DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/zw4khs/sectoral_capsule) has announced the addition of the "Sectoral Capsule- Furniture Market in India- A Snapshot" report to their offering.
The global furniture market is classified into - domestic furniture, office/corporate furniture, hotel furniture and furniture parts. Globally, domestic furniture accounts for the largest share of the market at 65 percent, followed by corporate/office furniture at 15 percent and finally, hotel and furniture accessories at 15 percent and 5 percent, respectively. According to a World Bank study, the Asian market will be the biggest consumer of the furniture industry. Hence, there's significant potential for growth in the Indian furniture sector.
The Indian furniture market is estimated at INR 887.50 million in FY2014. With a Compound Annual Growth Rate (CAGR) of 25 percent through FY2015-FY2019, it is estimated to reach INR 2,708 billion by FY2019. Rising proportion of working age population, increasing per capita income, nuclear families, rise of the consumer class, rapid urbanization and growth of the real estate sector are some of the contributors to this sector's growth.
The furniture market has witnessed significant changes in terms of consumer preference. The demand for luxurious living room sets, lavish bedrooms and stylish kitchens has increased rapidly. Growth in nuclear families has greatly contributed to this growth. There is a range of designer furniture options for customers to choose from.
The furniture sector in India accounts for a marginal share in the Gross Domestic Product (GDP), representing about only 0.5 percent. The segment is primarily dominated by the unorganised sector while organised sector accounts for only a miniscule portion.
Key Topics Covered:
Indian Furniture Industry
Household Furniture Market
Office Furniture Market in India
For more information visit http://www.researchandmarkets.com/research/zw4khs/sectoral_capsule
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