How is the Online Furniture & Home Décor Market Positioned in India?
Overview: The Indian
Furniture Market stood at ₹ ~ Cr in FY’2022. The growing
middle-class population, rising disposable income, and the growing number of
urban homes have contributed to the expansion of the Indian furniture market. The
industry is still largely inward-looking and highly fragmented, with
unstructured businesses accounting for over >80% of all manufacturers in
2021. However, organized players have increased their contribution to the
Indian furniture sector during the previous decade. There are ~30 major
furniture clusters in India, mainly spread across tier 2 and tier 3 regions.
These clusters offer authentic, indigenous furniture items and contribute
substantially to their local economies. Furniture brands are looking to enhance
their presence with local distribution tie-ups and stand-alone stores across
major cities. Imports account for a major share of the products marketed to the
Indian society's upper-middle and higher-income classes. Some of the leading import
partners for furniture materials include countries such as China, Malaysia
& Italy.
The
furniture market has witnessed tremendous growth in online order due to the
pandemic and lockdown. The Covid-19 pandemic especially led to an impact on the
furniture suppliers in the market causing manufacturing disruptions further
impacting the market in FY21. It has pushed many retailers to shift from
traditional brick-and-mortar stores to the online space. While factors, such as
increased broadband connectivity, smartphones, and the rise of digital economy
provide strong supporting infrastructure, e-retailer innovations utilizing
emerging technologies, such as artificial intelligence and augmented reality,
have further aided the growth of newer categories on the ecommerce platform. Vertical
players, Pepperfry and Urban Ladder, as well as horizontal marketplaces, Amazon
and Flipkart, have been beefing up their capacities to better tap this category.
Customers
may now browse a huge variety of furniture products from anywhere and at any
time, thanks to the introduction of online furniture merchants. There has been
an increase in demand for modular, multifunctional, and personalized furniture.
India Online Furniture & Home Décor Market Segmentation, FY’2022
By
Product Category
Furniture
items constitute significant share in the online retail market of India in
terms of sales revenue in the year FY’2022. One of the primary factors driving
the growth is the work-from-home culture adopted by the corporates.
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By
Furniture Items
Beds
contributed ₹ xx Cr revenue in FY’22 and are dominating within the online
furniture sales as the number of households are increasing and the average
ticket size is comparatively very high.
By
Home Décor Items
In terms of home décor items, textiles
have captured the majority of the market share.
By
Region
Tier 1 cities dominate the online
furniture and home decor sales in India as the population in these cities is
most tech savvy.
By
Usage
Online sales for personal usage have
dominated the market in the previous few years.
The competition
in the online furniture & home décor market in India is fragmented wherein horizontal
e-commerce platforms hold the majority of the share in the market. Among the
pure play companies, there exists intense competition in the market among the
leading players which include Pepperfry, HomeTown, Home Centre, @Home by
Nilkamal, Godrej Interio, Urban Ladder, IKEA and few others. The top 4 pure
play companies contribute to a market share of less than ~%. Product
categories, number of merchants, quality of products, delivery time, offers
& discounts, delivery areas, pricing, revenue, conversion rate, etc. are
the key competing parameters for the online furniture & home décor players.
India
Online Furniture & Home Décor Future Market Outlook & Projections
Over the
forecast period, India online furniture & home décor future market is
expected to drive up the demand because of massive underlying development in
e-retail, e-commerce and supply chain of furniture in India. Expected surge in
internet penetration, growing demand from Tier 2 and Tier 3 cities would also
provide the boost to the market. Due to the Covid-19 outbreak, there has been a
shift from offline sales to online sales, which is expected to ensure
substantial growth in the future as well. The online retailing market in the
country is expected to grow on the back of new technologies such as 3D
modelling, augmented reality, artificial intelligence, which will be explored
to increase efficiency, improve customer experience and enhance service
quality.
Key
Segments Covered:-
By Product Category
Furniture
Furnishings &
Home Decor
By Furniture Items
Beds
Sofa Sets
Dining Furniture
Chairs &
Tables
Others
By Furnishings & Home Décor
Textiles (Linen,
Curtains, Cushions & Covers)
Table Décor &
Wall Décor
Mattresses
Lighting
Others (Spiritual, Flooring, etc.)
By Region
Tier 1
Tier 2
Tier 3
By Commercial/Personal Usage
Personal
Commercial
India Online Home Décor Market
Companies Covered:-
Pepperfry
Home Town
Home Centre
At Home by Nilkamal
Godrej Interio
Urban Ladder (Reliance Retail)
IKEA
Space Wood
Durian
Key Target Audience:-
Online Home Décor
Companies
E-Commerce
Marketplace Platform
Retail Companies
PE and VC Firms
Time Period Captured in the Report:-
Historical
Period – FY’2016-FY’2022
Forecast Period –
FY’2022-FY’2027
Key Topics Covered in the Report:-
India Furniture
& Home Décor Market Overview
Key Furniture
Manufacturing Clusters
India Online
Furniture & Home Décor Market Overview
India Online
Furniture & Home Décor Market Size
India Online
Furniture & Home Décor Market Segmentation FY’2022
India Online
Furniture & Home Décor Market Growth Drivers
India Online
Furniture & Home Décor Market Trends & Developments
India Online
Furniture & Home Décor Market Government Role and Initiatives
India Online
Furniture & Home Décor Market Logistics Constraints
India Online
Furniture & Home Décor Market SWOT Analysis
Competitive
Landscape of India Online Furniture & Home Décor
India Online
Furniture & Home Décor Market Cross Comparison
India Online
Furniture & Home Décor Future Scenario
Future Market
Size and Segmentations, FY’2022-FY’2027F
Covid-19 Impact
on India Online Furniture & Home Décor
Analyst
Recommendations
Case Studies
For More Information on the research report,
refer to below link:-
India
Online Furniture and Home Décor Market
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Reports:-
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