India Home Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

India Home Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Indian home furniture market is expected to register a higher CAGR during the forecast period. Owing to the channelize process of production, distribution, and selling and increasing demand for household furniture (due to an increased spending capacity of consumers), the home furniture market in India may have an interesting growth during the forecast period. Increased per capita income of the middle class is boosting the Indian home furniture market. The growth in the infrastructure sectors, like real estate and tourism, is also responsible for the increased demand for commercial furniture in India. Moreover, the country is well-known for producing carved furniture and other specialized wood furniture. These are the key growth drivers of the home furniture industry in India. Furniture brands are looking to enhance their presence with local distribution tie-ups and stand-alone stores across major cities. The growth of this market is just not restricted to high street retail, as online players have carved a niche for themselves in this segment. Furniture has always been an important part of home improvement. With the boom in residential property purchases and the increased desire among homeowners for a well-set-up house and stylish interior, the furniture category is performing quite well.

Key Market TrendsGrowing Residential Real Estate

The Indian residential real estate market has been witnessing growth, owing to the increasing population, and growing demand for affordable housing accommodation. Major metropolitan cities, such as Delhi, Mumbai, Kolkata, and others, have also showcased the rising demand for luxury housing complexes, such as villas, penthouses, and apartments, in the past few years. This has augmented the need for furniture, such as sofa sets, dining sets, beds, and chairs, which is further expected to witness growth in the upcoming years as well. Even though the Indian furniture segment is highly unorganized, companies, such as Godrej Interio, Zuari furniture, and others, have been eyeing to cater to the mounting demand for the branded home furniture in the country.

Kitchen Furniture

Kitchen furniture includes modular furniture, which includes cabinets and dish case. Even though the arrival of ready to live, fully and semi-furnished apartments provided by leading builders and construction companies, the contribution of kitchen furniture in the market’s revenue remained nearly stagnant in the recent years, majorly owing to the fact that Indian customers strongly focus on customization of kitchen according to their requirements, and they are less likely to change the kitchen furniture quite frequently as other home furniture items. Moreover, the kitchen has been always observed in the back-drop for furniture products. Most Indian homeowners have utilized metal-based furniture in the kitchen, which possesses a high life cycle and provides a premium look at lower costs.

Competitive Landscape

The report covers major international players operating in the Indian home furniture market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Godrej Interio
Zuari Furniture
Durian Furniture
Damro Furniture
Nilkamal Furniture
IKEA
Ashley Furniture Industries Inc.
Usha Lexus Furniture
Evok
Hulsta

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