According to a recently published report by TechSci Research, “India Furniture Market Forecast and Opportunities, 2019”, the country’s furniture market is projected to cross $32 billion by 2019. The country’s furniture market is expected to grow at a rapid pace due to rising disposable income, expanding middle class and growing number of urban households. In addition, the anticipated rise in tourism and hospitality sectors is also expected to spur the furniture demand in the country through 2019. Western and Southern region would continue to be the leading revenue generators due to expanding distribution network of furniture manufacturers in these regions. Uttar Pradesh, Kerala, Punjab, West Bengal and Andhra Pradesh are the major suppliers of wood, which is the most widely used raw material in the country’s furniture market.
The report reveals that wooden furniture is expected to continue its dominance in the Indian furniture market. Home furniture market is expected to witness fastest growth over the next five years, followed by office and institutional segments. Major organized players such as Godrej Interio, Durian, Wipro, Evok and Nilkamal are expected to outperform during the next five years due to their diverse product range, expanding distribution network and exclusive outlets. The market is also witnessing a growing trend, wherein, an increasing number of domestic manufacturers are entering into tie ups with foreign manufacturers in order to improve product design and quality.
“With growing employment opportunities, purchasing power of the Indian consumers is increasing, which is consequently expected to continue and boost the demand for designer as well as standardized furniture in the country over the next five years.”, said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Godrej Interio, Nilkamal, Featherlite, and Durian are currently the leading companies in the Indian furniture market. However, several new entrants are expected to foray into this market due to low entry barriers.
“India Furniture Market Forecast and Opportunities, 2019” has evaluated the future growth potential of India’s furniture market and provides statistics and information on market structure, and consumer behavior trends. The report includes India furniture market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in India’s furniture market.
By 2018, India’s online marketplace is expected to grow to $14.5 billion (Rs88,921 crore) and online furniture retail’s share is likely to go up. ‘This increase will be primarily on account of growing acceptance of home grown apparel brands of online shopping portals and openness towards buying home decor and furniture online,’ research firm RNCOS said.