JSB Market Research - India Furniture Market Forecast and Opportunities, 2019

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India Furniture Market Forecast and Opportunities, 2019
On 15th July 2014

Summary With an unorganized and fragmented furniture market, India offers immense opportunities to domestic and international players. The demand for furniture is growing in the country on account of increasing purchasing power of the consumers, changing lifestyle, increasing urbanization and widespread availability in tier II and III cities. The domestic furniture market in
India is highly unorganized with regional players offering a stiff competition to leading furniture companies, which form the organized sector in the Indian furniture market. In order to increase the product availability, organized furniture manufacturers are also entering into tie-ups with Ecommerce retailers. Moreover, the furniture retail chains are also focusing on increasing their presence in tier II & III cities. Major furniture manufacturers in India include Godrej Interio,
Nilkamal, Durian and Wipro.
According to India Furniture Market Forecast & Opportunities, 2019, the countrys furniture market is projected to grow at a CAGR of around 26%during 2014-19. Home furniture segment is the leading contributor, followed by office and institutional segment. Western region is expected to be the highest revenue contributor in India furniture market, followed by southern region due to the presence of large number of industrial hubs and upcoming infrastructure developments in these regions. Over the next five years, the Indian furniture market is expected to witness increasing consolidation due to growing entry of international companies as a result of the governments 100% FDI approval into the countrys furniture industry. Consequently, the value share of small and mid-sized furniture players forming the
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unorganized sector is expected to decrease over the coming years. India Furniture Market

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