The India home furnishing market is expected to reach a value of around $5.29 billion by the end of 2018, and is estimated to grow at CAGR of 8% between 2013 and 2018. Key growth drivers in the India home furnishings market include growth in the retail industry, population growth, changing consumer dynamics in India and the rapidly growing textile industry.
With the increase in the number of working women in the country, increasing demand among the consumers to design their houses is creating an impulse among the consumers, which is helping the market for home furnishing to grow.
Global home furnishing market has witnessed ups and downs in the last few years due to 2009 euro crisis and its post economic crisis. The global market has been growing at a slower rate but with the rise in income of the consumers and changing lifestyle, the market is expected to grow at a higher rate in future. Europe accounts for the largest market for home furnishing followed by Unites States and Asia Pacific.
India home furnishing organized sector accounts for merely 6% of the market revenues and 94% of market is captured by unorganized companies. The organized sector comprises of big brand companies and international companies including Bombay Dyeing, Alok Industries, Welspun India, Kurlon, D Décor, Vishal Mart, Home Saaz, etc. Unorganized sector consists of small players with manufacturing varied products at a lesser price.
The domestic market for home furnishing has been increasing due to rise in disposable income and a jump in home furnishing retail chains. The Indian market for home improvement is dominated by unorganized sector due to more brand visibility, varieties and low prices. Bombay Dyeing and Alok Industries are the leaders in the organized market. The segments in home furnishing include bed and bath linen, curtains and upholstery, kitchen linen, blankets, carpets and rugs. In the near future, the market for curtains & upholstery and blankets & rugs will grow at a faster rate.For more information on the India home furnishing market, please click here: India home furnishing market
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