Oxford Economics’ Global cities report estimates that 17 of the 20 fastestgrowing cities in the world between 2019 and 2035 will be from India.
Rapid urbanisation with over 40% of the population living in urban areas by 2030
The UN, too, highlights that India’s urban population size will nearly double between 2018 and 2050, from 461 to 877 million.
Private consumption accounts for 60% of India's GDP
In 2020, India's retail sector was estimated at US$ 883 billion projected to reach ~US$ 1.3 trillion by 2024.
India Market Size:
With a total market size of USD 41 billion, India is 4th largest furniture consuming country and the 14th largest furniture market in the world.
Total furniture imports touched USD 545.69 million in FY 2019-20 with India importing wooden furniture from 75 countries
Shorter Replacement Cycles:
Furniture replacement cycle expected to come down to 5-7 years from current 8-10 years
India’s $2 billion furniture rental industry is expected to skyrocket by 2030.
Online home sales (including furniture sales) in India is expected to grow 18% annually from US$ 2.3 billion in 2020 to US$ 5.2 billion in 2025. By 2024, India's e-commerce industry is expected to increase by 84% to US$ 111 billion.
According to the World Bank, India's organised furniture industry is expected to grow 20% p.a.
Residential Furniture Market:
Home furniture comprises of 60% of furniture market and accounted for USD 20.65 billion in 2018 and is expected to grow at 14.16% CAGR over 2018-2023.
Home Furniture Analysis:
Furniture comprises 40-50% in Home Décor category, of which larger items like sofa, beds, etc. comprise 25% and the rest are small furniture items like linen, bar table, chairs, stools, etc.
Work From Home:
Work from home furniture market is expected to touch USD 3.49 billion by 2026.