The Asian market is estimated to be the biggest consumer of furniture and India holds a major pie, according to a World Bank study. Localized production of furniture is now encouraged thanks to the “Make in India” Campaign.
Forecast for the Industry
According to a study by the World Bank, India’s organised furniture industry is expected to grow 20% per annum over the next few years and is projected to cross US$ 32 billion by 2019. The Luxury Furniture Market is expected to garner $27.01 billion by 2020, registering a CAGR of 4.1% during the forecast period 2015-2020.
Employment in the Industry
According to a National Skill Development Council (NSDC) report, India’s furniture and furnishings industry will need 11.3 million skilled workers by the year 2022. According to National Sample Survey, 50% (1,070,681) of the total employment in furniture manufacturing is concentrated in the five states of Maharashtra, Gujarat, Bihar, Uttar Pradesh and West Bengal.
Online Furniture market
The online home furnishing segment has grown rapidly over the years and is expected to gain more prominence in the coming years. Online home décor market in India is projected to grow at a CAGR of 50.42% in revenue over the period 2014-2019. Online market places like Flipkart, Urban ladder,etc are stealing the market of the brick and mortar stores spread across the country that have been vying the huge Indian population till now.