India Furniture Market
- Fastest growing furniture
market due to:
- 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.
- Furniture Imports: 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
- Sunrise Industry: India’s US$ 2 billion furniture rental industry which is estimated to touch $750-800 billion by 2030
- E-Commerce Market: Online home sales (including furniture sales) in India is expected to grow 18% annually from US$ 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.
- Industry Growth: 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.