According to the latest report by IMARC Group, titled, ”India Furniture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028, Offers a comprehensive analysis of the industry, which comprises insights on India furniture market size. The India furniture market is expected to exhibit a growth rate (CAGR) of 11.6% during 2023-2028.
Industry Definition and Application:
Furniture comprises chairs, cabinets, beds, tables, desks, dressers, and cupboards, which are made from plastics, metal, marble, wood, glass, fabrics, or other materials. It requires little maintenance, is resilient, and offers elegance, charm, and sophistication to any room. In addition, furniture has a long shelf life and can be easily cleaned by wiping the surface. As a result, it finds widespread applications across the commercial and residential sectors and is extensively available across supermarkets, specialty and online stores, and hypermarkets.
India Furniture Market Trends:
The escalating demand for modern interiors, such as wardrobes and sofas, as they are constructed with clean, straight lines, and minimal ornamentation, is among the primary factors driving the India furniture market. Besides this, the unique and exceptional furnishings design in the country, owing to its rich handcraft and appealing traditional art and style, is further augmenting the market growth. Moreover, the elevating requirement for modular and state-of-the-art furniture among the individuals living in urban areas and the wide product availability through online and offline distribution channels are also catalyzing the market across India. Apart from this, the rising number of hotels and the expanding hospitality sector in the country are acting as significant growth-inducing factors. In addition to this, the emerging Indian residential real estate industry, on account of the increasing population and need for cheap housing, is also stimulating the market growth. Furthermore, the leading players are extensively investing in research and development (R&D) activities to introduce a 3D view of the furnishings using animation and other advanced technologies, which is expected to bolster the India furniture market in the coming years.
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India Furniture Market 2023-2028 Analysis and Segmentation:
The report has segmented the market on the basis on material, distribution channel and end use.
Breakup by Material:
- Metal
- Wood
- plastic
- glass
- others
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
- Others
Breakup by End Use:
- Residential
- Commercial
Breakup by Region:
- North India
- West and Central India
- South India
- East India
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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