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

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

The Indian luxury furniture market is expected to exhibit moderate growth at a CAGR of more than 4% during the forecast period 2021-2026.

The COVID-19 outbreak has disrupted supply chains, caused a shortage of materials, and terminated contracts to control expenses. The lack of labor is also hampering the overall luxury furniture market expansion, particularly in India. The outbreak of the coronavirus disease (COVID-19) impacted heavily the luxury furniture manufacturing market in India in 2020, witnessing a decline in output by more than 20%.

Luxury furniture is manufactured by skilled and creative craftsmen using superior quality materials such as metal, wood, glass, plastic, and leather. These luxury furnishings are designed with zero margin error, thereby prolonging their durability. They are used to enhance the ambiance of offices, hotels, homes, restaurants, kitchens, and hospitals. Recent developments in manufacturing technology and an upsurge in demand for customizable furniture are the key factors that drive the growth of the Indian luxury furniture market. Moreover, increasing disposable income and the inclination of consumers toward luxury furniture fuel the market growth. The luxury furniture industry has become one of India's most vibrant and fast-growing industries due to factors such as the rising population and increased construction activity. The growing number of real estate developments, the increasing demand for residential properties in India, and governmental initiatives to develop socio-economic infrastructure are some of the major factors fueling the demand for luxury furniture products in the country. Additionally, furniture manufacturers are focusing on innovation of luxury furniture designs with the help of other materials such as leather, glass, metal, etc., to attract consumers, which are likely to play a major role in fueling the growth of the luxury furniture market in the upcoming years. On the contrary, the surge in e-commerce sales due to convenience in shopping and doorstep delivery of products are opportunistic for the market. Moreover, the rise in the need to manufacture eco-friendly luxury furniture is expected to offer lucrative opportunities for market expansion in the forthcoming years.

Key Market TrendsThe Residential Segment in India is Driving the Market

Rapidly growing disposable income, the increasing urbanization, increasingly focusing on aesthetics and urban lifestyles are further leading to higher usage of high-end furniture products. Urbanization is enlarging the growth of the market study with a rise in the urban population, which fuels the demand for premium products like luxury furniture. The installation of luxury furniture can improve a home’s appearance and boost its value. Luxury furniture made from wood and metal is gaining popularity among consumers in India due to its high aesthetic value and durability. The rise in eco-friendly and multifunctional luxury furniture is also supporting market growth in developing economies like India. Residential remodeling and replacement will continue to account for luxury furniture demand as homeowners replace older furniture with newer products that offer enhanced visuals.

Growing Demand for Luxury Home Furniture Products through E-commerce

Online luxury furniture sales are expected to see upward growth worldwide, and India is also witnessing a surge in online sales of luxury furniture products. For instance, India is counted as one of the largest markets for furniture purchased online, and these numbers are expected to increase further in fore coming years. Key benefits of online retailing are increased choice and a higher level of personalization, which stimulates the purchase decisions of customers. The rising digitalization of luxury furniture and interior shopping offers immense potential to retailers, and many players such as IKEA, Amazon, and Flipkart are investing heavily to increase their online presence in household e-commerce.

Competitive Landscape

The report covers major international players operating in the Indian luxury furniture market. In terms of market share, few 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
 
Vivona Designs
Ashley Furniture Industries Inc.
IKEA
Acme Industries
Mobel Grace
Godraj and Boyce
Durian
Damro
Natuzzi
Molteni&C

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