FURNITURE & DÉCOR DEMAND IN INDIA
Furniture Imports from Malaysia
Demand for furniture is growing exponentially in India and will continue to grow over the next decade as infrastructure expands and connects towns and cities as well as various government programs encourage building of new residential areas as well as the increasing number of office parks.
Overall Furniture Imports from Malaysia (Seats and Metal, Wood & Plastic Furniture for Offices & Homes)
|Values in US$ Million||101.59||102.33||102.87||60.55|
Source: Ministry of Commerce
Furniture Demand in India
- Booming $3.49 bn Work from Home furniture market by 2026
- $2 bn furniture rental industry estimated to touch $750-800 bn by 2030
- Imports of furniture touched $545.69 mn in FY 2019-20
- 60% of Indian furniture demand is for home furniture with the Door market expected to cross $2.8 bn by 2024
- Billion dollar investments in infrastructure such as $6.82 bn in aviation by Government and private sector is pushing growth of institutional markets.
- India’s modular kitchen market was $206 mn in 2018 and projected to grow at 27% CAGR (2019-24) to reach $862 mn by 2024
- India accounts for nearly one-fifth of the world's imports of office furniture.
- The $2.5 bn office furniture sector comprises ~20% total Indian furniture sales.
Liberalisation of Furniture Industry:
- Imports of furniture were liberalized in April 1998
- Importers in India require no license or prior permission to import furniture
- Importers should have valid IEC (Import Export Code) issued by Directorate General of Foreign Trade (DGFT)
- The Central Board of Excise and Customs (CBEC) has developed an 'integrated declaration' process providing importers and exporters a single point interface for customs clearance of import and export goods
Indian Furniture Imports from Malaysia (In US$ Thousand)
|Swivel seats with variable height adjustments (excl. medical, surgical, dental or veterinary, & barbers' chairs)||11515||14284||15521|
|Wooden furniture (excl. office, kitchen, bedroom & seats)||27361||23815||9461|
|Wooden furniture for offices (excl. seats)||15488||11826||8583|
|Wooden furniture for bedrooms (excl. seats)||16396||16676||6200|
|Parts of furniture, n.e.s. (excl. seats & medical furniture)||4980||2922||4022|
|Upholstered seats, with wooden frames||5096||5967||3963|
|Wooden furniture for kitchens (excl. seats)||4232||5066||3920|
|Metal furniture for offices (excl. seats)||4275||3809||3735|
|Metal furniture (excl. seats & medical furniture)||2503||2088||1909|
|Parts of seats, n.e.s.||2778||2763||1786|
|Upholstered seats with metal frames||615||1195||1304|
|Seats, with wooden frames (excl. upholstered)||2294||3107||1255|
|Furniture of other materials, incl. cane, osier or similar||4954||3524||1219|
|Seats for aircraft||191||176||485|
|Mattresses, fitted with springs or stuffed or internally filled with any material||204||126||161|
|Furniture of plastics (excl. seats & medical furniture)||13||2||48|
|Operating tables, examination tables, and other medical, dental, surgical or veterinary furniture||64||2||43|
|Articles of bedding and similar, fitted with springs/stuffed||28||47||43|
|Seats, with metal frames||353||122||39|
|Seats, convertible into beds||67||58||38|
Furniture Import tariff:
- With the India-ASEAN FTA in place the duties for all types of metal, wood and plastic furniture for offices and homes are in the 0% to 5% range.
- A majority of furniture movement takes place through the sea route and JNPT Mumbai accounts for about 39% of imports followed by ICD Tughlakabad (New Delhi) which account for 18% and about 11% of imports come through ICD Whitefield, Bengaluru.
Indian Décor Imports from Malaysia (In US$ Thousand)
|Glassware of a kind used for table, kitchen, toilet, office, indoor decoration or similar purposes||1104||591||913|
|Electric lamps and lighting fittings, n.e.s.||370||237||229|
|Parts of lamps and lighting fittings, illuminated signs and nameplates and the like, n.e.s.||13||33||218|
|Wooden frames for paintings, photographs, mirrors or similar||22||5||102|
|Wood marquetry and inlaid wood; caskets and cases for jewellery or cutlery, and similar articles, of wood; wooden articles of furniture||2||0||31|
Total Import Tariffs:
As India has an FTA with ASEAN Countries, the tariffs range around ~0-5% as below:
- Home Décor = 0-5%
- Lighting & Light Fittings = 0-5%
DOING BUSINESS IN INDIA - MARKET ENTRY
Options for in-market representation include appointing agents and distributors; setting up branch/ liaison offices; setting up joint ventures and local subsidiaries as well as exploring cross-border business via eCommerce.
Manufacturing in India either for exports/re-exports, or specifically for the domestic markets can also be undertaken with ease in Government FDI norms for investing in SEZs or entry via single brand retail.
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