includes
ergonomic designs and sustainable materials. This generation is also
tech-savvy, and as a result, online shopping for furniture has gained immense
popularity, making e-commerce platforms a significant channel for furniture
sales. Consumers now expect easy access to a broad range of designs,
customization options, and home delivery services, which e-commerce platforms
provide.
While
the market is expanding rapidly, challenges such as fluctuating raw material
prices and intense competition continue to pose threats to the growth of the
furniture industry in India. The price volatility of raw materials like wood,
metal, and fabric can impact production costs and affect profit margins for
manufacturers. Additionally, as global and local brands compete for market
share, furniture companies are forced to continually innovate and differentiate
their offerings. The rise of online marketplaces has also increased
competition, as more small and local furniture manufacturers are able to reach
a national audience, intensifying the pressure on established brands.
Browse over xx market data Figures spread through xx Pages and an in-depth TOC on " India Furniture Market”
The India Furniture
market is segmented into supply, organized Vs unorganized, type, product type,
point of sale, raw material, regional distribution, and company.
Based on the point
of sale, the online segment is the fastest-growing in the India furniture
market, driven by the increasing popularity of e-commerce platforms. Consumers
are drawn to the convenience of browsing, comparing, and purchasing furniture
online. The rise of tech-savvy consumers, coupled with better logistics and
customer service, is accelerating this growth. Online platforms offer a wide
variety of furniture designs, customization options, and competitive pricing,
making them an attractive choice. Additionally, the growing trend of home décor
and the ability to reach a broader audience further boost the growth of online
furniture sales in India.
Based on region,
the South region is the fastest-growing segment in the India furniture market,
driven by rapid urbanization, rising disposable incomes, and an increase in
residential and commercial projects. Cities like Bengaluru, Chennai, and
Hyderabad are witnessing a surge in demand for modern, functional, and
customizable furniture, catering to a younger, tech-savvy population. The
region's thriving real estate sector and the shift towards online furniture
shopping are further boosting market growth. The growing trend of premium and
sustainable furniture is also contributing to the region's expanding market
presence.
Major companies
operating in India Furniture market are:
- Nilkamal
Limited
- IKEA India
Private Limited
- Godrej and
Boyce Manufacturing Company Limited
- Durian
Industries Limited
- Forte Furniture
Products India Private Limited
- Damro Furniture
Pvt Ltd
- Usha Shriram
Private Limited
- Featherlite
Private Limited
- Haworth India
Pvt Ltd
- Dynasty Modular
Furniture's Private Limited
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“Customization
has become a key trend in the Indian furniture market. With the growing
emphasis on personalization, furniture brands are offering tailored solutions
that meet the unique needs of consumers. This trend is especially prominent in
metropolitan areas, where consumers are more likely to invest in customized
products that fit their specific preferences and space requirements. Modular
furniture, which can be adapted and rearranged to fit different living spaces,
has gained popularity due to its flexibility and versatility. This trend is
being supported by both traditional furniture stores and online platforms,
which provide consumers with the option to design their own furniture,” said
Mr. Karan Chechi, Research Director of TechSci Research, a research-based
management consulting firm.
"India Furniture Market By Supply (Domestic, 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,
Online), By Raw Material (Wood, Metal, Plastic), By Leading City, By Region,
Competition, Forecast & Opportunities, 2020-2030F”,
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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