According to TechSci Research report, “India Home Furnishing Market– By Region, Competition Forecast and Opportunities, 2019-2029”. India Home Furnishing market has expanded significantly during the forecast period owing to the factors such as growing demand for decorative items and rising government initiative towards handloom products.
The home furnishing market in India has been growing rapidly over the past few years. It includes a wide range of products such as furniture, bedding, curtains, carpets, kitchenware, and home decor items. The increasing popularity of home décor items and growing demand for eco-friendly products have significantly surged the demand for home furnishing products in the country.
The India home furnishing industry is anticipated to grow at an impressive rate during the forecast period, owing to rising consumer interest in interior design and active participation in the decoration of their homes. Furthermore, consumers are influenced by the home style and lifestyle of certain influencers and actors, as a result of which they are willing to spend more on various designer and luxury home furnishings. Consequently, people are heavily investing in renovating and remodeling their respective homes with the latest interior design. Also, with the reduction in living spaces, Indian consumers are now seeking compact and easily movable furniture options that can accommodate their limited space availability. This shift in consumer preference has significantly contributed to the growth of the home furnishing market in India. Compact furniture allows individuals to optimize their living areas and adapt to their changing spatial needs, making it a popular choice among urban dwellers. The demand for space-saving furniture has spurred innovation and the introduction of versatile designs in the market, providing consumers with practical and functional solutions for their homes.
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The market is highly fragmented with many small and medium-sized players operating within the market. However, there are also some major players such as Welspun India Limited, Trident India Limited, and Reliance Industries Limited, etc. which own a significant share within the organized segment of this market. These companies are investing heavily in expanding their product offerings and increasing their presence in the market through advertising, promotional activities like marketing campaign, and prominent channels of distribution like online and offline channels.
The e-commerce industry has played a significant role in the growth of the home furnishing market in India. Online platforms such as Amazon, Flipkart, and Pepperfry have made it easier for customers to access a wide range of home furnishing products through internet usage from their respective homes. Additionally, the COVID-19 pandemic has accelerated the shift toward online shopping, which has further boosted the growth of the market.
The India home furnishing market is segmented into product type, distribution channel, and region.
Based on product type, the India home furnishing market is segmented into home furniture (bed, table, chairs, etc.), home textiles (carpets & rugs, cushions, etc.), and wall décor (scenic accent wall, rugged walls). Among these segments, the home furniture segment has a significant share of the market, and the segment is projected to grow at a significant rate during the forecast period due to the increasing usage and availability of designer home furniture products such as beds, tables, chairs, etc.
Based on distribution channels, the India home furnishing market is segmented into supermarkets/hypermarkets, specialty stores, online, and non-retail. Among these, the online segment is the fastest-growing segment in the market during the forecast period owing to the availability of heavy discounts on products on online websites and the rising number of e-commerce websites in the country.
Major operating companies operating in the India home furnishing market are:
- Welspun India Limited
- Trident India Limited
- The Bombay Dyeing & Manufacturing Co Ltd.
- Alok Industries Limited
- Himatsingka Seide Limited
- D’Decor Home Fabrics Pvt. Ltd.
- Bella Casa Fashion & Retail Limited
- Reliance Industries Limited
- Godrej & Boyce Manufacturing Company Limited
- Wakefit Innovations Private Limited
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“The home furnishing market in India has been growing rapidly over the past few years. The India home furnishing market includes a wide range of decorative and designer products such as bed linen, curtains, towels, cushions, table linen, kitchen linen, and carpets, among others. Factors driving the growth of the India home furnishing market include the rising popularity of trendy products, changing lifestyles and preferences, and a growing awareness of home décor and interior design. In addition, the home furniture segment is also witnessing strong growth, driven by factors such as rising residential complex construction activities, increasing consumer preferences for stylish, and comfortable furniture.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
India Home Furnishing Market Share By Product Type (Home Furniture (Bed, Table, Chairs, etc.), Home Textiles (Carpets & Rugs, Cushions, etc.), Wall Décor (Scenic Accent Wall, Rugged Walls)), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online, and Non-Retail), By Region, By Company, Forecast & Opportunities, 2019-2029F, has evaluated the future growth potential of the India Home Furnishing market and provides statistics & 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 andanalyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Home Furnishing market.
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