The online furniture and home decor market in India is around $17 billion in 2023, Will India continue to foster online furniture and home decor market: Ken Research

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1.  Increased Digitization has boosted Home Furnishing and Décor Market

More trends and developments in the Home Furnishing and Décor Market

• The e-retail business in India is being boosted by technology improvements, such as the availability of high-speed internet networks, like 4G, and increased adoption of smart devices.
• Customers will be able to purchase furniture more easily through internet channels, as a result of these improvements. Furthermore, the growing number of smartphone users in India, as well as online shopping, is driving the furniture manufacturers to market their products through online channels.

Digital Marketing

• Furniture industries and retailers are increasingly using social media and digital marketing for furniture products.
• Customers are now easily reached through social media to make them aware of the latest product offerings. An active presence on popular social media platforms such as Facebook, Instagram, Twitter, and YouTube can increase the customer base manifold.

2. Emergence of New Players in the online furniture and home decor market in India

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• Some of the major players in the Indian online furniture and home decor market include Pepperfry, Urban Ladder, Flipkart, Amazon, and Snapdeal. These platforms offer a wide range of furniture and home decor products, ranging from sofas and beds to curtains and wall art.
• Growing popularity of online shopping is encouraging furniture manufacturers, such as Godrej Furniture, Nilkamal, and others, to introduce and sell their products online.
• For example, Nilkamal's flagship brand @Home, a prominent offline retailer of prefabricated furniture products, has launched an online shopping facility for its exclusive selection of @Home furniture, furnishings, and home decor items. Moreover, Swedish furniture behemoth – IKEA recently entered the market.

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3. Growing Government Support

• The government has also introduced various programs to promote skill development in the furniture manufacturing sector. These programs aim to provide training and education to workers, which will help to improve the quality of the products manufactured in India.
• Export Promotion: The Indian government has also been promoting the export of furniture from India. It has introduced various export promotion schemes, such as the Merchandise Exports from India Scheme (MEIS) and the Market Access Initiative (MAI), to help Indian furniture manufacturers to increase their exports.
• As India strives to become a worldwide manufacturing hub, key legislative initiatives, such as "Make in India" and "Vocal for Local," have boosted the manufacturing sector, including furniture manufacture.
• The Government of India's Make in India project intends to raise the manufacturing sector's proportion of the country's GDP to 25% by 2025. Furthermore, in August 2019, the government approved 100% FDI in contract manufacturing via the automated route, boosting the sector's growth.

India Furniture Market Research Report- Ken Research

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.

Read more- http://www.kenresearch.com/consumer-products-and-retail/specialty-retail-products/india-furniture-market-research-report/498-95.html

Contact Person- Ankur Gupta

Email Id- ankur@kenresearch.com