Hyderabad, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "India Home Furniture Market Report (2023-2028)," the market is estimated at USD 20.96 billion in 2023. It is expected to register a CAGR of 9.89% during the forecast period.
India is known for producing specialized wood furniture, including carved pieces. Booming residential property purchases and homeowners' desire for stylish interiors in the country are fueling the demand for residential furniture. The Indian home furniture market is expected to grow in the coming years due to streamlined production, distribution, and increased consumer spending. The rising per capita income of the middle class, local distribution tie-ups, stand-alone stores, and online presence of furniture brands are identified as other key factors contributing to the growth of the market.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 20.96 billion |
| Market Size (2028) | USD 33.58 billion |
| CAGR (2023-2028) | 9.89% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increased consumer spending. |
| Streamlines production and distribution network. |
Who are the Top Companies in the India Home Furniture Market?
The market is dominated by some of the major players. Mid-size to smaller companies are also increasing their market presence by securing new contracts and tapping new markets. Technological advancements and product innovations are the most adopted strategies in the market.
The significant players in the Indian home furniture market are,
- Godrej Interio
- Zuari Furniture
- Durian Furniture
- Damro Furniture
- Nilkamal Furniture
- IKEA
- Ashley Furniture Industries Inc.
- Usha Lexus Furniture
- Evok
- Hulsta
- Pepperfry
- Urban Ladder
Other Reports That Might Be of Your Interest:
- Asia-Pacific Luxury Furniture Market Report - The Asia-Pacific luxury furniture market has generated a revenue of USD 5.4 billion in 2023, and it is poised to register a CAGR of 6% over the next five years.
- China Home Furniture Market Report - The Chinese home furniture market size is expected to grow from USD 100.09 billion in 2023 to USD 138.97 billion by 2028, at a CAGR of 6.78% during the forecast period (2023-2028).
Key Highlights from the India Home Furniture Market Report:
India's Real Estate Boom
- The Indian real estate market (residential and commercial) is growing due to the population increase and demand for affordable housing in the country.
- Major cities like Delhi, Mumbai, and Kolkata are experiencing more demand for luxury housing like villas, penthouses, and apartments, driving the need for furniture, including sofa sets, dining sets, beds, and chairs.
- Despite an unorganized furniture segment, companies like Godrej Interio and Zuari Furniture are targeting branded home furniture demand.
Urbanization - Key to Changing Consumer Desires
- The rise in disposable incomes is leading to improved living standards and higher demand for home decor and furniture.
- The work-from-home trend, which became the norm after the COVID-19 pandemic, is boosting the demand for furniture for home office setups.
- Urbanization contributes to the demand for online platforms offering home and office furniture, indirectly impacting home furniture demand in India.
What are the Latest Developments in the India Home Furniture Market?
- In April 2023, Durian Furniture launched its second store in Hyderabad, Telangana, spread across an area of 2000 sq. ft. in Sarath City Capital Mall.
- In July 2022, Godrej strengthened its on-ground presence in North India by adding 25 Channel partners in the northern states of Punjab, Delhi, Uttar Pradesh, Bihar, Rajasthan, Madhya Pradesh, and Jharkhand.
Mordor Intelligence has Segmented the India Home Furniture Market Based on Product and Distribution Channel.
- By Product (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Living Room and Dining Room Furniture
- Bedroom Furniture
- Kitchen Furniture
- Lamps and Lighting Furniture
- Plastic and Other Furniture
- By Distribution Channel (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Home Centers
- Flagship Stores
- Specialty Stores
- Online Stores
- Other Distribution Channels
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the India Home Furniture Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Italy Home Furniture Market Report - The Italian home furniture market is valued at USD 15.5 billion in 2023, and it is anticipated to register a CAGR of 3% over the next five years.
- Taiwan Home Furniture Market Report - Taiwan's home furniture market is expected to register a CAGR of 4% over the next five years.
- Netherlands Home Furniture Market Report - The Dutch home furniture market generated a revenue of USD 5.9 billion in 2023, and it is poised to register a CAGR of greater than 4.5% over the next five years.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
Attachment
