Online furniture marketplace, pvt labels & multi-functional furniture to drive market growth: Research

New Delhi, Apr 14 (KNN) Rising popularity of online furniture marketplace and private label goods sales along with customer preference to buy multi-functional furniture will drive the market growth, according to Ken Research.

Ken Research recently announced its latest publication – ‘India Furniture Market Outlook to 2020 – Advent of E-Commerce Retailers and Preferences towards organised furniture brands to fuel growth,” which provides a comprehensive analysis of the furniture market in India.

The report focuses on the organized residential and non-residential market, covering aspects such as overall furniture market, organized home furniture market, segmentation of organized home furniture market by product categories, regional sales, target group, age group, city wise home furniture sales, by distribution channel and by material categories.

Among other findings of the research are that future growth of India furniture market is expected to be led by expansion of branded players in tier 2 and Tier 3 cities through online mode, higher R&D investment, and growth in real estate projects and rise in young working population with nuclear families.

It also revealed that the dominating furniture market players in organized sectors are Godrej Interio, Nilkamal, Durian, Damro, Home Town, Home Centre and others; and that online furniture players such as Pepper fry, Fab furnish, Urban Ladder and others are expected to compete with other players in the overall India Furniture market.

The report also covers extensive analysis on customer preferences in India home furniture market, along with the trade scenario of furniture in India, detailing the competitive landscape of major organized furniture manufacturers and retailers with their detailed company profile.

The online space of furniture in India has been separately covered in the report with their business model, operating model along with margins. The future analysis of overall home furniture market and by segments has also been discussed in each of the sub segments.

Furthermore, the report also provides coverage on children’s furniture market, modular kitchen market, mattresses market. In addition, it provides detailed information on the investment required to set up furniture manufacturing plant in India, with detailed profitability analysis.

The report is useful for furniture exporters, retailers, manufacturers and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.   

Home furniture market of India has observed a steady evolution over the past decade with a shift in customer perception to choose organized brands instead of developing furniture products from carpenters. The increase in knowledge about designs, wood materials and pricing schemes has propelled the Indian customer to choose more branded products. (KNN Bureau)