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India Furniture Market to Grow at a CAGR of 6.70% During 2022-2027, Aided by Rapid Urbanisation

According to a new report by EMR titled, ‘India Furniture Market Report and Forecast 2022-2027’, the market attained a value of around INR 13.4 billion in 2021. The industry is further expected to grow at a CAGR of 6.70% in the forecast period of 2022-2027.

The India furniture industry is being driven by rapid urbanisation in the region. This can be attributed to the rising population and the subsequent demand for residential infrastructure. The market is further expected to be fuelled by the inflating disposable incomes and improved living standards of consumers. In addition, the increasing consumer investment in household décor solutions is also projected to drive the market growth in the coming years. In this regard, consumers are increasingly seeking multifunctional furniture solutions that are not only visually appealing but also serve practical purposes.

The rising emphasis of consumers on maintaining an upscale visual appeal of their households is leading to heightened consumer investment in designer furniture solutions. For instance, a wide range of decorative furniture, such as wooden wall works, table décor, and seating solutions like bean bags, stools, and comfortable recliners, are increasingly in demand. Additionally, the growing trend of work-from-home is leading to a heightened demand for home-office set ups, such as office tables, office chairs, file cabinets, and bookshelves, among others. In this regard, various e-commerce channels are providing a wide range of furnishing solutions based on room design and budget requirements of consumers. For instance, the availability of these furniture at a variety of price points on Amazon (NASDAQ: AMZN), which further allows consumers to view and compare different articles, is expected to positively impact the industry growth in India in the forecast period.

Market Breakup by Raw Material, Sector, End Use, Distribution Channel, and Region:

  • The market is divided, based on raw material, into metal, wood, plastic, and others.
  • Based on sector, the industry is segregated into organised and unorganised.
  • The industry is segmented, on the basis of end use, into residentials, commercial offices, hotels/restaurants, and others.
  • On the basis of distribution channel, the market can be categorised into supermarkets and hypermarkets, speciality stores, online, and others.
  • Region-wise, the India market for furniture can be divided into North India, East India, West India, and South India.

Key Findings of the Report:

  • The India market for furniture is being driven by rapid urbanisation in the region.
  • The rising consumer investments in the development of household infrastructure have significantly contributed to the market expansion.
  • Inflating disposable incomes and improved living standards of consumers are also aiding the industry growth.
  • The availability of multifunctional furniture solutions to meet the increasing consumer demand for the same is further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the India market for furniture for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the raw materials, sectors, end uses, distribution channels, and major regions of furniture in India.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the India furniture market are IKEA Systems B.V., Godrej Interio, Nilkamal Limited, Zuari Furniture, Durian Private Ltd., Usha Shriram Enterprises Pvt. Ltd., Damro Furnitures Pvt. Ltd., The Supreme Industries Limited, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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