Report Overview

India Furniture Market- Industry Trends & Forecast Report 2028

India furniture market was worth USD 23.3 billion in 2021 and is further projected to reach to USD 35.9 billion by the year 2028, growing at a CAGR of 6.40% during the forecast period. The market is likely to witness growth over the forecast period owing to the increasing disposable income of the consumers and rising expenditure toward home decor. Furthermore, increasing construction of various residential, commercial, and industrial facilities due to infrastructural development is anticipated to boost the market growth during the forecast period.

Furniture - Overview

A piece of furniture is a movable object that is primarily used for seating and other activities such as sleeping. Stools, chairs, sofas, beds, and hammocks are some of the most popular and commonly used furniture. This furniture is made of a wide range of materials including metal, plastic, wood, etc. Various techniques of woodworking joints are applied to making furniture that often reflects the local culture. Furniture is also considered essential in enhancing the decor and beauty of the house or commercial space.

India Furniture Market Forecast and Trends

Growth Drivers

Increasing Disposable Income of Consumers

India’s economy is the fastest developing economy globally. With fast economic development in India, the disposable earnings of the customers are also increasing, resulting in better spending closer to their dreams including shopping homes and domestic decorations. Furthermore, there has also been an enormous rise within the working-class population in India, which is also anticipated to steer the India furniture market growth within the forecast period.

Expanding Online Sales of Furniture

The Indian e-trade industry is a number of the fastest-growing sectors in India. It is hastily seeping into the furniture industry as well with increasing launches of applications and websites from leading furnishings groups. The customers have the benefit of browsing via an extensive range of merchandise based on their desires and budgets. They can also access vital information along with size, material, etc., as well as examine other brands on those online platforms, which acts as a contributing factor for the growth of the India furniture market.

Restraints

High Penetration of Unorganized Sector

The India furniture market has a deep penetration of the unorganized sector in furniture production. This includes local carpenters and freelance unregistered furniture makers. Since India is a price-sensitive market, the furniture buyers in this region are highly inclined towards the unorganized sector for the accumulation and customization of furniture for their residential and commercial facilities. This restrains the global furniture companies from seeping into this market and therefore acts as a major restraining factor for the market growth.

Impact of COVID-19 on India Furniture Market

The India furniture market was incredibly halted because of the COVID-19 pandemic outbreak in the country. The huge burden on the healthcare zone and national lockdown led to production and supply disruptions. Furthermore, workplaces and other business centers together with hotels, restaurants, and so on., have been additionally closed because of lockdown. All those factors led to a sharp decline in the demand for furniture in India. The market is expected to check in slow growth in the approaching years as well due to the negative effect of the pandemic on the economic stability of the customers.

India Furniture Market - By Material

Based on material, the India furniture market is segmented into wood, metal, plastic, and others. The wood segment holds the largest marketplace percentage owing to its use in nearly all sorts of furniture consisting of beds, tables, cabinets, stools, and so forth. However, the steel segment additionally covers a large marketplace proportion attributable to its advantage of customization. Metals which are used in making fixtures which include iron, aluminum, chrome steel, and many others., can be molded into any shape in addition to offering high sturdiness, also covering substantial market share.

India Furniture Market - By Application

Based on application, the India furniture market is segmented into the home furniture, office furniture, hospitality furniture, and others. The home furniture segment holds the largest share in the India furniture market because of the high demand for furnishings for bedrooms and residing rooms. The increasing pace of development of the residential buildings and rising demand for homes in India due to the growing disposable income acts as a driving factor for the residential furniture sector. However, office furniture and hospitality furniture segments are also witnessing growth.

India Furniture Market - Regional Insights

Geographically, the India furniture market is segmented into North India, South India, East India, and West India. West India dominates the market. The demand for furniture is directly influenced by property sales. The number of property sales is surging in Western states such as Maharashtra, particularly in Mumbai and Pune due to the increasing working-class population in this region. However, North India also covers a substantial market share owing to the high purchasing power of consumers in this region.

Competitive Landscape

The leading market players of the India furniture market are Godrej Interio, Nilkamal Furniture, Zuari Furniture, Wipro Furniture, Durian, Hulsta, Usha Lexus Furniture, Ikea, Damro, Evok, and other prominent players.

The India furniture market is highly fragmented with the presence of several global and regional industry participants. The unorganized sector is highly dominant in this region. The companies launch new designs to attract customers and offer to customize designs to suit their needs. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Recent Development

• In February 2022, Pepperfry, the online marketplace for furniture and home decor, announced the launch of its first Studio in Hooghly and third Studio in Kolkata, with the aim to penetrate niche markets and build an omnichannel business.

Scope of the Report

By Material

• Wood
• Metal
• Plastic
• Others

By Application

• Home Furniture
• Office Furniture
• Hospitality Furniture
• Others

By Distribution Channel

• Supermarkets And Hypermarkets
• Speciality Stores
• Online
• Others

By Region

• North India
• South India
• East India
• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. India Furniture Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Advancement/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. India Furniture Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Material
         1. Wood
         2. Metal
         3. Plastics
         4. Others
      2. By Type
         1. Home Furniture
         2. Office Furniture
         3. Hospitality Furniture
         4. Others Furniture
      3. By Distribution Channel
         1. Supermarket
         2. Specialty Store
         3. Online
         4. Others
      4. By Region
         1. North India
         2. South India
         3. East India
         4. West India
6. North India Furniture Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Material
      2. By Type
      3. By Distribution Channel
7. South India Furniture Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Material
      2. By Type
      3. By Distribution Channel
8. East India Furniture Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Material
      2. By Type
      3. By Distribution Channel
9. West India Furniture Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Material
      2. By Type
      3. By Distribution Channel
10. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership)
11. Impact of COVID-19 on India Furniture Market Industry
12. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Godrej and Boyce Manufacturing Company Limited
    2. Nilkamal Limited
    3. Featherlite Office Systems Pvt. Ltd.
    4. IKEA India Private Limited
    5. Durian Industries Limited
    6. Forte Furniture Products India Private Limited
    7. Haworth India Pvt Ltd
    8. Usha Shriram Enterprises Pvt. Ltd.
    9. Damro Furniture Private Limited
    10. Dynasty Modular Furniture Pvt. Ltd
    11. Lifestyle International Private Limited
    12. Zuari Furniture
    13. Durian
    14. EVOK
    15. Hulsta
    16. Wipro Furniture
    17. Other Prominent Players.
13. Key Strategic Recommendations

List of Figures

Figure 1        India Furniture Segmentation

Figure 2        India Furniture Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        India Furniture Market Size, By Value (USD Million), 2018-2028

Figure 5        India Furniture Market Share, By Material, By Value, 2018-2028

Figure 6        India Furniture Market Share, By Type, By Value, 2018-2028

Figure 7        India Furniture Market Share, By Distribution Channel, By Value, 2018-2028

Figure 8        India Furniture Market Share, By Region, By Value, 2018-2028

Figure 9        North India Furniture Market Size, By Material, By Value, 2018-2028

Figure 10       North India Furniture Market Size, By Type, By Value, 2018-2028

Figure 11       North India Furniture Market Size, By Distribution Channel, By Value, 2018-2028

Figure 12       North India Furniture Market Size, By Country, By Value, 2018-2028

Figure 13       South India Furniture Market Size, By Material, By Value, 2018-2028

Figure 14       South India Furniture Market Size, By Type By Value, 2018-2028

Figure 15       South India Furniture Market Size, By Distribution Channel, By Value, 2018-2028

Figure 16       South India Furniture Market Size, By Country, By Value, 2018-2028

Figure 17       East India Furniture Market Size, By Material, By Value, 2018-2028

Figure 19       East India Furniture Market Size, By Type , By Value, 2018-2028

Figure 20       East India Furniture Market Size, By Distribution Channel, By Value, 2018-2028

Figure 21       East India Furniture Market Size, By Country, By Value, 2018-2028

Figure 22       West India Furniture Market Size, By Material, By Value, 2018-2028

Figure 24       West India Furniture Market Size, By Distribution Channel, By Value, 2018-2028

Figure 25       West India Furniture Market Size, By Type, By Value, 2018-2028

Figure 26       West India Furniture Market Size, By Country, By Value, 2018-2028

List of Tables

Table 1         India Furniture Market Size, By Material, By Value, 2018-2028

Table 2         India Furniture Market Size, By Distribution Channel, By Value, 2018-2028

Table 3         India Furniture Market Size, By Type By Value, 2018-2028

Table 4         India Furniture Market Size, By Region, By Value, 2018-2028

Table 5         North India Furniture Market Size, By Material, By Value, 2018-2028

Table 6         North India Furniture Market Size, By Distribution Channel, By Value, 2018-2028

Table 7         North India Furniture Market Size, By Type, By Value, 2018-2028

Table 8         North India Furniture Market Size, By Country, By Value, 2018-2028

Table 9         South India Furniture Market Size, By Material, By Value, 2018-2028

Table 10        South India Furniture Market Size, By Distribution Channel, By Value, 2018-2028

Table 11        South India Furniture Market Size, By Type, By Value, 2018-2028

Table 12        South India Furniture Market Size, By Country, By Value, 2018-2028

Table 13        East India Furniture Market Size, By Material, By Value, 2018-2028

Table 14        East India Furniture Market Size, By Distribution Channel, By Value, 2018-2028

Table 15        East India Furniture Market Size, By Type, By Value, 2018-2028

Table 16        East India Furniture Market Size, By Country, By Value, 2018-2028

Table 17        West India Furniture Market Size, By Material, By Value, 2018-2028

Table 18        West India Furniture Market Size, By Distribution Channel, By Value, 2018-2028

Table 19        West India Furniture Market Size, By Type, By Value, 2018-2028

Table 20        West India Furniture Market Size, By Country, By Value, 2018-2028

Table 21        Godrej and Boyce Manufacturing Company Limited Company Overview

Table 22        Godrej and Boyce Manufacturing Company Limited Financial Overview

Table 23        Nilkamal Limited Company Overview

Table 24        Nilkamal Limited Financial Overview

Table 25        IKEA India Private Limited Company Overview

Table 26        IKEA India Private Limited Financial Overview

Table 27        Durian Industries Limited Company Overview

Table 28        Durian Industries Limited Financial Overview

Table 29        Haworth India Pvt Ltd Company Overview

Table 30        Haworth India Pvt Ltd Financial Overview

Table 31        Damro Furniture Private Limited Company Overview

Table 32        Damro Furniture Private Limited Financial Overview

Table 33        Dynasty Modular Furniture Pvt. Ltd Company Overview

Table 34        Dynasty Modular Furniture Pvt. Ltd Financial Overview

Table 35        Lifestyle International Private Limited Company Overview

Table 36        Lifestyle International Private Limited Financial Overview

Table 37        Zuari Furniture Company Overview

Table 38        Zuari Furniture Financial Overview

Table 39        Durian Company Overview

Table 40        Durian Financial Overview

Table 41        EVOK Company Overview

Table 42        EVOK Financial Overview

Table 43        Hulsta Company Overview

Table 44        Hulsta Financial Overview

Table 45        Wipro Furniture Company Overview

Table 46        Wipro Furniture Financial Overview