India Home Furnishing Market to Surpass INR40,000 Crore by 2020
Growing demand for stylish and
modern home furnishing products from residential, healthcare, hospitality, food
services and commercial sectors to propel India home furnishing market
According to a TechSci Research
report, “India Home Furnishing Market By Product Type, By Region and Competition Forecast and Opportunities, 2010 – 2020”, home furnishing market in India
is projected to cross INR40,000 crore by 2020, on account of rising demand for contemporary
designs, increasing number of households, growing demand
for branded and cus
tom designed furniture and increasing availability of
innovative and affordable home furnishing products in the country. Over the
last five years, India has emerged as one of the fastest growing markets for home
furnishing products in APAC. In 2016, the home furnishing market in India is
expected to witness a Y-o-Y growth of around 9.5%, with a similar trend
anticipated to continue through 2020.
Rising
demand for bath and table linen products, upholstery, etc., increasing demand
for premium quality window coverings such as curtain fabric and blinds, and rising
trend of using wallpapers and wall-decals over traditional paints &
coatings are some of the major factors driving adoption of home furnishing
products in the country. In 2014, bed linen segment dominated
India home furnishing market, followed by bath linen and curtain fabric
segment. Welspun India, Trident Limited, Bombay Dyeing, Alok Industries,
Himatsingka, Siyaram, D’Decor are few of the leading players
operating in India home furnishing market.
“In
India, home furnishing market has undergone radical changes in terms of
organized retailing over the past few years. Growing adoption of luxury home
furnishing products in India across various industries such as healthcare, hospitality,
food services and commercial set-ups, rising adoption of branded products, surging
purchasing power of consumers, growing government focus to promote domestic
manufacturing, and increasing FDI inflow are all huge positives for the
country’s home furnishing market, which is expected to grow through 2020.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Home Furnishing Market in India By Product Type, By Region &
Competition Forecast and Opportunities, 2010 – 2020” has
evaluated the future growth potential of India home furnishing market and
provides statistics and information on market structure, consumer behavior and
trends. The report is intended to provide cutting-edge market intelligence and
help decision makers take sound investment decisions. Besides, the report also
identifies and analyzes emerging trends along with essential drivers,
challenges and opportunities present in India home furnishing market.