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India Furniture Market

India Furniture Market Size, Share, Growth, Trends, Analysis: By Material: Metal, Wood, Plastic, Others; By Sector: Organised, Unorganised; By End Use: Residential, Commercial, Hospitality, Others; By Distribution Channel; Regional Analysis; Market Dynamics; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032

India Furniture Market Outlook

The India furniture market size reached approximately USD 25.64 billion in 2023. The market is projected to grow at a CAGR of 10.9% between 2024 and 2032.

 

Key Takeaways

  • India is the fifth largest producer of furniture globally, emerging as an indispensable player in the furniture sector.
  • West India is renowned for its traditional and expensive wood furnishing products made of hardwood and traditional designs.
  • Minimalism has been a rising trend in the home furnishing and interior designing sector.

 

Furniture refers to objects or accessories that aid people with everyday tasks such as sleeping, seating, and working, among other necessary functions. Along with the functionalities, it also enhances the visual aesthetic of a place and can influence the overall quality of a person’s life. Some of the commonly used furniture includes tables, chairs, beds, cabinets, and cupboards, among others.

 

Rapid urbanisation in the country is one of the major factors driving the furniture industry in India. A large share of the young demographic is migrating towards urban areas for better job opportunities and higher living standards, which fuels the demand for furniture in apartments and studios. Moreover, the rise in disposable income is another crucial factor that allows consumers to invest in high-quality furniture that can last for longer periods. Besides, there is a surge in consumer interest towards modern or trendy furniture that can enhance the aesthetic appearance of the place as well as offer the necessary functionalities.

 

India Furniture Market

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Key Trends and Developments

Widespread usage of sustainable furniture; rising demand for minimalist furniture; prominence of vintage furniture pieces; and rising demand for smart and tech-integrated furniture are the major trends impacting the market growth.

 

Feb 19th 2021

Ingka Centres, a leading shopping centre, purchased land in Noida, India, to expand the presence of its retail and home furnishing goods and services.

 

Apr 11TH 2022

AFC Furniture Solutions acquired Xbench, Vibrant, and Livo, the brands of Wipro enterprises, to expand its furniture operations across the country.

 

August 23rd 2022

Wakefit, a home furnishing brand, announced the opening of its largest furniture manufacturing unit in Tamil Nadu, which spreads across a 600,00 square feet area.

 

Jan 18th 2024

Stanley Lifestyles, a luxury furniture brand, aims to expand its offline stores in tier 1 and tier 2 cities of India, targeting INR 550 crore revenue in FY25.

 

Sustainable furniture materials have become imperative

Interior designers and homeowners are readily investing in sustainable furniture materials such as ethically sourced wood or bamboo, due to the growing environmental consciousness.

 

Minimalism has gained prominence in the Indian market

Consumers are gradually shifting towards basic and minimalist furniture designs which consist of neutral colours and clean-cut edges to achieve a sophisticated look.

 

The growing popularity of vintage and antique furniture

The demand for vintage furniture is driven by the wish to own timeless and one-of-a-kind pieces that hold sentimental value or add character to a space.

 

Increased integration of smart technology into furniture

The demand for high-tech furniture is expected to increase in the coming years as it makes daily tasks more convenient and easier for consumers.

 

One of the crucial market size of furniture industry in India is growing popularity of sustainable furniture materials that are ethically produced or recyclable in nature. For example, medium-density fibreboard, which is manufactured from discarded wood portions, that can be recycled for further use offers a cost-effective and eco-friendly solution. Furniture brands are also incorporating a green production process, which involves the usage of renewable energy sources such as solar or hydropower energy as it does not cause carbon emissions.

 

The indian furniture market size is strongly driven by the deployment of cutting-edge technologies into furniture for multi-task purposes. For instance, wireless charging technology can be found in furniture such as side tables, which allow users to charge USB-enabled devices without the use of cables. Speakers and RGB lighting can also be found in a range of smart furniture to create an immersive audio experience as well as a cosy atmosphere.

