IMARC Group, a leading market research company, has recently releases report titled “India Furniture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the India furniture market market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the Indian furniture market?
The India furniture market is expected to exhibit a growth rate (CAGR) of 11.6% during 2023-2028.
What is furniture?
Furniture includes moveable and ergonomic objects such as chairs, tables, cupboards, sofas, beds, desks, cabinets, and so on. These devices are used in commercial and domestic settings to provide seats, storage, and to enhance the aesthetic value of the room. Furniture is made from long-lasting raw materials such as wood, glass, iron, plastics, marble, and so on, and comes in a variety of colours, sizes, styles, and designs. They improve the appearance, comfort, functionality, and storage capacity of offices, homes, and indoor and outdoor spaces. As a result, furniture objects are widely used in a variety of residential and commercial institutions throughout India.
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What are the growth prospects and trends in the Indian furniture industry?
At present, the burgeoning construction industry, coupled with the rising development of smart city projects, represents one of the primary factors positively influencing the furniture market share in India. In addition, improving standards of living and inflating income levels are catalyzing the demand for premium furniture, which is creating a positive market outlook in the country. This, along with the increasing number of nuclear families, is resulting in the rising need for foldable and compact furniture as it can be easily arranged in smaller spaces. Besides this, the rising number of e-commerce websites selling furniture at affordable rates is offering lucrative growth opportunities to manufacturers. Moreover, the easy availability of furniture across online and offline distribution channels, coupled with secured payment gateways and free doorstep delivery, is strengthening the growth of the market in the country. Increasing investments in marketing strategies, such as celebrity endorsements and social media promotions, are propelling the growth of the market.
Furthermore, key market players are focusing on introducing automated manufacturing systems for reducing the cost of furniture. Additionally, the integration of advanced technologies, such as the internet of things (IoT), 3D printing, and artificial intelligence (AI), for furniture manufacturing is offering a favorable market outlook. In addition, the introduction of new species of wood for manufacturing furniture is fueling the market growth. Furthermore, increasing investments in infrastructural development by the Government of India is resulting in the launch of more product variants with enhanced aesthetics, comfort, functionality, and storage capacities, which is strengthening the market growth in India.
What is included in market segmentation?
The report has segmented the market into the following categories:
Material Insights:
- Metal
- Wood
- Plastic
- Glass
- Others
Distribution Channel Insights:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
- Others
End Use Insights:
- Residential
- Commercial
Regional Insights:
- North India
- West and Central India
- South India
- East India
Who are the key players operating in the industry?
The report covers the major market players including:
- Cello World Private Limited
- Damro Furnitures Pvt. Ltd.
- Durian Industries Ltd.
- Godrej & Boyce Manufacturing Company Limited
- IKEA India (Inter IKEA Holding B.V.)
- Nilkamal Limited
- Supreme Industries Ltd.
- Usha Shriram Enterprises Pvt. Ltd.
- Wakefit Innovations Pvt. Ltd
- Wipro Consumer Care
- Lighting Group (Wipro Enterprises Private Limited)
- Zuari Furniture
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