Northern Region To Dominate India Furniture Market Till 2024 – TechSci Research
Rising middle class population, changing lifestyle and rapid urbanization to fuel India furniture market through 2024
According to TechSci Research report, “India Furniture Market By Supply, By Sector Type, By Type, By Product Type, By Point of Sale, By Raw Material Type, Competition, Forecast & Opportunities, 2024”, furniture market in India is projected to reach $ 31.6 billion by 2024, on the back of growing brand consciousness and increasing expenditure on furniture goods among millennials. Moreover, easy availability of furniture in various regions through the online platform is expected to boost sales of domestic furniture products across the country. Growing wooden industry and rapid urbanization are some of the other factors anticipated to positively influence India furniture market during forecast period.
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"India Furniture Market"
Home furniture category accounted for majority of the country’s furniture market in 2018 and is likley to maintain its dominating position in coming years, backed by growing demand for multi-functional furniture with various features such as maximum storage facility, stylish design and innovative space saving designs. In terms of material, wood accounts for the largest market share, owing to the aesthetic appearance and convenient maintenance of wood. Moreover, easy raw material availability is expected to enable the category to continue dominating the furniture market. Northern part of the country captured nearly one-third of the market in 2018, on account of rapid urbanization and growing corporate sector in the region.
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“Booming hospitality sector, easy availability of flexible loans, increasing number of household units and shifting consumer preferences towards modern furniture rather than traditional furniture are some of the major factors that would drive the market. Moreover, the latest trend of Do It Yourself is expected to have a positive impact on furniture market in India over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
According to TechSci Research report “India Furniture Market By Supply, By Sector Type, By Type, By Product Type, By Point of Sale, By Raw Material Type, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of India furniture market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India furniture market.