Introduction-
The future of furniture business in India is wonderful and is expected to grow in the future. The demand of furniture in India is increasing, and the industry is expected to grow at a compound annual growth at a rate of 7.5% between 2016 and 2021.
India is the fifth largest producer at a global level and the fourth largest consumer of furniture. The growth of the furniture industry has been driven by the increasing population, rising urbanization and the growing middle class.
Increasing Demand of Furniture-
The furniture business in India is expected to grow significantly in the coming years. The demand of furniture is increasing steadily, as more and more people are moving into urban areas and buying homes. The government is also investing heavily in the furniture sector, as part of its Make in India initiative. The future of furniture business in India looks bright. There are a number of factors that are driving growth in the sector. Firstly, the increasing urbanization and middle class population is resulting in a growing demand for furniture. Secondly, the government investing is heavily in the furniture sector as part of its Make in India initiative. This is expected to create a large number of jobs in the sector and lead to further growth. There are a few challenges that the furniture sector faces as well. The biggest challenge is the lack of skilled labor. There is a need for trained carpenters and other craftsmen who can create high quality furniture. Additionally the furniture sector is also facing competition from imported furniture. However despite these challenges, the future of furniture business in India looks bright.
Demand of Modular and Customize Furniture-
The popularity of modular furniture has been on the rise in recent years. This is due to the many benefits that it offers. Modular furniture is very versatile and can be used in a variety of settings. It is also very easy to customize, which makes it a great option for those who want to create their unique style. There are a number of reasons why people are choosing to buy modular furniture. One of the main reasons is that it is very affordable. This type of furniture is very easy to assemble and disassemble, which makes it very convenient for those who move often. Another reason why modular furniture is so popular is because it is very easy to maintain. This type of furniture is very durable and can last for many years with proper care. If you are looking for latest furniture you can search online location wise, such as ‘Modular Furniture in Delhi’, or ‘Modular furniture in Gurgaon’, there are a number of reputed companies in all over India that sell this type of furniture. You can easily find a variety of styles and designs to choose from. You can also find a number of different sizes to fit any space. Whether you need furniture for your home or office, you can find what you are looking for with modular furniture.
Growing Furniture Industry in India-
Indian furniture market was US$ 17.77 Billion in 2020 and will rise to USD 37.72 Billion by the end of the year 2026, growing at a double digit CAGR of 13.37% during 2020-2026. This market is driven by various factors such as rising disposable incomes, growth of real estate and hospitality industries and demand for luxury and premium furniture from certain consumer sections. Additionally increasing government investments in infrastructural development is contributing towards demand for the residential and commercial sector can propel product demand in the near future. Demand for versatile and multi-functional products that offer portability and can easily be accommodated in small spaces is also driving the market. Rising number of nuclear families is increasing resulting in demand for portable and space-saving products. Furthermore, purchasing furniture has become easier due to the availability of online platforms. This factor will be resulted the furniture market growth in the forthcoming years. Pepperfry, FebFurnish and Urban Ladder are some of the popular online platforms for buying furniture in India. This trend is being driven by the desire for more stylish and unique homes, as well as the need for furniture that is better suited to the smaller appartments that are becoming more common in the city. There are a number of companies that offer modular furniture in India and the competition among them is fierce.
Furniture not only supports and enables basic everyday functions such as sleeping and eating but has also been considered as an essential element for home decor.