Rising contribution of home furniture led to drive the market demand
The Indian furniture market has showcased a transitional
phase from the production of conventional items such as chairs, tables and beds
to recliners, bean bags and other modular furniture products. The market also
encompasses a wide range of product lines used in offices, hotels,
hospitals, living room, bedroom, dining room and others. The furniture industry in India is highly fragmented
with nearly 85% of the furniture sales belong to the independent vendors and
small scale manufacturers and the remaining portion being contributed by
branded retailers and manufacturers in furniture space. However, the rising
urban lifestyle of people coupled with increasing spending capacity of Indian
population has led to a growth in the organized retail segment of the furniture
space in India.
In the organized retail segment, the market is occupied by
the leading companies such as Godrej Interio, Home centre, Nilkamal,
Durian Furniture, Style Spa among others, which have over the years grabbed
significant positioning in the domestic market. Furthermore, the entry of
international brands and increasing brand awareness amongst Indian inhabitants
in the recent years has led to the emergence of furniture retailing in India. An increasing trend of hiring
onsite carpenters for home and commercial furniture has been witnessed in the
country over the years. Trust factor, low price and close monitoring are some
of the major factors which drive people to the carpenters rather than
purchasing from a branded showroom.
Home furniture is considered as a basic necessity in a
household. It is the largest segment of the furniture market in the country and
it has been witnessing a consistent rise from the last few years. There were a
number of factors which has escalated the demand for home furniture items in
the country in the recent years.
The rising number of residential housing
complex launches, increasing demand for high end furniture items in the
households due to rising spending capacity has aided the growth of home
furniture market in the last few years. Furthermore, the ingress of "Ready
to Live" furniture solutions for new residential schemes and housing
projects have been gaining massive traction in the last few years, thereby,
driving the sales of home furniture in the country.
“The
growing number of residential projects in the country coupled with inclining disposable
incomes of India population will impel the demand of furniture items”, according to the Research
Analyst, Ken Research.
The report “India
Furniture Market Outlook to 2018 - Online Furniture Sales Gaining Traction”
provides detailed overview on the furniture market across India and helps readers
to identify the ongoing trends in the industry and anticipated growth in future
depending upon changing industry dynamics in coming years. The report will help
industry consultants, retail and consumer goods experts, furniture
manufacturers and suppliers and other stakeholders align their market centric
strategies according to ongoing and expected trends in future.
Contact Person- Ankur Gupta
Email Id- ankur@kenresearch.com