 

India Furniture Market

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Market Segmentation

“Indian Furniture Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Material

  • Metal
  • Wood
  • Plastic
  • Others

 

Market Breakup by Sector

  • Organised
  • Unorganised

 

Market Breakup by End-Use

  • Residential
  • Commercial
  • Hospitality
  • Others

 

Market Breakup by Distribution Channel

  • Supermarkets and Hypermarkets
  • Speciality Stores
  • Online
  • Others

 

Market Breakup by Region

  • North India
  • West and Central India
  • East India
  • South India

 

Wooden furniture continues to dominate the market due to its versatility and eco-friendly nature.

As per the India furniture market analysis, wood occupies a significant portion of the market share as it is one of the most widely available raw materials in the country. It can be easily crafted into various shapes and designs and offers a timeless appearance to the furniture. Factors such as durability, long life, and minimal maintenance of wood also boost the segment growth.

 

Furniture made using plastic is also expected to gain prominence in the Indian market as it is cost-effective, recyclable, and lightweight, which makes it easy to move compared to heavier materials such as wooden or metallic chairs.

 

The residential sector is a significant contributor to the India furniture market revenue, primarily driven by evolving consumer lifestyles.

The residential sector accounted for a major market share, due to the growing demand for home furnishing items that can make the user's life convenient. Evolving consumer lifestyle, as well as urbanisation, has led to the adoption of modern, sleek furniture designs that enhance the living space. The prevalence of nuclear families has further bolstered the demand for small-sized furniture suitable for apartments.

 

Meanwhile, the growth of the commercial sector is expected to aid the market, as end users including educational institutes, hotels, and hospitals heavily rely on furniture for their specific requirements.

 

India Furniture Market

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Competitive Landscape

The market players are focusing on product innovation, utilising technologies and materials that can enhance the functionality and sustainability of end products.

 

Godrej & Boyce Manufacturing Company Limited

Godrej & Boyce, a flagship of Godrej group, is a distinguished company based in Mumbai, India. Some of its specialities include furniture, appliances, security solutions, locking solutions, and AV solutions, among others.

 

Wakefit Innovations Pvt. Ltd

Wakefit Innovations, based in Bengaluru, India, is a home sleep solutions company. Some of its common furnishing products include bed sheets, pillows, rugs, carpets, and cushions, among others.

 

Nilkamal Limited

Nilkamal, founded in 1981 and based in Mumbai, India, is one of the largest producers of moulded furniture worldwide. The company has a strong network of over 20000 dealers across the country.

 

Ikea

Ikea, a home furniture retailer, announced in January 2024, that it is planning to cut down the price of its products by 20 per cent to allow more customers to purchase its products.

 

Several furniture manufacturers are focused on acquisition and partnership efforts to combine their resources and strengthen their market position by penetrating more regions in the country. These partnerships also allow them to expand their product offerings and adapt to changing market trends, reaching a wider consumer base. Their combined efforts are also expected to foster innovations in furniture designs, further enhancing brand reputation.

 

South India accounts for a substantial India furniture market share, owing to the rising presence of renowned furnishing companies in the region. Ikea Hyderabad was the first Ikea-based store in India, which established its strong footing in the Southern region due to the versatility and timelessness of its products.

 

North India is also anticipated to witness robust growth in the coming years, due to its high population, which is expected to fuel the demand for furnishing products. Factors such as rapid urbanisation as well as rising job opportunities in the metropolitan area of North are also expected to provide enhanced growth opportunities to the market.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Material
  • Sector
  • End-Use
  • Distribution Channel
  • Region
Breakup by Material
  • Metal
  • Wood
  • Plastic
  • Others
Breakup by Sector
  • Organised
  • Unorganised
Breakup by End-Use
  • Residential
  • Commercial
  • Hospitality
  • Others
Breakup by Distribution Channel
  • Supermarkets and Hypermarkets
  • Speciality Stores
  • Online
  • Others
Breakup by Region
  • North India
  • West and Central India
  • East India
  • South India
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Godrej & Boyce Manufacturing Company Limited
  • Inter IKEA Systems B.V.
  • Wakefit Innovations Pvt. Ltd
  • Nilkamal Limited
  • Cello World private Limited
  • Zuari Furniture
  • Durian Industries Limited
  • Usha Shriram Enterprises Pvt. Ltd.
  • Damro Furnitures Pvt. Ltd.
  • Supreme Industries Ltd.
  • Wipro Furniture Private Limited
  • Others

