India Furniture Market to be Dominated by Home Furniture, Until 2029
The growing consumer
interest towards home decor, rising trend of online shopping among consumers,
and rapid growth of real estate sector in the country is driving the growth of
India furniture market.
According to TechSci Research report, “India Furniture Market - By Region, Competition, Forecast and Opportunities, 2019-2029F”, the India furniture market is witnessing
high demand due to the changing consumer preference as consumers extensively
spending on home decor and are investing in new and unique furniture for their
homes. Thus, it is further resulting in high demand for the furniture.
Moreover, many of the brands have launched online portals so that consumers can
view and compare with different products. Thus, it gives consumers different
options and aids in market growth for companies.
The product, which is
eco-friendly, customer-friendly, user-friendly and multi-functional furniture,
has a bright future. As new consumer segments emerge, the ability to target
these niche segments in a sustainable and profitable manner becomes
increasingly important.
Over the next five
years, consumers will continue to move significantly from unorganized to
organized spaces. Even as more consumers move from cluttered to uncluttered
spaces, some of the core needs in this category will remain same, such as
well-designed and durable furniture. At the same time, brands that bring the
right mix of quality and aesthetics to their product range, improve customer
experience through the use of technology, and continue to drive innovation in
systems and processes will continue to thrive.
India's ease of doing
business related policies are leading to new businesses across India. In
addition, the growing number of small and medium-sized enterprises has further
increased the demand for cost-effective furniture products. This factor is
anticipated to drive the growth of the Indian furniture market during the
forecast period.
The demand for furniture
has become significantly more important in the hospitality industry. This is
due to increased investment in infrastructure development and the medical tourism
industry. Private investment in developing business centers such as
accommodation facilities, cafes, sports facilities, and department stores is
increasing. This is projected to boost the demand for various types of
furniture including sofas, chairs, beds, etc. within the forecast period,
driving the growth of the overall market.
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Key market players in
the India furniture market include:
- 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.
The India furniture
market is segmented based on supply, organized vs unorganized market, type,
product type, point of sale, raw material type, region, leading city, and competitional
landscape. Based on supply, the market is segmented into domestic and imported.
Based on type, the market is segmented into home furniture, office furniture,
and institutional furniture. Also, segmentation of the market based on product
type is bed, soda, wardrobe, dining set, and others. Based on point of sale,
the market is segmented into offline and online. Based on raw material, the market is
divided into wood, metal, and plastic. Also, the market is segmented based on
leading cities. The market studies the regional segmentation
divided among north, south, west, and east.
The home furniture segment
is expected to grow at a significant growth rate owing to the changing
preferences among consumers as they are increasingly investing in home decor,
which is further resulting in high demand for new and unique furniture. As per the
point of sale, the online segment is gaining momentum and covering significant
share in the furniture market due to the penetration of smart phones and
internet in the country.
Moreover, with online
shopping is chosen among the consumers for variety of options and recently
launched online portals are providing consumers with numerous offers and
schemes such as easy EMI options.
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“Due to the rising number of
residential and commercial buildings in the country, rising tourism sector
owing to which many of the hotels are investing in comfortable and unique
furniture, are driving the market growth of furniture market in India. Furthermore,
many brands in the furniture market have shifted to online portals such as
mobile applications, websites, etc. which helps the consumers to get different
furniture options and compare between various furniture options. Additionally,
the consumers are buying furniture for their home to improve aesthetic and decor
of the house which aids the market growth of furniture market in India.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based global
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 and Opportunities, 2029F, 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
furniture market in India.
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