India furniture market is segmented into material type
such as wood, metal, leather, plastic and glass furniture, out of which wood
furniture market is expected to grab the top position in the market. The popularity of traditional furniture has
strengthened the demand for wood in the manufacturing of furniture in India.
Over the past few years, the utilization of wooden goods in home has increased
as people have started using wood furnishing cupboards, decorating and for
other purposes.
The India furniture market is
expected to register a remarkable CAGR of 12.91% over the forecast period.
Moreover, the market of furniture in India is
expected to reach noteworthy revenue by the end of 2023. The market is expected
to expand on the back of the rising adoption of furniture in the residential
sector.
The commercial furniture segment
by application is estimated to register a CAGR of 11.52% during the forecast
period. Furthermore, demand for contract furniture in India is rising on the
back of various factor such as rising corporate sector, growing trend of state
of the art office furniture and rising need of workstations in various
businesses. Moreover, the utilization of workspace is one of the major factors
which are driving the demand for contract furniture. The positive growth in
corporate sector in India attributed to entry of multinational corporate
players in India.
Rapid
Pace in Real Estate Growth
The real estate growth is
primarily driven by the growth in the hospitality industry and the intense
competition in order to provide better services to the customer. Moreover, 100
percent FDI policy for townships and settlements development project is attracting
more foreign investors in the real estate sector which increases the quality of
residential apartments.
Rapid Urbanization
Growing urbanization in Indian
states such as Gujarat, Maharashtra, Chennai and others is supporting the
culture of housing societies. Moreover, the corporate sector in India is
uplifting on the back of ease of doing business reforms introduced by the
government.
The technological
advancements such as availability of high speed internet networks such as 4G
and spiked absorption of smart gadgets such as smart phones and tables is
boosting the e-retail sector in India. These advancements further provide ease
to the customers to buy furniture through online channels.
On the contrary, presence of large number of
unorganized players in the furniture industry is restraining the growth of
furniture market in India.
The
report titled “India Furniture Market Analysis
& Opportunity Outlook 2023” delivers
detailed overview of the India furniture market in terms of market segmentation
by material type, by application, and by region.
Further,
for the in-depth analysis, the report encompasses the industry growth drivers,
restraints, supply and demand risk, market attractiveness, BPS analysis and
Porter’s five force model.
This report also provides the
existing competitive scenario of some of the key players of the India furniture market which
includes company profiling of Nilkamal Limited, Godrej
& Boyce Manufacturing Co. Ltd., Zuari Global Ltd, Wipro Enterprises (P)
Ltd., Furniturewalla, Featherlite, Millennium lifestyles, Urban ladder, Damro, IKEA,
HNI BP Ergo India, Geeken India, Evok (Subsidiary of Hindware
Home Retail Pvt. Ltd. (HHRPL)), Durian Furniture, Home Town. The
profiling enfolds key information of the companies which encompasses business
overview, products and services, key financials and recent news and
developments. On the whole, the report depicts detailed overview of the India furniture market that will help
industry consultants, equipment manufacturers, existing players searching for
expansion opportunities, new players searching possibilities and other
stakeholders to align their market centric strategies according to the ongoing
and expected trends in the future.
About Research
Nester
Research Nester is a leading service provider for
strategic market research and consulting. We aim to provide unbiased,
unparalleled market insights and industry analysis to help industries,
conglomerates and executives to take wise decisions for their future marketing
strategy, expansion and investment etc. We believe every business can expand to
its new horizon, provided a right guidance at a right time is available through
strategic minds. Our out of box thinking helps our clients to take wise
decision so as to avoid future uncertainties.
Read more Information: https://www.researchnester.com/reports/india-furniture-market-analysis-opportunity-outlook-2023/331
Contact for more
Info:
Ajay
Daniel
U.S.
+1 646 586 9123
U.K.
+44 203 608 5919
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