Furniture Industry 2020
Research Report performed a complete background analysis of the furniture market, which includes an assessment of emerging trends by segments, regional markets, and significant modifications in market dynamics and market overview. Some of the key findings from the research report are mentioned below.
Owing to the channelize method of production, distribution, and selling and rising demand for household furniture, the home furniture market in India may have exponential growth during the forecast span.
Improved per capita income of the middle-class section of the society is stimulating the growth of the home furniture market in India. The growth in the infrastructure sectors, like tourism and real estate, is also responsible for the raised demand for commercial, home, and luxury furniture in India.
Market by Top Furniture Companies, this report covers
Evok ( Subsidiary of Hindware Home Retail Pvt. Ltd. (HHRPL) )
Godrej & Boyce Manufacturing Co. Ltd.
HNI BP Ergo India (A holding company of HNI Corporation)
Wipro Enterprises (P) Ltd.
Zuari Global Ltd.
Moreover, India is well-known for manufacturing carved furniture and other designer wood furniture, which further drives the growth of the furniture market in India. Several leading furniture brands are looking to strengthen their presence with local distribution tie-ups and stand-alone storefronts across main cities in India. The growth of the furniture market is just not restricted to store-based retail, as online market players are continuously focusing on developing strong business strategies to promote the online retail segment of the global furniture market.
Furniture has always been an important aspect of interior designing. With an increase in residential property purchases and enhanced demand among people for a stylish interior and well-set-up house, the wooden furniture segment is doing quite well. The rising demand for luxury bedroom furniture segment is the latest trend witnessed by the furniture industry in India.
Bedroom furniture needs to be classy and beautiful. The furniture manufacturers in India are blessed with highly creative and professional labour, that further drives the growth of the furniture market in India. Traditional manufacturers still follow the conventional methods and design blueprints in order to maintain the same ancient and royal look in the furniture, which helps to attract huge consumer-base.
Additionally, specialized organizations in India are expanding the scope of the furniture market, by virtue of increased demand. According to the research, the bedroom furniture segment of the global furniture market was valued at US$32 billion in the year 2015.
Globally, the United States generated most of the revenue in the bedroom furniture segment in the year 2017. The demand for dining and living room furniture in India has registered steady growth. The segment includes furniture used in living rooms, lounges, lobbies, dining rooms, and parlour.
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According to the report published in i2i Research, the growth of the furniture market can be forecasted on the basis of the following segments-
Based on the material type, the furniture market can be segmented into-
Wood(Engineered Wood, Natural Wood)
Based on type, the furniture market can be segmented into-
Living-room and Dining-room Furniture
Based on the distribution channel, the furniture market can be segmented into-
Supermarkets & Hypermarkets
The revenue of the dining room and living room furniture segment was valued at US$45 billion in the year 2015. The United States registered substantial growth in the living room and dining room furniture segment in the year 2017. With the ongoing with technological advancement in the production process and enhanced product innovation, small and medium-sized enterprises are improving their market presence by attaining new partnerships and tapping modern markets.
After launching its store in Hyderabad India, IKEA was planning to launch a store in Navi Mumbai. The company claimed to create 10,000 jobs in India in the next three years and the growth which was stalled due to FDI policies of India is now gaining momentum as the government is working on removing obstacles.
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