Furniture - India

  • India
  • In 2024, the Furniture market in India is projected to generate a revenue of INR €5.01bn.
  • This market is expected to grow at a compound annual growth rate (CAGR) of 6.49% from 2024 to 2029.
  • The largest segment within this market is the Home Décor segment, which is estimated to have a market volume of INR €1.79bn in 2024.
  • When compared globally, United States leads in revenue generation, with a projected revenue of INR €241bn in 2024.
  • Considering the total population, the per person revenue in India's Furniture market is estimated to be INR €3.47 in 2024.
  • "India's furniture market is experiencing a surge in demand due to the growing middle class and increasing urbanization."

Key regions: Worldwide, United States, China, India, Germany

 
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Analyst Opinion

The Furniture market in India has been experiencing significant growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences:
Indian consumers are increasingly seeking furniture that combines functionality with aesthetic appeal. They are looking for modern and contemporary designs that reflect their personal style and taste. Additionally, there is a growing demand for furniture that is eco-friendly and sustainable, as consumers become more conscious of the environmental impact of their purchases.

Trends in the market:
One of the key trends in the Indian furniture market is the rise of online furniture shopping. With the increasing penetration of the internet and smartphones, more and more consumers are opting to buy furniture online. This trend is driven by the convenience and wide range of options available online, as well as the attractive discounts and deals offered by e-commerce platforms. Another trend in the market is the growing popularity of customized furniture. Indian consumers are increasingly looking for furniture that is tailored to their specific needs and preferences. This trend is driven by the desire for unique and personalized pieces that stand out from mass-produced furniture. Customized furniture also allows consumers to make the most of their limited living spaces, which is particularly relevant in urban areas where space is at a premium.

Local special circumstances:
India has a rich heritage of craftsmanship and traditional furniture making. This has led to a growing interest in traditional and handcrafted furniture among Indian consumers. There is a renewed appreciation for the craftsmanship and attention to detail that goes into creating these pieces. This trend is also driven by a desire to support local artisans and preserve traditional art forms.

Underlying macroeconomic factors:
India's growing middle class and rising disposable incomes are significant drivers of the furniture market. As more people move into the middle class, they have more purchasing power and are willing to invest in furniture that enhances their living spaces. Additionally, rapid urbanization and the increasing number of nuclear families are driving the demand for furniture in India. As more people move to cities and live in smaller apartments, there is a need for compact and space-saving furniture. Furthermore, government initiatives such as "Make in India" and the implementation of the Goods and Services Tax (GST) have also had a positive impact on the furniture market. These initiatives have streamlined the manufacturing and distribution processes, making it easier for both domestic and international players to operate in the Indian market. In conclusion, the Furniture market in India is experiencing growth due to changing customer preferences, including a preference for modern and eco-friendly designs, the rise of online furniture shopping, and the demand for customized and traditional furniture. Favorable macroeconomic factors such as a growing middle class, rising disposable incomes, rapid urbanization, and government initiatives are also driving the market. As the Indian economy continues to grow, the furniture market is expected to expand further in the coming years.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

Visión general

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  • Analyst Opinion
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