Furniture Industry in India Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

India Furniture Market Analysis

The India Furniture Market size is estimated at USD 15.79 billion in 2023, and is expected to reach USD 26.85 billion by 2028, growing at a CAGR of 11.20% during the forecast period (2023-2028).

India is known for its unique and exceptional furniture design. Because of its rich handcraft and appealing traditional art and style, the Indian furniture business is well-known both in India and beyond. Over time, the Indian furniture market has changed. Its market has expanded beyond chairs and tables to include designed interiors, such as wardrobes and sofas. For generations, furniture has been an important element of Indian households. The growing middle-class population, rising disposable income, and the growing number of urban homes all contribute to the expansion of the Indian furniture market. The furniture market in India is dominated by small unorganized local firms. However, organized players have increased their contribution to the Indian furniture sector during the previous decade. With the advent of multinational furniture companies, like IKEA, into India, the organized players' market share would expand even more.

The rising desire for modular and state-of-the-art furniture among the people living in urban areas, growing urbanization in Indian states, and rising need for durable and hybrid seating furniture are all driving the growth of the Indian furniture industry. Furthermore, the Indian expanding wood sector helps to offset the cost of furniture. The furniture industry in India is predicted to grow as a result of these causes. Furthermore, India's growing trend of online and mobile shopping is expected to boost demand for furniture via online channels. nThe growth of the Indian furniture market is also driven by the tourism and hospitality industry and the corporate sector. The increasing number of hotels and business offices further spur the demand for furniture in the country.

With the onset of pandemic, the booming sector of furniture was heavily impacted due to the restriction and lockdown in the initial period. The manufacturing index also showed drastically declined number for the month of March, April and May of 2020. The furniture industry bounced back with the rise in work or study from furniture in later half of 2020. nPandemic has also resulted need for the privacy and personalized space within the house that were required for the work from home or study from home, which resulted in increase in demand for WFH furniture.

India Furniture Market Trends

Growth in the Residential Real Estate Sector is Augmenting the Market Growth

India Furniture Industry Segmentation

A complete background analysis of the market, including the analysis of market size and forecast, market shares, industry trends, growth drivers, and vendors, is provided. Additionally, the report features qualitative and quantitative assessments by analyzing the data gathered from industry analysts and market participants across key points in the industry’s value chain. The Market is Segmented by material, type, and distribution channel. By Material, the market is segmented into Wood, Metal, and Plastic, and Other Furniture. By Type, the market is segmented into Home Furniture, Office Furniture, Hospitality Furniture, and Other Furniture. By Distribution Channel, the market is segmented into Supermarkets and Hypermarkets, Specialty Stores, Online, and Other Distribution Channels. The report offers the market sizes and forecasts in value for the above segments.