India Furniture Market to Witness Strong Growth with a Projected CAGR of 7.1% by 2030
According to a new report published by MarkWide Research, titled, “India Furniture Market,” the Indian furniture industry is poised for substantial growth, driven by increasing disposable income, changing consumer preferences, and urbanization. The report anticipates a significant expansion in market size, with a Compound Annual Growth Rate (CAGR) of 7.1% expected by 2030.
As India’s middle-class population expands and urbanization continues, there is a growing demand for furniture that combines functionality, style, and affordability.
Key Findings of the Report:
- Rising Middle-Class Population: The expanding middle-class segment in India has increased purchasing power, leading to a surge in demand for quality and stylish furniture.
- Urbanization and Real Estate Development: Rapid urbanization and the development of residential and commercial real estate projects are driving the need for furniture.
- E-commerce and Digitalization: The proliferation of e-commerce platforms and digitalization has made it easier for consumers to access a wide range of furniture products online.
- Customization and Sustainable Options: Consumers are seeking customization options and sustainable materials when it comes to furniture, reflecting a growing awareness of environmental concerns.
- Government Initiatives: Government initiatives to promote housing and infrastructure development, such as “Housing for All,” are contributing to the growth of the furniture market.
Market Forecast:
The India Furniture Market is expected to grow from USD 18.9 billion in 2023 to USD 31.6 billion by 2030, at a CAGR of 7.1% during the forecast period. This robust growth is attributed to the increasing demand for furniture across residential and commercial sectors in India.
Segmentation:
The report provides comprehensive segmentation of the India Furniture Market based on product type, material, distribution channel, and region. It offers valuable insights into each segment’s market share, growth potential, and key players.
Product Type Segmentation:
- Living Room Furniture
- Bedroom Furniture
- Dining Room Furniture
- Kitchen Furniture
- Outdoor Furniture
Material Segmentation:
- Wooden Furniture
- Metal Furniture
- Plastic Furniture
- Glass Furniture
- Others
Distribution Channel Segmentation:
- Offline Stores
- Online Retailers
Regional Analysis:
The report analyzes the furniture market in various regions of India, including North, South, East, and West. It provides insights into the regional dynamics, key players, and growth opportunities in each area.
Competitive Landscape:
The India Furniture Market is highly competitive, with numerous players vying for market share. The report profiles key companies operating in the market, highlighting their strategies, product offerings, and recent developments. Some of the prominent players in the market include Godrej Interio, Urban Ladder, Pepperfry, and IKEA, among others.
Future Outlook:
The India Furniture Market is set for robust growth, driven by changing consumer preferences, urbanization, and the availability of furniture through online platforms. As consumers seek functional and stylish furniture solutions, the market is expected to flourish.