India Furniture Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 17.56 Billion |
| Market Size (2029) | USD 29.86 Billion |
| CAGR (2024 - 2029) | 11.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Furniture Market Analysis
The India Furniture Market size is estimated at USD 17.56 billion in 2024, and is expected to reach USD 29.86 billion by 2029, growing at a CAGR of 11.20% during the forecast period (2024-2029).
The Indian furniture industry is one of the biggest furniture industries in the world. It is also one of the leading producers, consumers, and exporters of furniture. The production side of the Indian furniture industry accounts for nearly 40% of the world’s furniture production.
There’s a growing demand for furniture due to the high population. The vast population base and rising disposable income of consumers are bolstering the development of the Indian furniture industry as customers are willing to spend more on floor coverings and furniture. Urbanization, increasing real estate development, strong growth in GDP, and economic stability in the country are some of the other major factors attributing to the growth of the furniture industry in India.
India is also one of the biggest exporters of wooden furniture. India has a flourishing furniture industry due to the availability of natural resources. The country is also witnessing a new trend of furniture malls being opened in India due to the rising consumer demands.
India Furniture Market Trends
Growth in the Residential Real Estate Sector is Augmenting the Market Growth
The expansion of the Indian economy has also boosted the demand for real estate and commercial buildings in the country. While residential building accounts for most of the real estate in India, commercial construction has increased to meet the growing need for office space. Because of the growing population and desire for cheap housing, the Indian residential real estate industry has been experiencing expansion.
In recent years, major metropolitan areas, such as Delhi, Mumbai, and Kolkata, have seen an increase in demand for luxury housing complexes, such as villas, penthouses, and apartments. This has increased demand for furniture, such as sofa sets, dining sets, beds, and chairs, which is expected to continue to rise in the future years. The home decor sector has benefited from the rise of the residential real estate industry over the previous few decades. The rise of this area is being driven by increased awareness among homeowners for fashionable interiors and beautiful indoors.
Tourism and Hospitality Industry Growth is Driving the Market
Over the last decade, the Indian tourism industry has grown fast and steadily. Due to travel restrictions established to prevent the coronavirus pandemic, less than 3 million international visitors visited India in 2020, a 75% decrease from the previous year. India welcomed 28.9 million tourists in 2019, including NRIs (non-resident Indians), who came to India for a variety of reasons.
Hotel rooms would be in high demand as a result of this. The number of hotel rooms required to meet the needs of travel and tourism would be substantial. The furniture industry would benefit through the subsequent demand for hotel furniture. According to the Indian government, by 2030-31, India would have a market of 1.2 million cruise travelers. In the next 3-5 years, the Dream Hotel Group expects to invest roughly USD 300 million in the development of the Indian cruise industry.
India Furniture Industry Overview
The Indian furniture market is highly competitive and fragmented in nature. Furthermore, there are a few numbers of market players in the furniture industry, compared to the unorganized market players. The big players include Godrej, Zuari, Durian, Nilkamal, and Featherlite, who have a good market presence in the furniture industry in India. However, several new players are expected to enter this market due to low entry barriers.
India Furniture Market Leaders
Godrej Furniture
Zuari Furniture
Durian
Nilkamal Ltd
IKEA
*Disclaimer: Major Players sorted in no particular order
Recent Development
- In November 2023, Sheela Foam's acquisition of Kurlon aims to consolidate the fragmented market of mattresses and foam-based products. This strategic move will also diversify Sheela Foam's customer base, particularly into the Southern and Eastern regions of India.
- In March 2024, Ashley acquired Resident, a major furniture and bedding brand, along with its accessory brands such as Awara, DreamCloud, Nectar, and Siena, bringing them under new ownership. The acquiring company has a presence online and through physical stores at 1,125 locations across 67 countries.
