India Upholstered Furniture Market - Growth, Trends, Covid-19 Impact and Forecast(2022 - 2027)

India Upholstered Furniture Market - Growth, Trends, Covid-19 Impact and Forecast(2022 - 2027)

The Indian upholstered furniture market is one of the fastest-growing markets in Asia- Pacific. The rise in disposable household income, increase in the number of middle-class households and rapid urbanization rate have fueled the growth rate of the upholstered furniture market in India.

The export and the import data of furniture and furniture-related product also suggest the growth in the upholstered market in India. The data shows that before covid both the import and export of furniture and related products were on rising. The recent rise has made Indian furniture sizeable and is able to attract organized players from the global market. According to the World Bank, the organized furniture market is expected to grow by double-digit year on year and a large part of this growth is backed by the rapidly growing consumer market in Asia. For the year 2020 export grew by only 2.9% whereas, the import decreased by 38.27%.

Key Market TrendsResidential End User Segment is the Largest Market

Residential furniture constitutes about 65% of the total furniture output. There is growth in the number of upper-middle-class and affluent households and also the number of rooms per household is increasing. About 25% of urban households live in homes with five rooms or more. This translates to a greater number of furniture per household.

With the initiatives like “Make in India” there is a major policy push to make India a manufacturing hub. This has also made the Indian upholstered furniture market more attractive. The government has already permitted 100% FDI for furniture manufacturing through the automatic route.

Another key trend seen in the upholstered furniture market is changing preferences of the consumer. Now consumers demand furniture that has not only functional value but also aesthetic, multi-functional, and comfortable. This has led to the lower life span of furniture-related products in Indian households.

Production of the Furniture Products Reduced Due to Covid- 19

Furniture and the related industry is one of the segments that is heavily impacted by the covid-19. The industry that was expanding with a double-digit growth rate has shrunk drastically in March 2020, which is a 69-month low value for the industry.

On the other hand, with the onset of the pandemic, the number of hours spent at home was extended. The work/study from home culture showed exponential growth as a result the e-commerce sales of the upholstered furniture actually rose for the year 2020.

Competitive Landscape

The major chunk about 80% of the Indian upholstered furniture market is the unorganized sector consisting of small regional players and the remaining 20% of the market is dominated by the players such as Godrej & Boyce Manufacturing Co. Ltd., BP Ergo, Featherlite, Haworth, Style Spa, Yantra, Renaissance, Millennium Lifestyles, Durian, Kian, Tangent and Nilkamal.

Additional Benefits:

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

Companies Mentioned
 
Godrej & Boyce Manufacturing Co. Ltd.
BP Ergo
Featherlite
Haworth
Style Spa
Yantra
Renaissance
Millennium Lifestyles
Durian
Kian
Tangent
Nilkamal*

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.