Global Furniture Market
The global furniture market can be broadly categorised into four categories - domestic furniture, office/corporate furniture, hotel furniture and furniture parts. Globally, domestic furniture accounts for 65 per cent of the production value, whilst corporate/office furniture represents 15 per cent, hotel furniture 15 per cent and furniture parts 5 per cent.
1. Indian Furniture Industry
As of 2006, the Indian furniture market is estimated to be worth US$ 7,922 million. Of this, wooden furniture accounts for US$ 1,358 million. About 11 per cent (US$ 152 million) of this (wooden furniture) is imported and imports are growing at 50 to 60 per cent every year. India was the largest furniture importer in the world in 2004-05, with a 17 per cent share in the furniture imports worldwide. The furniture sector in India makes a marginal contribution to the Gross Domestic Product (GDP), representing about 0.5 per cent of the total GDP. The major part of this industry, approximately 85 per cent is in the unorganised sector. The range of indigenous furniture available in India, includes both residential and contract system furniture. Manufacturers in India usually use a three-tier selling and distribution structure, comprising of the distributor, wholesaler and retailer. 1.1 Furniture Industry Composition:
As with the global market, home furniture is the largest segment in the Indian furniture market, accounting for about 65 per cent of furniture sales. This is followed by, the office furniture segment with a 20 per cent share and the contract segment, accounting for the remaining 15 per cent. 1) Home furniture
Home furniture in India is available in a wide range, to cater to different customer needs. The type of the furniture used depends on the customer’s affluence and taste. 2) Office furniture
The office furniture segment caters to the commercial and office space. This segment has witnessed rapid growth in recent years, in line with the...
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