India is a country with a huge population of urban dwellers, and the demand of furniture items from both urban and rural areas is rapidly growing, adding to the growth of the furniture market. There has been a significant growth in the real estate sector based on rising demand for residential property in the country and this further paves way for the growth of the Indian Furniture Industry.
The India Furniture Market is anticipated to reach a CAGR of 13.38% during the period 2018-2023. Moreover, the market is expected to garner USD 61.09 Billion by the end of 2023.
Companies such as Pepperfry, Urban ladder and others are generating significant revenue through online platforms. Also, the rising trend of online shopping is pushing the manufacturers like Godrej Furniture, Nilkamal etc., to introduce and sell there furniture through online space.
Wooden furniture is anticipated to continue its dominance in the Indian furniture market and is expected to grew with a CAGR of 11.32% during the period 2018-2023.
Residential segment of the Indian Furniture market accounted for USD 20.65 billion in 2019. The Indian residential furniture market is expected to grow at a CAGR of 14.16% over the period 2018-2023.
The Indian furniture market’s commercial sector is anticipated to achieve a CAGR of 11.97 per cent during the forecast period of 2018-2023. Indian furniture industry gets set to double its market size to Rs 2.5 lakh crore by 2022.