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Pressnews.biz (Press Release) Dec 6, 2014
-- ndia Furniture Market Outlook to 2018- Online Furniture Sales Gaining Traction” provides a comprehensive analysis of the various aspects of the industry such as the market size of India furniture industry, market segments and future outlook of the industry. The report also covers the market shares of major players in the retail as well online landscape of furniture market. Market segmentation includes by Organized and Unorganized, Types of Material Used and Utility of Furniture.
The furniture market in India has historically witnessed a prolific boom in the country. There were a number of factors which have led to a growth in furniture demand in the Indian households in the last few years. The growing economy of the country has encouraged the spending capacity of the people, which in turn has impelled the sales of branded furniture items in the market. The growing phase of infrastructure and real estate market has also augmented the demand for furniture products in the country. In the organized retail segment, the market is occupied by leading companies such as Godrej Interio, Home centre, Nilkamal, Durian Furniture, Style Spa among others, which have over the years grabbed significant positioning in the domestic market. Furthermore, the entry of international brands and increasing brand awareness amongst Indian inhabitants in the recent years has led to the emergence of furniture retailing in India.
The furniture market in India is highly fragmented with majority of the revenue being generated from the local players. The unorganized sector, which includes onsite carpenters, independent furniture manufacturers and domestic retailers have accounted for nearly ~% of the furniture market revenue in the country. In the recent years, moulded plastic, wrought iron, board and bamboo furniture have been widely purchased by the households in India. In order to cater to the rising requirements of online shopping in the country, a number of companies have stepped afoot in the online channel of furniture market in the last few years. For instance, leading offline retailer of readymade furniture products named @Home, which is a flagship brand of Nilkamal Pvt. Ltd, has launched its online shopping portal for the exclusive range of @Home furniture, furnishings and home décor items.
The Indian furniture market, which has grown at a CAGR of 17.2% for the period FY’2008-FY’2013, will incline at a compounded annual rate of 13.0% from FY’2013-FY’2018. Heavy demand of household items including furniture and furnishing products from the urban class has historically been conducive to the growth of furniture market in India. This trend is expected to grow in the future as well, as greater number of people has been migrating to the urban areas in order to raise the standard of living and earn more income.