According to the latest research report released by TechSci Research, the Indian furniture market is supposed to cross the USD32 billion mark by 2019. There are many reasons for this rapid growth. Some of them include the rising disposable income, growing number of urban households, and the expansion of middle class in the country. The increase in tourist arrivals and the expansion in the hospitality segment are also considered reasons for the rise. This article provides information on the Indian furniture industry trends in 2017.
As per the report, wooden furniture will continue to dominate the Indian furniture industry in 2017 and beyond. The home furniture segment is expected to see the fastest growth over the next couple of years. This will be followed by the office and institutional furniture segments. The major players in the industry are expected to play the biggest part in this regard. Some of the major players in the furniture industry include Nilkamal, Evok, Wipro, Durian, and Godrej Interio. The diverse product range and expanding distribution network of these companies play a big part in the expansion of their markets. On the other hand, there is an increasing number of domestic players and international home builders entering into partnerships with foreign furniture manufacturers in order to improve their product design and quality over time.
The western and southern regions of India are expected to be the major revenue generators in the furniture industry in India. This is due to the expanding network of furniture manufacturers in these regions. In fact, Punjab, Andra Pradesh, West Bengal, Kerala, and Uttar Pradesh are the major wood suppliers in the country. Wood is the most popular raw material used in the furniture industry in India.
The recent growth in employment opportunities in India has helped increase the purchasing power of the Indian consumer. This will definitely boost the demand for standardized as well as designer furniture in the country. There are several new players who plan to enter the furniture market in 2017 due to the low entry barriers in the industry. On the other hand, the online furniture market is also booming in India. PepperFry, Urban Ladder, and Fabfurnish are ruling the online furniture market for some time. There are many new entrants who have entered the market recently. This number is supposed to grow in 2017 and beyond. These are some of the most important facts of the Indian furniture industry trends in 2017.
The Indian furniture market is supposed to grow on a rapid basis in 2017 and beyond. The latest statistics support this claim. In fact, TechSci Research released a report recently predicting that the industry would reach the USD32 billion mark by the year of 2019. The growing middle class and job opportunities in the country are cited as the main reasons for this growth. There are many leading players in the furniture industry already. New players are entering the market like never before. The above mentioned article provides information on the Indian furniture industry trends in 2017.