Market Size of India Luxury Furniture Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.35 Billion |
| Market Size (2029) | USD 5.35 Billion |
| CAGR (2024 - 2029) | 4.24 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Luxury Furniture Market Analysis
The India Luxury Furniture Market size is estimated at USD 4.35 billion in 2024, and is expected to reach USD 5.35 billion by 2029, growing at a CAGR of 4.24% during the forecast period (2024-2029).
Because of the COVID-19 outbreak, supply chains were messed up, there was a shortage of materials, and contracts were canceled to keep costs down. The lack of workers also slowed the growth of the luxury furniture market as a whole, especially in India.In 2020, the spread of the coronavirus disease (COVID-19) had a big effect on the luxury furniture market in India, causing production to drop by more than 20%.
Craftsmen who are skilled and creative make luxury furniture out of high-quality materials like metal, wood, glass, plastic, and leather.These luxury furnishings are designed with a zero margin of error, thereby prolonging their durability. They are used to enhance the ambiance of offices, hotels, homes, restaurants, kitchens, and hospitals. Recent developments in manufacturing technology and an upsurge in demand for customizable furniture are the key factors that drive the growth of the Indian luxury furniture market. Moreover, increasing disposable income and the inclination of consumers toward luxury furniture fuel the market's growth.
The luxury furniture industry has become one of India's most vibrant and fast-growing industries due to factors such as the rising population and increased construction activity. The growing number of real estate developments, the increasing demand for residential properties in India, and governmental initiatives to develop socio-economic infrastructure are some of the major factors fueling the demand for luxury furniture products in the country.
Also, furniture makers are trying to attract customers by coming up with new designs for luxury furniture using materials like leather, glass, metal, etc. This is likely to play a big role in the growth of the luxury furniture market in the coming years. On the other hand, the rise in e-commerce sales because it is easy to shop and products can be sent right to your door is good for the market. Moreover, the rise in the need to manufacture eco-friendly luxury furniture is expected to offer lucrative opportunities for market expansion in the forthcoming years.
