Advanced technologies to boost sales
The Furniture Market in India would grow to US$61.09 billion by 2023, with 14.30% growth year-on-year growth, according to ResearchAndMarkets latest report.
It is expected to register a CAGR of 13.38% between 2018-2023, having reached US$32.61 billion in 2018, estimated the report “Furniture Market (Updated)” which was released on 3 May 2019.
Sales will be boosted by e-retail sector backed by high-speed internet networks, 4G, online retailers and smartphones. Encouraged by increasing sales, industry players are introducing their products through online channels.
Players such as Pepperfry, Urban Ladder and others are generating significant revenue through online platforms while manufacturers including Godrej Furniture and Nilkamal are selling through online space.
Offline retailer of readymade furniture products named @Home, which is a flagship brand of Nilkamal Pvt Ltd, has launched its online shopping portal for the exclusive range of @Home furniture, furnishings and home d’cor items.
Wooden furniture is expected to continue dominance with a CAGR of 11.32% during 2018-2023.
Growth of nuclear families and impact of western culture has affected the demand for wood furniture as customers are showing preferences for leather and glass products.
Residential segment accounted for US$20.65 billion furniture sales in 2018. The Indian residential furniture market is expected to grow at a CAGR of 14.16% in 2018-23. Its Y-o-Y growth rate is projected at 15.08% in 2023 as compared to previous year. Demand is drive by furnishing of urban houses.
The commercial sector furniture is expected to have a CAGR of 11.97% in 2018-2023. The non-contracting segment of the furniture is expected to grow at a CAGR of 13.32% with Y-o-Y growth rate of 14.17% in 2023.
Southern India continues to lead as revenue generator on account of expanding distribution network of furniture manufacturers in the region.
Kerala is among the major supplier of wood for the industry, which is made up by Nilkamal, Godrej and Boyce, Damro, Durian, HNI Corporation, Praxis Home Retail, Featherlite, IKEA, Wipro Enterprise, Forte Furniture Product, Furniturewala, Millenium Lifestyle, Urban Ladder, Pepperfry, Geeken and Evok. fiinews.com