- Commercial sector is further sub-segmented into non-contracting and contracting. Non-Contracting segment in India is expected to grow at a CAGR of 13.32% over the forecast period i.e. 2018-2023 and expected to achieve Y-o-Y growth rate of 14.17% in 2023 as compared to previous year.
- Wood Furniture imports have been a growing segment since 2 decades and the trend is continuing. Despite of make in India initiative, nothing big has turned in furniture making segment so far.
- The total furniture import has touched US$ 69 million in FY 2018 from US$ 67.36 million in the previous year.
- The domestic home furniture comprises of 65% of the Indian furniture demand where large products like beds, sofas and wardrobes dominate the market and account for ~80% of market share.
- Residential segment accounted for USD 20.65 billion in 2018. Further, India residential furniture market is expected to grow at a CAGR of 14.16% over the forecast period i.e. 2018-2023
- Offce furniture comprises ~20% but is on a growing trend. With a value exceeding USD 2.5 billion, the demand for offce furniture is almost 50% higher than in 2012.
- Contract furniture comprises the remaining 15% demand and this furniture is primarily for hotels and this sector has seen strong growth in the last two years. Mainly due to the fact that there are around 1200 hotels in India with more than 10% in the five star category.