Furniture Industry In India 2017

The market is expected to grow annually by 5 1 cagr 2020 2023.

Furniture industry in india 2017.

Indian furniture industry is considered as a non organized sector with handicraft production accounts for about 85 of the furniture production in india. Revenue in the furniture market amounts to us 205 052m in 2020. India which ranked 10th in 2008 represents currently the 4 th furniture market among the main furniture markets of the world. Furniture making in india is heavily influenced by the country s art and literature.

Furniture making was. In the indian context players are actively engaged in each of these activities. Chart 2 turnover by category 2012 2017 lcu million chart 3 turnover by category 2017 2022 lcu million chart 4 profit and profit margin 2012 2017. The furniture market centers on different movable.

The perception and outlook of the industry also needs to change. Increasing number of hotels along with growing tourist footfall are anticipated to boost the demand for furniture from hospitality industry during forecast period. Industry datagraphics including production data exports industry cost structure and profitability. The indian furniture industry covers the entire gamut of activities from sourcing manufacturing and distribution to sales and after sales.

The empires and the kings from southern india are the primary patrons. India furniture market stood at 21 billion in 2018 and is projected to grow to over 31 billion by 2024 exhibiting a cagr of around 7 during 2019 2024 on account of growing real estate and hospitality industries. Various types of raw materials are used for furniture making in india. The market growing annually at an average rate of 7 has reached in 2018 a new peak of more than 15 billion us.

Furthermore increasing investments in healthcare and hospitality industries by public as well as private entities is forecast to boost the demand for furniture in india during 2017 2022. The furniture in india report includes. Furniture making has been practiced in india since 1336 ad during the vijayanagar empire. The bulk of the market goes to the unorganised sector.

The furniture sector only makes a marginal contribution to the formation of gdp representing just a small percentage. India has a long and rich history as far as wooden furniture is concerned. The furniture and home décor industry in india is largely unorganised which is a major hindrance for its growth.