India is the land of glorious artistic work of wood and is appreciated worldwide to manufacture the elegant designs of Furniture. The oofy Handicrafts of India resembles the rich tradition of nation. Indian Furniture Industry managed to secure a reputed position in Global Market. The reach of Indian Furniture Industry is exceeding Globally with high demand of wooden furniture worldwide.
With a strong raw material base and economical labour, the Indian Furniture Market became one of the booming Industrial Sector of India. A report also publicized that the superior product finish and availability of exquisite wood options including Mahogany, Teak, Rosewood, Fir, Cedar, and many more key factors are there to drive the growth of Indian Furniture Industry. The reports also revealed that the dominance of Wooden Furniture Industry will continue to rise in Indian Furniture Industry.
Day by day, Indian Furniture Industry is prominently multiplying its coverage area and the market size is expected to surpass $750 Billion by year 2024. This industry proficiently covers a comprehensive range of activities related to wooden furniture from Sourcing, Manufacturing, Distributing, to Sales of Wooden Furniture. This Industry is witnessing rapid growth in the latest trends of Wooden Furniture requirement for Garden Dining, Outdoor Living, and Social Gathering, which is booming the market demand for Outdoor Furniture.
The Indian Furniture is recognized as a “Non-Organized Sector” with Handicraft Production accounts for about 85% of the Furniture Production in India. In 2000, India secured 48th position as a Furniture Exporter and 49th position as a Furniture Importer in the World. Although the contribution of this sector in overall India’s GDP is marginal by representing a very small percentage.
Source- Indian Mirror
Turnover of ₹ 3,500 Crore annually: The Indian Furniture Industry is capable to generate about a turnover of ₹ 3,500 Crore per annum. The Furniture Sector solely owns about ₹ 60 Crore of share. And in the upcoming years, the furniture sector is expected to grow by 20%.
Contribution to the Economy: The Indian Furniture Industry is governed by the Unorganized Sector. It is proficiently representing 90% of Indian Market. The Organized sector of Furniture Market is about 10% and growing at about 35% CAGR.
The leading Brands of Furniture: There are numbers of Key Players in Indian Furniture Industry and are remarkable to offer its supreme quality of Furniture to the worldwide Buyers. The major organized key players are Godrej Interio, Neelkamal, Furniturewala, Pepperfry, Urban Ladder, Wipro, Durian, Kian, Tangent, Millenium Lifestyles, and many more are expected to outshine in upcoming five years.
Boosting up the Employment Opportunities: With the rapid growth in demand of Furniture, the Indian Furniture Industry is witnessing an increase in Employment Opportunities in India. There are a wide number of opportunities including Business start up and boosting up the demand of exterior and interior Decorators of Furniture.
Emerging Trends of Furniture: There is high demand of rain and weather resistant furniture to furnish the Outdoor Space and Outdoor Furniture Collection consist of various furniture of options. The main focus of Buyers is towards Eco-friendly and recyclable collection of furniture, which is in trend.
Rapid Growth of Furniture Industry: In a few years, Indian Furniture Industry is expected to grow by 20% and by year 2022, the market size of furniture industry could reach ₹ 2,50,000 Crore. Multinational and Indian corporate giants are joining hands with the Indian Furniture Industry after observing rapid growth in it.
Furniture Market Size: The Industry Estimate reveals that the overall size of furniture market is about ₹ 120,000 crores and for home decor and utilities it is about ₹ 130,000 crores. As per the report of Redseer Consulting, Indian Furniture Industry is expected to witness $ 35 Billion growth by the year 2020.
Expected Growth in Future: In upcoming years, The Indian Furniture Industry is estimated to maintain its supremacy and is expected to grow with a CAGR of 11.32% during 2018-2023. Moreover, during this period Indian Residential Furniture market is also estimated to grow at a CAGR of 14.32%. By commercial sector, this market is anticipated to witness growth at a CAGR of 11.97%.
The Indian Furniture Market grasped a remarkable position in Online Market as well due to the advancement of technology in India. The technological advancement in India get boosted by the availability of high speed 4G networks and this improved the sales of Furniture online and majorly advantaging the e-retailers of furniture in India. The rising number of Online Buyers is motivating the Key Players of Furniture to introduce and promote their products through online medium.
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