The global pandemic has left an impact on the people and business in certain damaging ways. It has made the industries go through a tough patch of time experiencing uncertainty in jobs due to salary cuts, layoffs, unpaid leaves, etc.
Before the lockdown, the Indian economy was expected and supposed to see exponential growth. This speculation was based on the changing buying behaviour of the consumer when it came to purchasing furniture or other necessities. The demand for rental furniture was on the hike making people choose to rent the furniture rather than buying it. But, with the global pandemic, even the furniture industry was impacted.
But the culture of Work from Home adapted and implemented by the companies in India have revived the growth of Furniture market. Making people buy more and more comfortable furniture to work effortlessly at home.
Overview of Indian Furniture Industry
Furniture generally refers to movable/immovable objects that support various human activities such as seating, eating, sleeping and majorly working on the desktops, laptops, etc. They are used to hold objects at an appropriate height for work or to store things.
The popularity of home/traditional furniture has strengthened the demand for its manufacturing in India. Over the past years, the utilization of wooden furniture at home has increased. Apart from this, the demand for engineered wood furniture is rising significantly in metro cities and other places too. The reason behind is the rising popularity of ready to assemble work like home furniture in these cities.
Adding more to it, the demand in India for modular furniture is growing exponentially. The development in the housing sector is changing the living standards of the population. The growing trend of home décor and home furnishing with innovative and stylish furniture is the major factor behind the growth of the furniture industry in India.
There are more than a few numbers of market players in the furniture industry. Organizations like Featherlite, Godrej, Durian, and others have a good market presence in the Indian furniture industry.
Forecast and Market Size of Furniture Industry
India furniture market growth is driven by various factors such as rising demand for state of the furniture among the population living in urban cities and fancy seating furniture. The market is forecasted to expand at a rate of 12.91% during the period of 2016-2023.
Moreover, the rising growth of the furniture industry in India compensates the price of furniture. On the basis of these likeable factors, the furniture industry is expected to propel in India. Further, the rising trend of online Various furniture companies such as Woodenstreet, Furniturewalla, Pepperfry, Rentomojo, Urban ladder and others are creating huge demand from these online channels.
The demand for moderate plastic furniture is increasing in the commercial sector. In addition to this, these growing numbers of small and medium businesses further boost the demand for low-cost plastic furniture products. It is believed to foster the growth of the Indian furniture market over the forecast period.
Current scenario of Furniture Market
The furniture buying and rental industry are trying to make the best of the challenging circumstances. With the evolving environment, the furniture industry can speculate online selling and buying through digital marketing to be the key to any industry’s success, giving opportunities to the furniture rental startups.
The basic need of the situation for the Furniture market is to develop an active supply chain response plan to alleviate the risk that the COVID-19 outbreak has caused.
The furniture industry will have to look at various aspects like creating and anticipating new demands through social media, creating campaigns that focus on the industry as a support product rather than an asset, response with risk transparency, analyzing product capacity, need and optimization, logistics capacity, prior booking, route optimization, and supplier management.
Demand and Future of Furniture Market
The new normal work from home has created a huge demand in the market for work from home furniture, helping the furniture rental industry to begin with the business establishment. The furniture in this sector includes desks, chairs, comfortable seating, and multipurpose household furniture.
The furniture industry witnesses a spike in demand for multifunctional furniture as one of the prime reasons driving the work from home furniture market growth. As people are habituated to work on a proper setup with desks and chairs. The new form of working has a high possibility to make people tired and get distracted. Almost 90% of the Indian companies have asked their employees to work from home, this situation is expected to go on the entire year, and furthermore.
India Work From Home furniture market is speculated to grow from a $2.22 billion in 2021 to $3.49 billion by 2026 majorly on a rising number of companies providing an option of working from home to their employees adopting cloud-based solutions.
Consumer preference for premium quality products, increasing urban population, and rising disposable income are a few other factors that are positively influencing the furniture market. It will change the lifestyle of consumers, especially due to lockdown, are some the major factors of Work From Home furniture industry in India.
The India Work From Home furniture market is segmented into Furniture Retail Outlets account for more than 70% of the market share in India WFH furniture market in 2020. The Furniture Market by Competition, Forecast & Opportunities has evaluated the future growth potential of India till 2026.
The Work from Home furniture is an aspect of creation for the rental industry. The market is also anticipating the future of the furniture industry as people are becoming more aware of their home furniture layouts, being able to spend maximum time at home.