Office Furniture Market in India 2017-2021
About Office Furniture Market in India
The office furniture market in India is fragmented with the unorganized sector dominating the market. The unorganized sector is reported to account for over 75% of the office furniture market and the remaining is held by the organized sector. Earlier, the market was dominated by Indian companies; however, now there are many foreign players entering the Indian market. With more innovative designs flooding the market, the demand for modular offices is increasing.
Technavio’s analysts forecast the office furniture market in India to grow at a CAGR of 20.11% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of office furniture market in India for 2017-2021. To calculate the market size, the report considers the revenue generated from the retail sales of office furniture in India.
Technavio's report, Office Furniture Market in India 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Office Furniture Market in India 2017-2021
Technavio recognizes the following companies as the key players in the office furniture market in India: Godrej & Boyce, Featherlite, Zuari Furniture, Durian, and DAMRO.
Other Prominent Vendors in the market are: hülsta, Fab Furnish.com, Nilkamal, pepperfry.com, Urban Ladder, Wipro Furniture, IKEA, AFC SYSTEMS, Boss's Cabin, and Stellar Furniture & Lifestyle.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increase in number of office furniture imports. With the increase in the number of corporate offices in both tier 1 and tier 2 cities, India has become one of the largest importers of office furniture. India accounts for less than one-fifth of the world’s total office furniture imports.”
According to the report, one of the major drivers for this market is direct sales approach. Companies tend to purchase items directly from the manufacturer. Direct sales approach allows manufacturers to categorize the client and update them about the release of new products. Many companies operate through several branches across several cities in India. For instance, Zuari Furniture has approximately 800 plus dealers and is present in most of the major cities in India. Most of the vendors have a website that contains information about the product portfolio. This enables the customer to decide the type of the product required, which enables a faster sales cycle.
Further, the report states that one of the major factors hindering the growth of this market is fluctuating prices of raw materials. The wooden furniture segment is a dominant segment in both the home and the office furniture markets. Teak is the most widely used material in the office furniture industry constituting about 60% of the industry. The high number of teak imports, rising teak prices, and duties on these imports are some of the factors affecting the teak wood prices. India relies heavily on the import of teak wood from Myanmar. Thus, the export ban of raw teak in Myanmar has affected the Indian economy, further influencing price fluctuations.
Godrej & Boyce, Featherlite, Zuari Furniture, Durian, DAMRO, hülsta, Fab Furnish.com, Nilkamal, pepperfry.com, Urban Ladder, Wipro Furniture, IKEA, AFC SYSTEMS, Boss's Cabin, and Stellar Furniture & Lifestyle.