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India Upholstered Furniture Market - Growth, Trends, Covid-19 Impact and Forecasts (2021-2026)

  • ID: 5458888
  • Report
  • October 2021
  • Region: India
  • 120 Pages
  • Mordor Intelligence
UP TO OFF
until Dec 31st 2021

FEATURED COMPANIES

  • BP Ergo
  • Durian
  • Featherlite
  • Haworth
  • Kian
  • Millennium Lifestyles

The Indian upholstered furniture market is one of the fastest-growing markets in Asia- Pacific. The rise in disposable household income, increase in the number of middle-class households and rapid urbanization rate have fueled the growth rate of the upholstered furniture market in India.

The export and the import data of furniture and furniture-related product also suggest the growth in the upholstered market in India. The data shows that before covid both the import and export of furniture and related products were on rising. The recent rise has made Indian furniture sizeable and is able to attract organized players from the global market. According to the World Bank, the organized furniture market is expected to grow by double-digit year on year and a large part of this growth is backed by the rapidly growing consumer market in Asia. For the year 2020 export grew by only 2.9% whereas, the import decreased by 38.27%.

Key Market Trends


Residential End User Segment is the Largest Market

Residential furniture constitutes about 65% of the total furniture output. There is growth in the number of upper-middle-class and affluent households and also the number of rooms per household is increasing. About 25% of urban households live in homes with five rooms or more. This translates to a greater number of furniture per household.

With the initiatives like “Make in India” there is a major policy push to make India a manufacturing hub. This has also made the Indian upholstered furniture market more attractive. The government has already permitted 100% FDI for furniture manufacturing through the automatic route.

Another key trend seen in the upholstered furniture market is changing preferences of the consumer. Now consumers demand furniture that has not only functional value but also aesthetic, multi-functional, and comfortable. This has led to the lower life span of furniture-related products in Indian households.

Production of the Furniture Products Reduced Due to Covid- 19

Furniture and the related industry is one of the segments that is heavily impacted by the covid-19. The industry that was expanding with a double-digit growth rate has shrunk drastically in March 2020, which is a 69-month low value for the industry.

On the other hand, with the onset of the pandemic, the number of hours spent at home was extended. The work/study from home culture showed exponential growth as a result the e-commerce sales of the upholstered furniture actually rose for the year 2020.

Competitive Landscape

The major chunk about 80% of the Indian upholstered furniture market is the unorganized sector consisting of small regional players and the remaining 20% of the market is dominated by the players such as Godrej & Boyce Manufacturing Co. Ltd., BP Ergo, Featherlite, Haworth, Style Spa, Yantra, Renaissance, Millennium Lifestyles, Durian, Kian, Tangent and Nilkamal.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • BP Ergo
  • Durian
  • Featherlite
  • Haworth
  • Kian
  • Millennium Lifestyles
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Drivers
4.3 Restraints
4.4 Opportunities
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.6 Value Chain Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Chair
5.1.2 Sofa
5.1.3 Bed
5.1.4 Other Types
5.2 By Application
5.2.1 Residential
5.2.2 Commercial
5.3 By Distribution Channel
5.3.1 Supermarkets and Hypermarkets
5.3.2 Specialty Stores
5.3.3 E-commerce
5.3.4 Other Distribution Channels
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Godrej & Boyce Manufacturing Co. Ltd.
6.2.2 BP Ergo
6.2.3 Featherlite
6.2.4 Haworth
6.2.5 Style Spa
6.2.6 Yantra
6.2.7 Renaissance
6.2.8 Millennium Lifestyles
6.2.9 Durian
6.2.10 Kian
6.2.11 Tangent
6.2.12 Nilkamal*
7 MARKET OPPORTUNITIES AND FUTURE TRENDS8 DISCLAIMER
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Godrej & Boyce Manufacturing Co. Ltd.
  • BP Ergo
  • Featherlite
  • Haworth
  • Style Spa
  • Yantra
  • Renaissance
  • Millennium Lifestyles
  • Durian
  • Kian
  • Tangent
  • Nilkamal
Note: Product cover images may vary from those shown

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