India Furniture Market Shipment Analysis
India Furniture Market registered a growth of 1.87% in value shipments in 2022 as compared to 2021 and a decrease of -7.19% CAGR in 2022 over a period of 2017. In Furniture Market India is becoming more competitive as the HHI index in 2022 was 1778 while in 2017 it was 3650. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on domestic production to meet its growing demand in Furniture Market.
India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Furniture Market in 2022 was 0.2 while in 2017 it was 0.53. China, Malaysia, Sri Lanka, Singapore and Italy were among the top players of the market in 2022, where China acquired the largest market share of 31.89% with a shipment value of 52.33 million USD in 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 China had the largest market share of 57.69% with the shipment value of 145.39 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As China price is lower than the average price, it provided a significant edge among other competitor in 2017.
India Furniture Market Synopsis
India is the second-largest consumer of furniture in Asia Pacific, with a large population and booming housing sector. In 2020, the Indian furniture market was valued at USD 30 billion and is predicted to reach USD 42 billion by 2026. This growth can be attributed to an increase in disposable incomes, urbanization and changing lifestyles among consumers as well as government initiatives such as Housing for All by 2022. The rising popularity of online furniture retailers has also had a positive impact on the industry’s growth.
Drivers of the Market:
• Increase in spending power – Rising disposable incomes have resulted in increased spending power amongst middle class households contributing to higher demand in India`s Furniture Market
• Urbanisation - Increase urbanization has led to more people shifting from rural areas towards cities which has resulted into more demand for quality household items like furniture products
• Government Initiatives - Government policies such as ‘Housing for All by 2022’ are expected to boost the residential construction industry which will result into more requirement of furniture
• Online Retailers – Growing popularity of online stores like Amazon & Flipkart have made it easier for customers to purchase high end products at competitive prices enabling them access better quality furnishings that were not easily available before
Challenges of the Market:
• High Prices - High cost associated with providing premium quality goods is one factor restricting penetration into semi-urban areas due increasing competition & need to maintain profit margin thinning profits margins
• Unorganized Sector – Presence of unorganized players who lack proper certifications required by regulatory bodies hinders entry of organized players thus limiting their potential revenue generation opportunities
Trends of the Market:
• Eco friendly Solutions - Growing awareness about sustainability amongst consumers opting for eco friendly solutions like bamboo or natural wood furnitures over fabrics or plastic based materials
• Increasing Competition – Entry new international brands together with local ones have raised product standards leading companies focus on R&D so as offer unique offerings catering needs varying segments.
Key Highlights of the Report:
- India Furniture Market Outlook
- Market Size of India Furniture Market, 2019
- Forecast of India Furniture Market, 2026
- Historical Data and Forecast of India Furniture Revenues & Volume for the Period 2016 - 2026
- India Furniture Market Trend Evolution
- India Furniture Market Drivers and Challenges
- India Furniture Price Trends
- India Furniture Porter's Five Forces
- India Furniture Industry Life Cycle
- Historical Data and Forecast of India Furniture Market Revenues & Volume By Material Types for the Period 2016 - 2026
- Historical Data and Forecast of India Furniture Market Revenues & Volume By Plastic for the Period 2016 - 2026
- Historical Data and Forecast of India Furniture Market Revenues & Volume By Wood for the Period 2016 - 2026
- Historical Data and Forecast of India Furniture Market Revenues & Volume By Metal for the Period 2016 - 2026
- Historical Data and Forecast of India Furniture Market Revenues & Volume By Other for the Period 2016 - 2026
- Historical Data and Forecast of India Furniture Market Revenues & Volume By Applications for the Period 2016 - 2026
- Historical Data and Forecast of India Furniture Market Revenues & Volume By Residential for the Period 2016 - 2026
- Historical Data and Forecast of India Furniture Market Revenues & Volume By Commercial for the Period 2016 - 2026
- India Furniture Import Export Trade Statistics
- Market Opportunity Assessment By Material Types
- Market Opportunity Assessment By Applications
- India Furniture Top Companies Market Share
- India Furniture Competitive Benchmarking By Technical and Operational Parameters
- India Furniture Company Profiles
- India Furniture Key Strategic Recommendations
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1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 India Furniture Market Overview |
3.1 India Country Macro Economic Indicators |
3.2 India Furniture Market Revenues & Volume, 2019 & 2026F |
3.3 India Furniture Market - Industry Life Cycle |
3.4 India Furniture Market - Porter's Five Forces |
3.5 India Furniture Market Revenues & Volume Share, By Material Types, 2019 & 2026F |
3.6 India Furniture Market Revenues & Volume Share, By Applications, 2019 & 2026F |
4 India Furniture Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 India Furniture Market Trends |
6 India Furniture Market, By Types |
6.1 India Furniture Market, By Material Types |
6.1.1 Overview and Analysis |
6.1.2 India Furniture Market Revenues & Volume, By Material Types, 2016 - 2026F |
6.1.3 India Furniture Market Revenues & Volume, By Plastic, 2016 - 2026F |
6.1.4 India Furniture Market Revenues & Volume, By Wood, 2016 - 2026F |
6.1.5 India Furniture Market Revenues & Volume, By Metal, 2016 - 2026F |
6.1.6 India Furniture Market Revenues & Volume, By Other, 2016 - 2026F |
6.2 India Furniture Market, By Applications |
6.2.1 Overview and Analysis |
6.2.2 India Furniture Market Revenues & Volume, By Residential, 2016 - 2026F |
6.2.3 India Furniture Market Revenues & Volume, By Commercial, 2016 - 2026F |
7 India Furniture Market Import-Export Trade Statistics |
7.1 India Furniture Market Export to Major Countries |
7.2 India Furniture Market Imports from Major Countries |
8 India Furniture Market Key Performance Indicators |
9 India Furniture Market - Opportunity Assessment |
9.1 India Furniture Market Opportunity Assessment, By Material Types, 2019 & 2026F |
9.2 India Furniture Market Opportunity Assessment, By Applications, 2019 & 2026F |
10 India Furniture Market - Competitive Landscape |
10.1 India Furniture Market Revenue Share, By Companies, 2019 |
10.2 India Furniture Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |
