A Report on the Indian Furniture Market
Furniture report
Furniture Market – 70% Domestic 20% Office 10% Other
Some of the most prominent players in the premium furniture industry are now focusing on Noida-Greater Noida, Faridabad and Gurgaon for both home and office furniture. Names like Ebony Gautier, Evok, Durian, Godrej Interio, Natuzzi and Stanley feature in this coveted list of premium brands. The target group for these brands is the high net worth individuals (HNIs) who travel around the world and have been exposed to better lifestyle.
International consulting firm Technopak Advisors estimates the furniture market in India is likely to witness a whopping CAGR of about 30 percent over the next three years.
The organized segment, which comprises mainly imports and a few Indian manufacturers, are mostly into the office furniture segment accounting for about 15-20 percent of the total pie.
A major chunk of the organized imported segment (80 percent) comprises home furniture. The organized sector has shown a growth of about 13-15 percent last year and is expected to grow even more.
SWOT FOR FURNITURE: -
Strengths: * Increasing demand in modern, clean, minimalist designs * Highly educated, skilled, young, capable & dynamic human resources * Established branding, tradition * Diversity vs. Ideas (Innovation, Integration) * Big democracy= big market & free media
Weaknesses: * Inefficient stock control * Lack of trust in external organizations * Fear of sharing knowledge & taking risks * Lack of effective & execution framework * Industry has slow of innovation & change * Lack of quality awareness
Opportunities: * Big potential market in Design sector & emerging new market segment in Services * Lower labor costs in outsourcing * Research & Development capability *
Furniture Market – 70% Domestic 20% Office 10% Other
Some of the most prominent players in the premium furniture industry are now focusing on Noida-Greater Noida, Faridabad and Gurgaon for both home and office furniture. Names like Ebony Gautier, Evok, Durian, Godrej Interio, Natuzzi and Stanley feature in this coveted list of premium brands. The target group for these brands is the high net worth individuals (HNIs) who travel around the world and have been exposed to better lifestyle.
International consulting firm Technopak Advisors estimates the furniture market in India is likely to witness a whopping CAGR of about 30 percent over the next three years.
The organized segment, which comprises mainly imports and a few Indian manufacturers, are mostly into the office furniture segment accounting for about 15-20 percent of the total pie.
A major chunk of the organized imported segment (80 percent) comprises home furniture. The organized sector has shown a growth of about 13-15 percent last year and is expected to grow even more.
SWOT FOR FURNITURE: -
Strengths: * Increasing demand in modern, clean, minimalist designs * Highly educated, skilled, young, capable & dynamic human resources * Established branding, tradition * Diversity vs. Ideas (Innovation, Integration) * Big democracy= big market & free media
Weaknesses: * Inefficient stock control * Lack of trust in external organizations * Fear of sharing knowledge & taking risks * Lack of effective & execution framework * Industry has slow of innovation & change * Lack of quality awareness
Opportunities: * Big potential market in Design sector & emerging new market segment in Services * Lower labor costs in outsourcing * Research & Development capability *