India furniture market stood at $
21 billion in 2018 and is projected to grow to over $ 31 billion by 2024,
exhibiting a CAGR of around 7% during 2019-2024, on account of growing real
estate and hospitality industries. Other key factors expected to drive the
market are increasing government investments in infrastructure development and
rising demand for luxury and premium furniture from certain consumer sections. Additionally,
rising disposable income is influencing expenditure on comfortable lifestyle, which
is expected to provide growth opportunities to furniture market players in the
coming years.
In
terms of supply, India furniture market is
categorized into domestic and imported segments. Among the types of supply,
domestic category accounted for majority of the country’s furniture market in
2018 and the trend is expected to continue in the coming years. The unorganized
segment dominates India furniture market, as it offers cheaper products in
comparison to the ones available through the organized category. Moreover, product
customization availability in the unorganized sector is also expected to aid
the segment’s leading market position during the forecast period.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the
Study:
- To analyze and forecast India furniture market size.
- To forecast India furniture market based on supply, sector, type, product type, point of sale, raw
material type, city and regional distribution.
- To identify drivers and challenges for India furniture market.
- To examine competitive developments such as expansions, new product
launches, mergers & acquisitions, etc., in India furniture market.
- To conduct the pricing analysis for India furniture market.
- To identify and analyze the profile of leading players operating in
India furniture market.
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Some of the major
players operating in India furniture market are Godrej & Boyce
Manufacturing Company Limited, Nilkamal Limited, Durian Industries Limited, Forte
Furniture Products India Private Limited, Haworth India Private Limited, Featherlite
Office Systems Pvt. Ltd., Usha Shriram Enterprises Pvt. Ltd., Damro Furniture
Private Limited, Dynasty Modular Furniture Pvt. Ltd. and IKEA India Private
Limited.
TechSci Research performed
both primary as well as exhaustive secondary research for this study. Initially,
TechSci Research sourced a list of furniture manufacturers across the country.
Subsequently, TechSci Research conducted primary research surveys with the
identified companies. While interviewing, the respondents were also enquired
about their competitors. Through this technique, TechSci Research could include
the manufacturers which could not be identified due to the limitations of
secondary research. TechSci Research analyzed the product offerings,
distribution channels and presence of all major manufacturers across the country.
TechSci Research calculated India furniture market size using a top down approach, where data for various applications across various end-user segments
was recorded and forecast for the future years. TechSci Research sourced these values
from the industry experts and company representatives and externally validated
through analyzing historical data of these product types and applications for
getting an appropriate, overall market size. Various secondary sources such as
company websites, news articles, press releases, company annual reports,
investor presentations and financial reports were also studied by TechSci
Research.
Key Target
Audience:
- Furniture manufacturers, distributors and other stakeholders
- Potential investors
- Organizations, forums and
alliances related to furniture
- Government bodies such as
regulating authorities and policy makers
- Market research and
consulting firms
The study is useful in providing answers
to several critical questions that are important for industry stakeholders such
as manufacturers, partners and end users. The study
would also help them in identifying which market segments should be targeted
over the coming years in order to strategize investments and capitalize on
growth of the market.
Report Scope:
In this report, India furniture market has
been segmented into following categories, in addition to the industry trends
which have also been detailed below:
- Market, by Supply
- Market, by Sector
- Market, by Type
- Home Furniture
- Office Furniture
- Institutional Furniture
- Market, by Product Type
- Sofa
- Bed
- Wardrobe
- Dining Set
- Others
- Market, by Point of Sale
- Exclusive Showrooms
- Online
- Supermarkets/Hypermarkets
- Multi-brand Showrooms
- Others
- Market, by Raw Material Type
- Market, by City
- Hyderabad
- Mumbai
- Chennai
- Bengaluru
- Delhi/NCR
- Kolkata
- Pune
- Ahmedabad
- Others
- Market, by Region
Competitive Landscape
Company Profiles: Detailed analysis of the
major companies operating in India furniture market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market
players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect
sales channel.
In case you don’t find what
you are looking for, please get in touch with our custom research team at sales@techsciresearch.com