The latest report by IMARC Group, titled “India Home Furnishing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the India home furnishing market is expected to grow at a CAGR of 8.77% during 2022-2027. Home furnishing is the aesthetic designing of the interior and exterior of space with the help of furniture, appliances, rugs, cooking utensils, built-in ovens, art objects, wall-to-wall carpeting, and dishwashers. They are used to uplift the ambience and appeal of different spaces such as the living room, dining room, and bedroom. Home furnishing is an effective way of portraying the lifestyle that consumers believe in. In India, home furnishing is gaining prominence among individuals due to the rising availability of affordable furnishings and product innovations.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Home Furnishing Market Trends:
The market is primarily driven by the expanding interior design businesses, and rapid globalization and urbanization trends that have facilitated a variety of home furnishing choices and designs for the consumers. Homeowners are realizing the need for home furnishings to make their homes more attractive and organized, thus fueling the market growth. In addition, the rising environmental awareness among consumers has shifted their preferences toward eco-friendly home furnishing products. Besides this, the inflating disposable incomes and changing consumers' lifestyle choices are escalating the product demand across the country. Furthermore, the significant growth of the e-commerce industry, growing internet penetration and rising reliance on smartphones, tablets and laptops are also facilitating the market growth. The Government of India is also introducing campaigns, such as Make in India, that minimize exports and encourage domestic manufacturing of home furnishing products while providing employment opportunities to its citizens. They are also implementing the Amended Technology Upgradation Fund Scheme (ATUFS), which is catalyzing capital investments for technology upgradation and modernization of the textile industry. Moreover, manufacturers are developing eco-friendly products that have a low-key impact on the environment, creating a positive outlook for the market.
- Based on the product, the market has been segmented into home furniture, home textile, wall décor, and others.
- On the basis of the price, the market has been classified into mass and premium.
- The market has been categorized based on the distribution channel into supermarkets and hypermarkets, specialty stores, online stores, and others.
- Region-wise, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been examined in the report, with the detailed profiles of the key players operative in the industry.
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