Indian Furniture Market Outlook
The Indian home furniture market is projected to reach $216.2 billion in 2021, witnessing an annual growth rate of 4.7% CAGR. A key segment of it, Seating and Sofas, is projected to reach $35.7 billion, representing 16% market share.
Growth across the sector has been fueled by several factors, namely:
Growing cityscapes
Production channels
Online credibility
Global trends familiarity
While COVID-19 has reduced customer spending power across industries and disrupted supply chains, it also has brought about shifts in customer behaviors and lead companies to consider product and delivery innovation. The pandemic has led to an uptick for the Indian Work From Home (WFH) Furniture Market, which is forecast to grow from $2.2 billion in 2021 to $3.5 billion by 2026. At a projected growth rate of 9.7% CAGR, WFH needs will likely shape the focus and attention of the furniture industry.
In late 2020, we launched a new range of modular sofas and seaters that are multifunctional and suit varied behaviors and comfort needs. New models we developed such as the Kodiak Comfort Swivel Chair, plush Lucia Sofa, or Emilia Modular Lounger, all provide new features that customers seek. As a lead sofa supplier serving many different customer channels, we foresee that people will continue working remotely even as they begin revisiting physical workspaces. By considering custom sofa requirements, we work closely with both dealers and directly with customers to develop their ideal seating arrangements.
*CAGR: Compound Annual Growth Rate refers to the mean annual growth rate of an investment over a specified period of time longer than one year.
Sources:
https://www.statista.com/outlook/17010100/119/seats-sofas/india
