The country’s furniture industry is projected to cross USD32 billion by year 2019. The country’s furniture market is expected to grow at a rapid pace due to rising disposable income, expanding middle class and growing number of urban households. In addition, the anticipated rise in tourism and hospitality sectors is also expected to spur the furniture demand in the country through 2019.
Uttar Pradesh, Kerala, Punjab, West Bengal and Andhra Pradesh are the major suppliers of wood, which is the most widely used raw material in the country’s furniture market. Home furniture market is expected to witness fastest growth over the next five years, followed by office and institutional segments. Major organized players such as Godrej Interio, Durian, Wipro, Evok and Nilkamal are expected to outperform during the next five years due to their diverse product range, expanding distribution network and exclusive outlets.
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INDIAN INDUSTRIES |
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INDIAN furniture Industry AT A Glance IN 2015 - 2016
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