India Furniture Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Insights into the Government and Trade Regulations on Furniture Products
4.3 Insights into Technological Innovations in the Furniture Industry
4.4 Insights into Consumer Preferences for Furniture Products in the Country
4.5 Impact of COVID 19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Restraints
5.3 Market Opportunities
5.4 Industry Value Chain Analysis
5.5 Porter's Five Forces Analysis
6. MARKET SEGMENTATION
6.1 Material
6.1.1 Wood
6.1.2 Metal
6.1.3 Plastic and Other Furniture
6.2 Type
6.2.1 Home Furniture
6.2.2 Office Furniture
6.2.3 Hospitality Furniture
6.2.4 Other Furniture
6.3 Distribution Channel
6.3.1 Supermarkets/Hypermarkets
6.3.2 Specialty Stores
6.3.3 Online
6.3.4 Other Distribution Channels
7. COMPETITIVE LANDSCAPE
7.1 Market Competition Overview
7.2 Company Profiles
7.2.1 Godrej Interio
7.2.2 Zuari Furniture
7.2.3 Durian
7.2.4 Usha Lexus Furniture
7.2.5 Damro
7.2.6 Evok
7.2.7 Ikea
7.2.8 Hulsta
7.2.9 Wipro Furniture
7.2.10 Nilkamal Furniture
7.2.11 Other Prominent Companies (Dynasty, Featherlite, Omfurn India Ltd, Pepperfry, and Urban Ladder, etc)*
- *List Not Exhaustive
8. FUTURE OF THE MARKET
9. DISCLAIMER
India Furniture Industry Segmentation
A complete background analysis of the market, including the analysis of market size and forecast, market shares, industry trends, growth drivers, and vendors, is provided. Additionally, the report features qualitative and quantitative assessments by analyzing the data gathered from industry analysts and market participants across key points in the industry's value chain.
The Indian furniture market is segmented by material, type, and distribution channel. By material, the market is segmented into wood, metal, and plastic, and other furniture. By type, the market is segmented into home furniture, office furniture, hospitality furniture, and other furniture. By distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online, and other distribution channels. the report offers the market sizes and forecasts in value for the above segments.
| Material | |
| Wood | |
| Metal | |
| Plastic and Other Furniture |
| Type | |
| Home Furniture | |
| Office Furniture | |
| Hospitality Furniture | |
| Other Furniture |
| Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Specialty Stores | |
| Online | |
| Other Distribution Channels |
India Furniture Market Research FAQs
How big is the India Furniture Market?
The India Furniture Market size is expected to reach USD 17.56 billion in 2024 and grow at a CAGR of 11.20% to reach USD 29.86 billion by 2029.
What is the current India Furniture Market size?
In 2024, the India Furniture Market size is expected to reach USD 17.56 billion.
Who are the key players in India Furniture Market?
Godrej Furniture, Zuari Furniture, Durian, Nilkamal Ltd and IKEA are the major companies operating in the India Furniture Market.
What years does this India Furniture Market cover, and what was the market size in 2023?
In 2023, the India Furniture Market size was estimated at USD 15.59 billion. The report covers the India Furniture Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Furniture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the main distribution channels for Furniture Industry in India?
The main distribution channels for Furniture Industry in Inia are a) Supermarkets and Hypermarkets b) Specialty Stores and Online Services
Furniture in India Industry Report
The India furniture market, inclusive of the chair business market, is projected to witness significant growth in the coming years, as per the industry analysis by Mordor Intelligence™ Industry Reports. This growth is driven by various factors such as increasing disposable incomes, a shift towards nuclear families, and the rise of e-commerce platforms. The market, segmented by material, distribution channel, and end use, is dominated by wood due to its warmth, elegance, and durability. The India furniture market size is also expanding due to changing consumer preferences, with a growing demand for sustainable and eco-friendly furniture options. The rise of social media and interior design platforms has led to an increased demand for unique and aesthetically pleasing furniture pieces. Rapid urbanization and population growth in India are also contributing to the market's growth, with an increase in the construction of residential and commercial spaces fueling the need for furniture. Trends such as minimalist furniture designs and the integration of smart technology into furniture are becoming increasingly popular in the India furniture market. The growing popularity of sustainable furniture materials and the deployment of cutting-edge technologies into furniture for multi-task purposes are also driving the market. The Furniture in India market share, size, and revenue growth rate statistics, along with a market forecast outlook and historical overview, are available as a free report PDF download.
