India Furniture Market to Reach USD 35.9 Billion by 2028
Published | 02 May 2022
India Furniture market is growing on account of the increasing disposable income of the consumers and rising expenditure towards home decor along with flourishing tourism and increasing investment in the hospitality sector such as the development of airports, hotels, restaurants, etc…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India Furniture market was worth USD 23.3 billion in the year 2021. The market is projected to grow at a CAGR of 6.40%, with revenues reaching USD 35.9 billion by the end of 2028. The market is in all likelihood to witness this growth over the forecast period due to the growing disposable income of the consumer and increasing expenditure toward home decor. Furthermore, increasing construction of numerous residential, industrial, and commercial facilities due to infrastructural development is anticipated to enhance the market growth inside the forecast period. However, the high penetration of the unorganized sector may act as a huge restraining factor for the India furniture market growth.
Increasing Demand from Hospitality Sector is Driving India Furniture Market Growth
The demand for furniture is gaining good-sized traction from the hospitality sector. This is thanks to the growing investment in infrastructural development along with flourishing tourism. The variety of personal investments toward the development of business centers together with accommodations, cafes, sports activities facilities, buying department stores, and so forth., is also growing. This is predicted to fuel the demand for various sorts of furniture including sofas, chairs, beds, and so on., within the forecast period, driving the overall market growth.
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Integration Of IoT into Furniture is Propelling India Furniture Market Growth
The furniture producers are integrating advanced technologies such as IoT into their merchandise to gain benefit over the marketplace. The producers are exploiting the services of IoT within the manner to upload and edit designs, track performance and renovation, and so on. They also are fitting sensors into fundamental furnishings which include dining room chairs, shelving gadgets, and many others., to make them ‘intelligent’ and similarly flourish smart homes. This is expected to emerge as a prime driving aspect for the India furniture market in the forecast period.
India Furniture Market - By Distribution Channel
Based on the distribution channel, the India furniture market is segmented into supermarkets and hypermarkets, specialty stores, online, and others. The specialty store segment accounts for the biggest marketplace proportion as a result of the availability of a huge range of furniture under one roof. However, the online store's segment is projected to register the highest CAGR during the forecast duration as numerous furniture companies are launching websites or selling their products through popular customer items platforms inclusive of Pepperfry, Amazon.in, Flipkart, and so on., to target more youthful and working purchasers.
India Furniture Market - Regional Insights
Geographically, the India furniture market is segmented into North India, South India, East India, and West India. West India dominates the market. The demand for furniture is directly influenced by property sales. The number of property sales is surging in Western states such as Maharashtra, particularly in Mumbai and Pune due to the increasing working-class population in this region. However, North India also covers a substantial market share owing to the high purchasing power of consumers in this region.
Impact of COVID-19 on India Furniture Market
The India furniture market was incredibly halted because of the COVID-19 pandemic outbreak in the country. The huge burden on the healthcare zone and national lockdown led to production and supply disruptions. Furthermore, workplaces and other business centers together with hotels, restaurants, and so on., have been additionally closed because of lockdown. All those factors led to a sharp decline in the demand for furniture in India. The market is expected to check in slow growth in the approaching years as well due to the negative effect of the pandemic on the economic stability of the customers.
The leading market players of the India furniture market are Godrej Interio, Nilkamal Furniture, Zuari Furniture, Wipro Furniture, Durian, Hulsta, Usha Lexus Furniture, Ikea, Damro, Evok, and other prominent players.
The India furniture market is highly fragmented with the presence of several global and regional industry participants. The unorganized sector is highly dominant in this region. The companies launch new designs to attract customers and offer to customize designs to suit their needs. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Furniture market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India Furniture market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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