India Furniture Market, By Type (Home, Office & Institutional), By Product Type (Sofa, Bed, Wardrobe, Dining Table & Others), By Point of Sale, By Raw Material Type, By Organized Vs. Unorganized, Competition Forecast & Opportunities, 2012 – 2022
Over the last few years, there has been a shift from traditional furniture towards contemporary furniture as buyers in the country are becoming more brand conscious coupled with their increasing purchasing power. Moreover, rapidly expanding distribution network of exclusive stores and easy availability of standardized furniture products is also expected to aid the country’s furniture market in the next five years. Furthermore, increasing investments in healthcare and hospitality industries by public as well as private entities is forecast to boost the demand for furniture in India during 2017 – 2022. Increasing number of hotels along with growing tourist footfall are anticipated to boost the demand for furniture from hospitality industry during forecast period. In India, an average age of home buyer has dropped from 40 to 27, and youth population with unique and individual preferences are opting for modern furniture rather than traditional furniture. Improving literacy rate and growing influence of western culture are motivating Indian consumers to adopt modern lifestyle.
According to “India Furniture Market, By Type, By Product Type, By Point of Sale, By Raw Material Type, By Organized Vs. Unorganized, Competition Forecast & Opportunities, 2012 – 2022”, the furniture market in India is anticipated to cross $27 Billion by 2022, on account of growing urbanization, rising trend of nuclear families, and expanding working population base coupled with surging demand for new designs of furniture. Home furniture occupied the largest share in India furniture market in 2016. The segment is anticipated to maintain its dominance during the forecast period as well. With favorable political and economic conditions in India, the construction sector is expected to grow at a robust pace over the next five years, thereby boosting the demand for home furniture. Region-wise, north region is the largest demand generating region for furniture in the country. Some of the major companies operating in India furniture market are Godrej Interio, Nilkamal Ltd., Durian, Zuari Furniture and Usha Furniture, among others. “India Furniture Market, By Type, By Product Type, By Point of Sale, By Raw Material Type, By Organized Vs. Unorganized, Competition Forecast & Opportunities, 2012 – 2022” discusses the following aspects of India furniture market: