According to the latest report by IMARC Group, titled, “India Furniture Market Size: Industry Trends, Share, Growth, Opportunity and Forecast 2022-2027, The India furniture market is expected to exhibit a CAGR of 12.00% during 2022-2027.
A furniture is an immovable object comprising chairs, tables, beds, cupboards, desks, sofas, dressers, and cabinets that are made of wood, metal, marble, plastics, fabrics, glass, and other materials. It assists in adding aesthetic value to homes and contributes to a healthier lifestyle mentally and physically. Moreover, it helps keep the space organized and increases its functionality. It is also used in educational institutions to create a dynamic learning environment for students and mentors. It also supports surgeons in performing critical surgery on patients and aids in making them feel comfortable during their stay in the hospital. Apart from this, it helps in supporting the ambiance of a workplace, provides a safe and relaxing atmosphere, improves the productivity of workers and ensures efficient operation. At present, it is widely employed across residential and commercial places in India for sleeping, decoration, and storage purposes.
India Furniture Market Trends:
At present, the burgeoning construction industry, coupled with the rising development of smart city projects, represents one of the primary factors positively influencing the furniture market share in India. In addition, improving standards of living and inflating income levels are catalyzing the demand for premium furniture, which is creating a positive market outlook in the country. This, along with the increasing number of nuclear families, is resulting in the rising need for foldable and compact furniture as it can be easily arranged in smaller spaces. Besides this, the rising number of e-commerce websites selling furniture at affordable rates is offering lucrative growth opportunities to manufacturers. Moreover, the easy availability of furniture across online and offline distribution channels, coupled with secured payment gateways and free doorstep delivery, is strengthening the growth of the market in the country. Increasing investments in marketing strategies, such as celebrity endorsements and social media promotions, are propelling the growth of the market.
Furthermore, key market players are focusing on introducing automated manufacturing systems for reducing the cost of furniture. Additionally, the integration of advanced technologies, such as the internet of things (IoT), 3D printing, and artificial intelligence (AI), for furniture manufacturing is offering a favorable market outlook. In addition, the introduction of new species of wood for manufacturing furniture is fueling the market growth. Furthermore, increasing investments in infrastructural development by the Government of India is resulting in the launch of more product variants with enhanced aesthetics, comfort, functionality, and storage capacities, which is strengthening the market growth in India.
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India Furniture Market 2022-2027 Analysis and Segmentation:
The report has segmented the market on the basis on material, distribution channel and end use.
Breakup by Material:
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
Breakup by End Use:
Breakup by Region:
- North India
- West and Central India
- South India
- East India
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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