Dublin, Dec. 31, 2021 (GLOBE NEWSWIRE) -- The "India Furniture Market, By Supply (Domestic Vs. Imported), By Organized Vs. Unorganized Market, By Type, By Product Type, By Point of Sale, By Raw Material, By Region, By Leading City, Competition, Forecast & Opportunities, FY2027" report has been added to ResearchAndMarkets.com's offering.
The Indian Furniture Market stood at USD23.33 billion in FY2021 and is growing at a CAGR of 6.04% during the forecast period to reach the value of USD32.75 billion by FY2027.
Furniture manufacturing has drastically shifted from manual to semi-automatic and automatic manufacturing modes to design aesthetically superior furniture to be used in residential and commercial spaces. Changing consumer preference and adopting wood alternatives to lower the deforestation rate and improve the life of the furniture is expected to boost the growth of the Indian Furniture Market.
The development of e-commerce channels showcasing a large number of options to buy furniture either for personal, professional, or commercial use, along with the facility of quick and free delivery, has expanded the reach of the Indian Furniture Market to a wider audience.
Market players are providing a 3D view of the furniture and using animation and other advanced technologies to give the customers an idea of how the furniture will look in room settings, attracting a lot of potential customers to decide the right furniture according to their needs. Improvement of economic conditions of the country and the growing disposable income of the middle-class families is enabling them to afford furniture to experience enhanced convenience and comfort.
The government is promoting the growth of the hospitality and tourism industry to boost the country's economy and provide better services to tourists. Hotels and restaurants purchase comfortable, aesthetically superior furniture. The rise in the number of hotels, restaurants, and tourist spots is expected to accelerate the growth of the Indian Furniture Market in the next five years.
The Indian Furniture Market can be segmented based on supply, organized vs unorganized, type and product type, company, and region. The home furniture segment is expected to hold the largest market share in the forecast period owing to the growing expenditure capacity and the increasing preference of consumers to design their homes with improved appearance. Increasing urbanization and growing demand for eco-friendly furniture products are expected to create attractive growth opportunities for the growth of the home furniture segment.
Major market players in the Indian Furniture Market include
Godrej and Boyce Manufacturing Company Limited
Featherlite Office Systems Pvt. Ltd.
IKEA India Private Limited
Durian Industries Limited
Forte Furniture Products India Private Limited
Haworth India Pvt Ltd
Usha Shriram Enterprises Pvt. Ltd.
Damro Furniture Private Limited
Dynasty Modular Furniture Pvt. Ltd.
Lifestyle International Private Limited
Years considered for this report:
Historical Years: FY2017-FY2020
Base Year: FY2021
Estimated Year: FY2022
Forecast Period: FY2023-FY2027
India Furniture Market, By Supply:
India Furniture Market, By Organized Vs. Unorganized:
India Furniture Market, By Type:
India Furniture Market, By Product Type:
India Furniture Market, By Point of Sale:
India Furniture Market, By Raw Material:
India Furniture Market, By Region:
India Furniture Market, By Leading City:
Rest of India
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