 

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers    
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    Opportunities and Challenges in the Market
8    Global Furniture Market Overview

    8.1    Key Industry Highlights
    8.2    Global Furniture Historical Market (2018-2023) 
    8.3    Global Furniture Market Forecast (2024-2032)
    8.4    Global Furniture Market Share by Region
        8.4.1    North America
        8.4.2    Europe
        8.4.3    Asia Pacific
        8.4.4    Latin America
        8.4.5    Middle East and Africa
9    India Furniture Market Overview
    9.1    Key Industry Highlights
    9.2    India Furniture Historical Market (2018-2023) 
    9.3    India Furniture Market Forecast (2024-2032)
10    India Furniture Market by Material
    10.1    Metal
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Wood
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    Plastic
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    Others
11    India Furniture Market by Sector
    11.1    Organised 
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Unorganised
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
12    India Furniture Market by End-Use
    12.1    Residential
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Commercial
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Hospitality
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    India Furniture Market by Distribution Channel
    13.1    Supermarkets and Hypermarkets 
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    Speciality Stores
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
    13.3    Online 
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
    13.4    Others
14    India Furniture Market by Region
    14.1    North India
        14.1.1    Historical Trend (2018-2023)
        14.1.2    Forecast Trend (2024-2032)
    14.2    West and Central India
        14.2.1    Historical Trend (2018-2023)
        14.2.2    Forecast Trend (2024-2032)
    14.3    East India
        14.3.1    Historical Trend (2018-2023)
        14.3.2    Forecast Trend (2024-2032)
    14.4    South India
        14.4.1    Historical Trend (2018-2023)
        14.4.2    Forecast Trend (2024-2032)
15    Market Dynamics
    15.1    SWOT Analysis
        15.1.1    Strengths
        15.1.2    Weaknesses
        15.1.3    Opportunities
        15.1.4    Threats
    15.2    Porter’s Five Forces Analysis
        15.2.1    Supplier’s Power
        15.2.2    Buyer’s Power
        15.2.3    Threat of New Entrants
        15.2.4    Degree of Rivalry
        15.2.5    Threat of Substitutes
    15.3    Key Indicators for Demand
    15.4    Key Indicators for Price
16    Value Chain Analysis
17    Trade Data Analysis (HS Code - 9403)

    17.1    Major Importing Countries
        17.1.1    By Volume
        17.1.2    By Value
    17.2    Major Exporting Countries
        17.2.1    By Volume
        17.2.2    By Value
18    Price Analysis
19    Competitive Landscape

