India Furniture Market Revenues to Reach USD 29.86 billion by 2029 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

India Furniture Market Revenues to Reach USD 29.86 billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

According to the latest research report titled, “India Furniture Market (2024 – 2029)” by Mordor Intelligence, the India Furniture Market is estimated at USD 17.56 billion in 2024 and growing at a CAGR of 11.20% during the forecast period. 

India has garnered global recognition for its distinct and exquisite furniture design, characterized by rich handcraft and captivating traditional artistry. The Indian furniture industry has evolved significantly over the years, transcending from basic chairs and tables to encompass a diverse range of interior furnishings such as wardrobes and sofas. Furniture holds a significant place in Indian households, symbolizing generations of cultural heritage. 

The expansion of the Indian furniture market can be attributed to several factors including the burgeoning middle-class population, increasing disposable incomes, and the rise of urban dwellings. While the market has traditionally been dominated by numerous small, unorganized local firms, organized players have made significant strides in recent years. 

Report Summary 

  • Market Size (2024): USD 17.56 billion 
  • Market Size (2029): USD 29.86 billion 
  • CAGR (2024 – 2029): 11.20% 
  • Study Period: (2020-2029) 
  • Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends    

Which are the Top Companies in the India Furniture Market?     

The Indian furniture market is fiercely competitive and fragmented, with a handful of major players such as Godrej, Zuari, Durian, Nilkamal, and Featherlite dominating the organized sector. Despite this, the market is ripe for new entrants due to relatively low barriers to entry. 

Prominent players in the India Furniture Market: 

  • Godrej Interio 
  • Zuari Furniture 
  • Durian 
  • Usha Lexus Furniture 
  • Damro 
  • Evok 
  • Ikea 
  • Hulsta 
  • Wipro Furniture 
  • Nilkamal Furniture 
  • Other Prominent Companies (Dynasty, Featherlite, Omfurn India Ltd, Pepperfry, and Urban Ladder, etc)* 

Other Reports that Might be of Your Interest 

  • Textile Home Decor Market Report: The Textile Home Decor Market size is estimated at USD 89.20 billion in 2024, and is expected to reach USD 109.21 billion by 2029, growing at a CAGR of 4.13% during the forecast period (2024-2029) 
  • Furniture Market Report: The Furniture Market size is estimated at USD 637.5 billion in 2024, and is expected to reach USD 823.75 billion by 2029, growing at a CAGR of 5.25% during the forecast period (2024-2029) 

Key Highlights from the India Furniture Market Report 

 

1. Residential Real Estate Sector Growth Fuels Market Expansion 

  • The expansion of the Indian economy has also boosted the demand for real estate and commercial buildings in the country. 
  • While residential building accounts for most of the real estate in India, commercial construction has increased to meet the growing need for office space.  
  • Because of the growing population and desire for cheap housing, the Indian residential real estate industry has been experiencing expansion.  
  • In recent years, major metropolitan areas, such as Delhi, Mumbai, and Kolkata, have seen an increase in demand for luxury housing complexes, such as villas, penthouses, and apartments. 
  • This has increased demand for furniture, such as sofa sets, dining sets, beds, and chairs, which is expected to continue to rise in future years. 
  • The home decor sector has benefited from the rise of the residential real estate industry over the previous few decades. 
  • The rise of this area is being driven by increased awareness among homeowners for fashionable interiors and beautiful indoors. 

2. Tourism and Hospitality Industry Propel Market Growth 

In the past decade, the Indian tourism industry has experienced significant and consistent growth. However, in 2020, due to COVID-19 travel restrictions, international visitor numbers plummeted by 75% to less than 3 million. In 2019, India welcomed 28.9 million tourists, including non-resident Indians, contributing to various sectors. Consequently, there is a surge in demand for hotel accommodations, driving the need for substantial hotel room expansions. This increased demand also extends to the furniture industry, particularly for hotel furniture. Projections by the Indian government indicate a potential market of 1.2 million cruise travelers by 2030-31, prompting investments such as the Dream Hotel Group’s plan to allocate approximately USD 300 million towards the Indian cruise industry’s development within the next 3-5 years. 

What are the Latest Developments in the India Furniture Market?    

  • In November 2023: Sheela Foam’s acquisition of Kurlon aims to consolidate the fragmented market of mattresses and foam-based products. This strategic move will also diversify Sheela Foam’s customer base, particularly into the Southern and Eastern regions of India.  
  • In March 2024: Ashley acquired Resident, a major furniture and bedding brand, along with its accessory brands such as Awara, DreamCloud, Nectar, and Siena, bringing them under new ownership. The acquiring company has a presence online and through physical stores at 1,125 locations across 67 countries. 

Mordor Intelligence Report on the India Furniture Market segments the market based on product type, application, and geography: 

  • By Material  
  • Wood 
  • Metal 
  • Plastic and Other Furniture 
  • By Type 
  • Home Furniture 
  • Office Furniture 
  • Hospitality Furniture 
  • Other Furniture 
  • By Distribution Channel 
  • Supermarkets/Hypermarkets 
  • Specialty Stores 
  • Online 
  • Other Distribution Channels 

In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the India Furniture Market. Get a glance at the India Furniture Market Report (2024 – 2029) 

About Mordor Intelligence 

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.  

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.   

Other Related Reports that Might be of Interest 

  • Office Furniture Market Report: The Office Furniture Market size is estimated at USD 65.02 billion in 2024, and is expected to reach USD 88 billion by 2029, growing at a CAGR of 6.24% during the forecast period (2024-2029) 
  • India Home Textile Market Report: The India Home Textile Market size is estimated at USD 9.60 billion in 2024, and is expected to reach USD 15.36 billion by 2029, growing at a CAGR of 9.84% during the forecast period (2024-2029) 

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