India Furniture Market | Growth, Trends and Forecast Till 2024

Posted by Sophia Jones on May 20th, 2019

Market Reports on India Provides the Trending Market Research Report on “India Furniture Market By Supply (Domestic & Imported), By Sector Type (Organized & Unorganized), By Type (Home Furniture, Office Furniture & Institutional Furniture), By Product Type, By Point of Sale, By Raw Material Type, Competition, Forecast & Opportunities, 2024” under Retail category. The report offers a collection of superior market research, market analysis, competitive intelligence and industry reports.

India Furniture Market stood at $ 21 billion in 2018 and is projected to grow to over $ 31 billion by 2024, exhibiting a CAGR of around 7% during 2019-2024, on account of growing real estate and hospitality industries. Other key factors expected to drive the market are increasing government investments in infrastructure development and rising demand for luxury and premium furniture from certain consumer sections. Additionally, rising disposable income is influencing expenditure on comfortable lifestyle, which is expected to provide growth opportunities to furniture market players in the coming years.

In terms of supply, India furniture market is categorized into domestic and imported segments. Among the types of supply, domestic category accounted for majority of the country’s furniture market in 2018 and the trend is expected to continue in the coming years. The unorganized segment dominates India furniture market, as it offers cheaper products in comparison to the ones available through the organized category. Moreover, product customization availability in the unorganized sector is also expected to aid the segment’s leading market position during the forecast period.

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India Furniture Market

Years considered for this report:

Historical Years: 2014-2017

Base Year: 2018

Estimated Year: 2019

Forecast Period: 2020-2024

Objective of the Study:

  • To analyze and forecast India furniture market size.
  • To forecast India furniture market based on supply, sector, type, product type, point of sale, raw material type, city and regional distribution.
  • To identify drivers and challenges for India furniture market.
  • To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India furniture market.
  • To conduct the pricing analysis for India furniture market.
  • To identify and analyze the profile of leading players operating in India furniture market.

Some of the major players operating in India furniture market are Godrej & Boyce Manufacturing Company Limited, Nilkamal Limited, Durian Industries Limited, Forte Furniture Products India Private Limited, Haworth India Private Limited, Featherlite Office Systems Pvt. Ltd., Usha Shriram Enterprises Pvt. Ltd., Damro Furniture Private Limited, Dynasty Modular Furniture Pvt. Ltd. and IKEA India Private Limited.

Our Research performed both primary as well as exhaustive secondary research for this study. Initially, Our Research sourced a list of furniture manufacturers across the country. Subsequently, Our Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Our Research could include the manufacturers which could not be identified due to the limitations of secondary research. Our Research analyzed the product offerings, distribution channels and presence of all major manufacturers across the country.

Our Research calculated India furniture market size using a top down approach, where data for various applications across various end-user segments was recorded and forecast for the future years. Our Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by Our Research.

Key Target Audience:

  • Furniture manufacturers, distributors and other stakeholders
  • Potential investors
  • Organizations, forums and alliances related to furniture
  • Government bodies such as regulating authorities and policy makers
  • Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for industry stakeholders such as manufacturers, partners and end users. The study would also help them in identifying which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth of the market.

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Sophia Jones

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Sophia Jones
Joined: August 22nd, 2017
Articles Posted: 752

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