    19.1    Market Structure
    19.2    Company Profiles
        19.2.1    Godrej & Boyce Manufacturing Company Limited
            19.2.1.1    Company Overview
            19.2.1.2    Product Portfolio
            19.2.1.3    Demographic Reach and Achievements
            19.2.1.4    Certifications
        19.2.2    Inter IKEA Systems B.V.
            19.2.2.1    Company Overview
            19.2.2.2    Product Portfolio
            19.2.2.3    Demographic Reach and Achievements
            19.2.2.4    Certifications
        19.2.3    Wakefit Innovations Pvt. Ltd
            19.2.3.1    Company Overview
            19.2.3.2    Product Portfolio
            19.2.3.3    Demographic Reach and Achievements
            19.2.3.4    Certifications
        19.2.4    Nilkamal Limited
            19.2.4.1    Company Overview
            19.2.4.2    Product Portfolio
            19.2.4.3    Demographic Reach and Achievements
            19.2.4.4    Certifications
        19.2.5    Cello World private Limited
            19.2.5.1    Company Overview
            19.2.5.2    Product Portfolio
            19.2.5.3    Demographic Reach and Achievements
            19.2.5.4    Certifications
        19.2.6    Zuari Furniture
            19.2.6.1    Company Overview
            19.2.6.2    Product Portfolio
            19.2.6.3    Demographic Reach and Achievements
            19.2.6.4    Certifications
        19.2.7    Durian Industries Limited
            19.2.7.1    Company Overview
            19.2.7.2    Product Portfolio
            19.2.7.3    Demographic Reach and Achievements
            19.2.7.4    Certifications
        19.2.8    Usha Shriram Enterprises Pvt. Ltd.
            19.2.8.1    Company Overview
            19.2.8.2    Product Portfolio
            19.2.8.3    Demographic Reach and Achievements
            19.2.8.4    Certifications
        19.2.9    Damro Furnitures Pvt. Ltd.
            19.2.9.1    Company Overview
            19.2.9.2    Product Portfolio
            19.2.9.3    Demographic Reach and Achievements
            19.2.9.4    Certifications
        19.2.10    Supreme Industries Ltd.
            19.2.10.1    Company Overview
            19.2.10.2    Product Portfolio
            19.2.10.3    Demographic Reach and Achievements
            19.2.10.4    Certifications
        19.2.11    Wipro Furniture Private Limited
            19.2.11.1    Company Overview
            19.2.11.2    Product Portfolio
            19.2.11.3    Demographic Reach and Achievements
            19.2.11.4    Certifications
        19.2.12    Others
20    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Furniture Market: Key Industry Highlights, 2018 and 2032
2.    India Furniture Market: Key Industry Highlights, 2018 and 2032
3.    India Furniture Historical Market: Breakup by Material (USD Million), 2018-2023
4.    India Furniture Market Forecast: Breakup by Material (USD Million), 2024-2032
5.    India Furniture Historical Market: Breakup by Sector (USD Million), 2018-2023
6.    India Furniture Market Forecast: Breakup by Sector (USD Million), 2024-2032
7.    India Furniture Historical Market: Breakup by End-Use (USD Million), 2018-2023
8.    India Furniture Market Forecast: Breakup by End-Use (USD Million), 2024-2032
9.    India Furniture Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
10.    India Furniture Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
11.    India Furniture Historical Market: Breakup by Region (USD Million), 2018-2023
12.    India Furniture Market Forecast: Breakup by Region (USD Million), 2024-2032
13.    Major Importing Countries by Volume
14.    Major Exporting Countries by Volume
15.    Major Importing Countries by Value
16.    Major Exporting Countries by Value
17.    India Furniture Market Structure

Key Questions Answered in the Report

In 2023, the market reached an approximate value of USD 25.64 billion.

The market is estimated to grow at a CAGR of 10.9% between 2024 and 2032.

The major drivers of the industry, such as the increased investments in the infrastructure development activities, rising population, increased demand for home-office set up essentials, rising disposable incomes, and improved living standards of consumers, are expected to aid the market growth.

The key trends aiding the market include the growing demand for sustainable furniture materials, the rising trend of minimalism, the growing popularity of vintage and antique furniture, and the increased integration of smart technology into furniture.

The major regions in the industry are North India, East India, West India, and South India.

The significant raw materials include metal, wood, plastic, and others.

The major sectors include organised and unorganised.

The different end uses include residentials, commercial offices, hotels/restaurants, and others.

The major distribution channels include supermarkets and hypermarkets, speciality stores, online, and others.

The major players in the market are Godrej & Boyce Manufacturing Company Limited, Inter IKEA Systems B.V., Wakefit Innovations Pvt. Ltd, Nilkamal Limited, Cello World Private Limited, Zuari Furniture, Durian Industries Limited, Usha Shriram Enterprises Pvt. Ltd., Damro Furnitures Pvt. Ltd., Supreme Industries Ltd., and Wipro Furniture Private Limited, among others.

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