“India Furniture Market Report by Material (Metal, Wood, Plastic, Glass, and Others), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Stores, and Others), End Use (Residential, Commercial), and Region 2024-2032“, The India furniture market size reached US$ 23.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 54.3 Billion by 2032, exhibiting a growth rate (CAGR) of 9.3% during 2024-2032.
Factors Affecting the Growth of the India Furniture Industry:
- Rapid Urbanization and Increasing Disposable Income:
The increasing number of people migrating from rural areas to urban centers in search of better opportunities is catalyzing the demand for housing and, consequently, furniture. Moreover, the rising disposable income of the urban population enables them to invest in quality and aesthetically pleasing furniture, bolstering the market growth. In addition, the growing trend of modular and space-saving furniture is offering a favorable market outlook. People are looking for furniture that can be easily customized to fit their available space while maximizing utility. This is driving the demand for multi-functional furniture pieces such as sofa-cum-beds, folding tables, and wall-mounted shelves.
- Sustainability and Eco-friendly Materials:
The increasing environmental awareness among the masses is driving the demand for sustainable and eco-friendly furniture materials. Along with this, the rising inclination of individuals towards furniture made from recycled or renewable materials is strengthening the growth of the market. In line with this, several furniture manufacturers are incorporating sustainability into their product offerings. They are also focusing on reducing waste through efficient manufacturing processes and recycling or repurposing materials to promote environmental health. Furthermore, many furniture companies are obtaining certifications such as FSC (Forest Stewardship Council) or GREENGUARD to validate the sustainability and low emissions of their products.
- E-commerce Penetration:
The growth of e-commerce and the rising reliance of individuals in India on online shopping channels are influencing the market positively. Online platforms are making it convenient for consumers to browse, compare, and purchase furniture from the comfort of their homes. This is expanding the customer base and facilitating the entry of new and innovative furniture brands and designs into the market. Apart from this, various independent designers and brands are experimenting with creative and unique designs, often catering to niche markets and specific consumer preferences. This influx of fresh ideas and designs is making the furniture market more dynamic and exciting.
Leading Companies Operating in the India Furniture Industry:
- 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 and Lighting Group (Wipro Enterprises Private Limited)
- Zuari Furniture
India Furniture Market Report Segmentation:
By Material:
- Metal
- Wood
- Plastic
- Glass
- Others
Wood dominates the market as it can withstand daily wear and tear and retains its structural integrity over time.
By Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
- Others
Specialty stores hold the largest market share as they allow individuals to curate a vast assortment of styles, designs, and materials.
By End Use:
- Residential
- Commercial
Residential represents the largest market segment due to rapid urbanization and the increasing middle-class population.
Regional Insights:
- North India
- West and Central India
- South India
- East India
North India’s dominance in the India furniture market is attributed to the expanding population and the increasing income levels of individuals.
India Furniture Market Trends:
Indian people are becoming more design-conscious and are increasingly seeking furniture that not only serves a functional purpose but also complements their lifestyle and aesthetics. This shift in consumer preferences has driven the demand for contemporary and customized furniture, opening up opportunities for manufacturers and retailers to cater to diverse tastes.
The widespread adoption of technology in the furniture industry is allowing people to virtually place furniture in their homes before making a purchase. This enhances the shopping experience and reduces the likelihood of post-purchase dissatisfaction.
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