Indian economy is expected to be US$ 5 Trillion economy by the year 2025
India is an emerging superpower, growing with one of the fastest growth rate in the world. Indian economy is expected to be US$ 5 Trillion economy by the year 2025, with this rapid growth rate each industry is expected to boom including the furniture industry in India. The rising middle class with a growth in the disposable income of over a billion people are propelling India furniture market to be more than US$ 27 Billion according to Renub Research analysis. The growing demand for furniture in residential/home furniture, office and hospitality is a major factor for this year on year growth. When buying home furniture homeowner and senior family member take the decision, for commercial spaces like office and hotels decision of interior designers and architects is preferred.
Beds, wardrobes/storage, sofas are among the high selling furniture items in the country. A higher percentage of the Indian furniture industry is un-organized as most of the population lives in rural and semi-urban regions, major key players can capture this un-organized market by increasing brand awareness and providing quality furniture in affordable price. Some furniture companies are also providing online shopping methods, as online shopping is growing in India due to digitalization and increasing number of Smartphone encouraging consumers to shop online. Offline mode (Through shops) is still the most favored when shopping for furniture in India.
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Wood is the preferred choice for raw material among all others like plastic, metal, cane & bamboo, etc. Traditional methods and popular wood types like Teak, Walnut, Sandalwood, Sheesham, Deodar, Ebony, Sal, Rosewood, Redwood, Red Cedar are the first choices of Indian consumers. Teak is having almost 50% of wooden furniture produced in India and Bamboo Material Boards (BMB) are being used in place of plywood. Various Indian companies are trying to get a significant market share in India furniture market. Currently most of the India furniture market is un-organized sector in India. Foreign companies are investing heavily to capture the much lucrative India furniture market by fulfilling the rising demand.
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