The new report by Expert Market Research titled, ‘India Furniture Market Report and Forecast 2022-2027’, gives an in-depth analysis of the India furniture market, assessing the market based on its segments like raw materials, sectors, end uses, distribution channels, and regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators and analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): INR 13.4 billion
- Forecast CAGR (2022-2027): 70%
The Indian furniture industry is being driven by the rising trend of working from home. This can be associated with the advent of the COVID-19 outbreak in 2020, which resulted in businesses and corporations adopting remote working solutions. This is leading to the demand for work-from-home set related furniture solutions, such as comfortable chairs and table set-ups that provide convenience for long working durations. In addition, the growing availability of a wide variety of furniture across online websites are also expected to aid the market growth, with the increased accessibility to internet facilities.
Industry Definition and Major Segments
Furniture is a moveable object that is manufactured to support human activities, such as chairs that aid with seating and beds for sleeping. Furnitures are multipurpose and can be customised according to individual requirements. These can be made using various materials and offer varied aesthetic appeal to the room.
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The market, on the basis of raw material, can be distributed into:
- Metal
- Wood
- Plastic
- Others
Based on sector, the industry can be segregated into:
- Organised
- Unorganised
On the basis of end use, the market can be categorised into:
- Residentials
- Commercial Offices
- Hotels/Restaurants
- Others
Based on distribution channel, the industry can be segmented into:
- Supermarkets and Hypermarkets
- Speciality Stores
- Online
- Others
The regional markets for furniture in India include:
- North India
- East India
- West India
- South India
Market Trends
The India furniture industry is being led by the growing population levels in India coupled with rapid urbanisation, which is propelling the demand for home furniture. In addition, the growing consumer focus on aesthetic appearance of the house is augmenting the demand for unique, compact, and aesthetically pleasing furniture items, thereby contributing to the market growth. This trend is further fuelled by inflating disposable incomes and the improved living standards of the people. In addition, the growing availability of multifunctional furniture that also offers aesthetic appeal while also taking up less space are also witnessing increased demand. These factors are expected to drive the market growth in the forecast period.
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Key Market Players
The major players in the market are IKEA Systems B.V., Godrej Interio, Nilkamal Limited, Zuari Furniture, Durian Private Ltd., Usha Shriram Enterprises Pvt. Ltd., Damro Furnitures Pvt. Ltd., The Supreme Industries Limited, and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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