India furniture market is segmented into material type such as wood, metal, leather, plastic and glass furniture, out of which wood furniture market is expected to grab the top position in the market. The popularity of traditional furniture has strengthened the demand for wood in the manufacturing of furniture in India. Over the past few years, the utilization of wooden goods in home has increased as people have started using wood furnishing cupboards, decorating and for other purposes.
The India furniture market is expected to register a remarkable CAGR of 12.91% over the forecast period. Moreover, the market of furniture in India is expected to reach noteworthy revenue by the end of 2023. The market is expected to expand on the back of the rising adoption of furniture in the residential sector.
The commercial furniture segment by application is estimated to register a CAGR of 11.52% during the forecast period. Furthermore, demand for contract furniture in India is rising on the back of various factor such as rising corporate sector, growing trend of state of the art office furniture and rising need of workstations in various businesses. Moreover, the utilization of workspace is one of the major factors which are driving the demand for contract furniture. The positive growth in corporate sector in India attributed to entry of multinational corporate players in India.
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Rapid Pace in Real Estate Growth
The real estate growth is primarily driven by the growth in the hospitality industry and the intense competition in order to provide better services to the customer. Moreover, 100 percent FDI policy for townships and settlements development project is attracting more foreign investors in the real estate sector which increases the quality of residential apartments.
Growing urbanization in Indian states such as Gujarat, Maharashtra, Chennai and others is supporting the culture of housing societies. Moreover, the corporate sector in India is uplifting on the back of ease of doing business reforms introduced by the government. The technological advancements such as availability of high speed internet networks such as 4G and spiked absorption of smart gadgets such as smart phones and tables is boosting the e-retail sector in India. These advancements further provide ease to the customers to buy furniture through online channels.
On the contrary, presence of large number of unorganized players in the furniture industry is restraining the growth of furniture market in India.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the India furniture market which includes company profiling of Nilkamal Limited, Godrej & Boyce Manufacturing Co. Ltd., Zuari Global Ltd, Wipro Enterprises (P) Ltd., Furniturewalla, Featherlite, Millennium lifestyles, Urban ladder, Damro, IKEA, HNI BP Ergo India, Geeken India, Evok (Subsidiary of Hindware Home Retail Pvt. Ltd. (HHRPL)), Durian Furniture, Home Town. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the India furniture market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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This post was originally published on Trading Herald