Living Room Furniture - India

India

In the year 2024, the revenue in the Living Room Furniture market in India amounts to INR US$1.60bn.
It is projected that the market will experience an annual growth rate of 5.59% (CAGR 2024-2029).
When compared to other countries worldwide, in the United States generates the highest revenue in this segment, reaching a staggering amount of US$73,080m in 2024.
In terms of per capita figures, each individual in India contributes INR US$1.11 in revenue to the Living Room Furniture market in 2024.
India is experiencing a surge in demand for traditional and handcrafted living room furniture, reflecting the country's rich cultural heritage.

Key regions: China, Germany, Brazil, France, United States

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Analyst Opinion

The Living Room Furniture market in India has been experiencing steady growth in recent years.

Customer preferences: Indian consumers have shown a growing interest in transforming their living spaces into stylish and comfortable areas. As a result, there has been an increasing demand for modern and contemporary living room furniture. Customers are looking for furniture that not only provides functionality but also adds a touch of elegance to their homes. Additionally, there is a growing preference for furniture that is space-saving and multifunctional, as many Indian households have limited living space.

Trends in the market: One of the key trends in the Indian Living Room Furniture market is the rise of online retail. With the increasing penetration of the internet and smartphones, more and more consumers are opting to purchase furniture online. Online platforms offer a wide range of options, competitive pricing, and the convenience of doorstep delivery. This trend has significantly contributed to the growth of the market, as it has made furniture accessible to a larger customer base, including those living in tier 2 and tier 3 cities. Another trend in the market is the growing popularity of eco-friendly and sustainable furniture. Indian consumers are becoming more conscious of the environmental impact of their choices and are actively seeking furniture made from sustainable materials. Manufacturers are responding to this demand by offering a variety of eco-friendly options, such as furniture made from recycled materials or using low VOC (volatile organic compounds) finishes.

Local special circumstances: India is a country with a rich cultural heritage and diverse regional preferences. This diversity is reflected in the Living Room Furniture market as well. Different regions in India have their own unique furniture styles and designs. For example, in the northern part of India, traditional wooden furniture with intricate carvings is highly sought after, while in the southern part, furniture with a more contemporary design is preferred. Manufacturers and retailers need to understand these regional preferences and tailor their offerings accordingly to succeed in the Indian market.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Living Room Furniture market in India. The rapid urbanization and increasing disposable incomes of the middle class have played a significant role. As more people move to cities and their incomes rise, they are willing to invest in improving their living spaces. This has led to a higher demand for furniture and has fueled the growth of the market. Additionally, the government's focus on affordable housing and the implementation of policies such as "Housing for All" have also contributed to the growth of the Living Room Furniture market. These initiatives have led to an increase in the number of housing projects, which in turn has created a demand for furniture. In conclusion, the Living Room Furniture market in India is experiencing steady growth due to the changing preferences of customers, the rise of online retail, the demand for eco-friendly furniture, and the underlying macroeconomic factors such as urbanization and government initiatives. Manufacturers and retailers need to adapt to these trends and cater to the diverse regional preferences in order to succeed in this market.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.