Indian Home Furnitures Segment Witnesses Exciting Growth Prospects

When it is about fashion in home furnitures, retro trends seem to be making a comeback.

With so much of cultural diversity in our country, the options to choose from can be amazing. No wonder we see a vast array of furniture designs across states in India.

In any case, the Indian Furniture space is worth Rs. 350 billion today, with wooden home furnitures constituting the biggest segment. As per reliable data, the Indian Furniture segment constitutes roughly 0.5 percent of GDP.

Other interesting features of this segment are:

•    The furniture industry in India is highly unorganized, constituting more than 80% of the entire industry.
•    The organized sector, though smaller in comparison with the unorganized segment, is growing at an impressive 30 percent CAGR.
•    Imports are making its presence felt with a CAGR of 60 percent.
•    Wood is the predominant material used, with the prevalent types being Teak, Deodar, Sal, and Mahogany.
•    Household furniture designs are region specific.

India is also witnessing an increasing trend of imported furniture in affluent households.

IKEA, a world renowned Swedish company that designs and sells ready-to-assemble furniture, is strongly attempting to make its presence felt in India. The company famed for its modern architectural designs has made its impact with its eco-friendly interior designs.

However, even for a company like IKEA penetrating the Indian market would not be easy with the strong domestic organized and unorganized sectors posing stiff competition.

Companies like IKEA are eyeing the Indian market mainly because they want to offset stagnant growth in Western Europe and elsewhere. Moreover, India’s burgeoning middle, upper- middle, and upper classes are getting savvier in their choices of home furniture.

Gone are the days when interior design was the prerogative of the wealthy. The center class buoyed by rising income and better and trendier lifestyles bought on by inter-cultural impacts is spending more on home furnitures.

We are witnessing more furniture shops now than ever before. For home or office, custom or modular office furniture, Delhi and other major cities are awash with furniture manufacturers both in the organized and unorganized segments. 

With quality and styling uppermost on consumers’ minds, the competition among furniture players is stiff.

Furniture companies, which want to survive in the mid and longer term, must focus on employing innovative methods with no compromise in adhering to international standard specifications.

Space Group employs innovative methods to design office and home furnitures. Their proprietary “New Media Design” infuses dynamism into spaces. This leading manufacturer and supplier of custom and modular office furniture, Delhi and surrounding locations, has taken up projects for all industry segments.