Furniture Industry Growth In India

India is a country with a huge population of urban dwellers and the demand of furniture items from the urban houses is huge and adding to the growth of furniture market from residential sector of.

Furniture industry growth in india. The furniture industry in India employs a total of around 300,000 workers and the total production of furniture in 2001-02 was USD 3580 million. Commercial sector is further sub-segmented into non. Complete information source for the furniture industry featuring retailer and manufacturing news, plus product trends and market analysis.

The market is expected to grow annually by 5.1% (CAGR 2020-2023). Scenario of furniture industry in india the range of indigenous furniture available in india includes both residential and contract system furniture, with an increased concentration in office and household furniture. Furniture industry in india 1.

Revenue is expected to show an annual growth rate (CAGR 2020-2024) of 13.7%, resulting in a market volume of US$1,845m by. The Indian home furniture market is expected to register a CAGR of 8% during the forecast period. Growing brand consciousness and increasing expenditure for furniture goods among millennial is supporting the market growth from last few years.

Global Outdoor Furniture Market size was valued at over USD 16 billion in 2017 and is anticipated to witness over 5% CAGR from 2018 to 2024.. Further, the rising trend of online and mobile shopping in India is envisioned to bolster the demand for furniture through online channels. Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

The furniture sector in India only makes a marginal contribution to the formation of GDP, representing just a small percentage (about 0.5%). India furniture market stood at $ 21 billion in 2018 and is projected to grow to over $ 31 billion by 2024, exhibiting a CAGR of around 7% during 2019-2024, on account of growing real estate and hospitality industries. Near future, indicating continued growth for the furniture industry.

The most popular forms of indian furniture include home garden furniture, office furniture kitchen furniture bedroom. Get more details on this report - Request Free Sample PDF Global furniture market is anticipated to gain high momentum in the projected time frame supported by growing infrastructural investments and economic growth of various developing nations. On the back of these factors the furniture industry is expected to propel in India.