The India Furniture Market is anticipated to reach USD 32.61 Billion by 2018 by registering a CAGR of 13.38% during the forecast period i.e. 2018-2023. Moreover, the market is expected to garner USD 61.09 Billion by the end of 2023. Further, the India furniture market is anticipated to achieve a Y-o-Y growth rate of 14.30% in 2023 as compared to the previous year.
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. Also, the rising trend of online shopping is pushing the manufacturers like Godrej Furniture, Nilkamal etc., to introduce and sell there furniture through online space. For instance, leading offline retailer of readymade furniture products named @Home, which is a flagship brand of Nilkamal Pvt. Ltd, has launched its online shopping portal for the exclusive range of @Home furniture, furnishings and home d'cor items.
The wooden furniture is anticipated to continue its dominance during the forecast period in Indian furniture market and expected to grew with a CAGR of 11.32% during the forecast period i.e. 2018-2023. Although, the growth of nuclear families, impact of western culture has affected the demand for wood furniture and changing taste and preferences for different king of furniture is pushing the growth of market and interest of customers is diverting towards using different material like leather and glass and making them a lucrative segment in the coming future.
The India Furniture market is further segmented by sector into residential and commercial. Residential segment accounted for USD 20.65 billion in 2018. Further, India residential furniture market is expected to grow at a CAGR of 14.16% over the forecast period i.e. 2018-2023. Moreover, the market of residential sector is expected to achieve Y-o-Y growth rate of 15.08% in 2023 as compared to previous year.
India is a country with a huge population of urban dwellers and the demand of furniture items from the urban houses is huge and adding to the growth of furniture market from residential sector of India. There has been a significant growth in the real estate sector based upon rising demand for residential property in the country along with the change of existing furniture from the established ones.
The India furniture market by commercial sector is anticipated to achieve a CAGR of 11.97% during the forecast period i.e. 2018-2023. Commercial sector is further sub-segmented into non contracting and contracting. Non Contracting segment in India is expected to grow at a CAGR of 13.32% over the forecast period i.e. 2018-2023 and expected to achieve Y-o-Y growth rate of 14.17% in 2023 as compared to previous year.
The demand of furniture have been observed to majorly generate from the northern and southern India. Southern region continues to be the leading revenue generators during the forecast period i.e. 2018-2023 on account of expanding distribution network of furniture manufacturers in the region. Kerala is among the major supplier of wood which is widely used raw material in the country’s furniture market. The region is anticipated to maintain its dominance by 2023.
Table of Contents
Companies Mentioned
- Nilkamal
- Godraj and Boyce
- Damro
- Durian
- HNI Corporation
- Praxis Home Retail
- Featherlite
- IKEA
- Wipro Enterprise
- Forte Furniture Product
- Furniturewala
- Millenium Lfestyle
- Urban Ladder
- Pepperfry
- Geeken
- Evok
