Dublin, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The "India Furniture Market Report, Forecast by Industry Type, Ordering Method, Material Type, Segment, Region and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The India Furniture Market will reach US$ 64.39 Billion by 2032, up from US$ 24.47 Billion in 2023, with a CAGR of 11.35% between 2024 and 2032
The primary drivers propelling the market expansion are the increasing need for modular and space-saving furniture solutions, the government of India's attempts to empower the real estate sector and encourage affordable housing, and the emergence of e-commerce platforms.
India Furniture Industry Outlook
The term 'furniture' describes a variety of moveable items intended to facilitate different human activities in homes, offices, or outdoor settings. These things are fundamental to any interior design since they enhance a space's visual appeal and functionality. Furniture is available in a wide range of shapes, materials and sizes to suit a variety of purposes and tastes. Beds, tables, chairs, couches, cupboards, and shelves are a few that are frequently used. Apart from its practical use, furniture frequently defines the mood and environment of a space, adding to its overall allure and personality. It expresses our individuality and lifestyle choices while also giving us physical comfort.
The Indian furniture market is being driven by rising disposable incomes. The desire to outfit homes with fashionable and useful furniture is expanding as more people are able to afford better homes and flats. Furthermore, the trend toward nuclear families has increased demand for modular and space-saving furniture options. Consumers are looking for creative and flexible furniture designs that maximize their living rooms because living spaces are scarce in urban regions.
In addition, the furniture sector has been impacted by the growth of e-commerce platforms, which have given customers access to a vast range of possibilities. Customers, particularly those living in rural places, may now more easily acquire a wide variety of furniture products owing to the convenience, affordable rates, and door-to-door delivery provided by online furniture shops.
Driving Forces of India Furniture Market
Changing Customer Preferences and Way of Life
Customers are now more concerned with design and look for furniture that suits their aesthetic preferences in addition to being comfortable and functional. There is a growing need for distinctive and visually beautiful furniture due to the proliferation of social media and interior design platforms, which have exposed consumers to a wide range of design ideas. In addition, a discernible trend has been the adoption of environmentally friendly and sustainable furniture solutions.
As environmental issues gain prominence, buyers who are concerned about the environment actively seek for furniture manufactured using recyclable materials, renewable resources, and ecologically responsible manufacturing practices. Furniture producers have been compelled by this trend to invest in green technologies, adopt sustainable practices, and embrace the circular economy, all of which have a beneficial impact on the market.
E-commerce's Growth
E-commerce is one of the primary drivers of the industry's expansion in India. With the increasing vogue of smartphones and internet connectivity, more individuals are opting to purchase furniture online. The ease with which one can peruse vast product selections, evaluate costs, and peruse consumer feedback is driving this trend.
E-commerce sites offer a large selection of furniture options, from affordable to luxurious designs, to suit a variety of customer tastes. Because of this accessibility, customers in smaller towns and rural areas may now more readily purchase high-quality furniture, expanding the market's geographic reach beyond urban centers. Fast delivery are guaranteed by the effectiveness of e-commerce logistics, frequently coupled with alluring discounts and promotions that encourage customers to shop online even more.
Faster Population Growth and Urbanization
The demand for housing and furnishings rises sharply as more people move from rural to urban regions in quest of better opportunities and facilities. The growing number of people living in cities results in more homes and businesses being built, which increases the demand for furniture to furnish these areas. Modern lifestyles in cities are complemented by useful, fashionable, and space-efficient furniture, which leads to creative designs and small-space solutions.
Furthermore, the demand for furniture is significantly impacted by population expansion. As the world's population rises, more households are formed, which raises the need for furniture goods. In rising nations, the growing middle class also raises disposable earnings and purchasing power, which boosts the demand for furniture.
North India Furniture Market
North India has an extensive infrastructure that facilitates the expansion of the furniture sector. The area's well integrated transportation systems enable the effective dissemination of furniture items throughout the nation, fortifying its status as a prominent participant in the market. There is always a significant demand for both home and commercial furnishings due to the big population and expanding middle class.
Customers in this area are becoming more disposable income and leading more varied lifestyles, which encourages them to spend money on high-quality, visually beautiful furniture and propels the market's expansion. Furthermore, the need for different furniture types and patterns is greatly influenced by the cultural diversity of North India. Furniture selections are influenced by the region's architecture, artwork, and traditional tastes, which results in the creation of a broad variety of furniture pieces that satisfy various tastes and preferences.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 105 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $24.47 Billion |
| Forecasted Market Value (USD) by 2032 | $64.39 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | India |
Key Players Analysis:
- Nilkamal
- Parin Furniture
- Century Plyboards India
- Godrej Industries
Industry Type - Market breakup in 2 viewpoints:
- Organized
- Un-Organized
Ordering Method - Market breakup in 2 viewpoints:
- Online
- Offline
Material Type - Market breakup in 4 viewpoints:
- Wood
- Metal
- Plastic
- Others
Segment - Market breakup in 4 viewpoints:
- Bedroom Furniture
- Kitchen Furniture
- Living Room /Dining Room Furniture
- Others
Region - Market breakup in 4 viewpoints:
- North & Central region
- Southern region
- Western region
- Eastern region
For more information about this report visit https://www.researchandmarkets.com/r/l5bw8c
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