How is the Online Furniture & Home Décor Market Positioned in India?
Overview: The Indian Furniture Market stood at ₹ ~ Cr in FY’2022. The growing middle-class population, rising disposable income, and the growing number of urban homes have contributed to the expansion of the Indian furniture market. The industry is still largely inward-looking and highly fragmented, with unstructured businesses accounting for over >80% of all manufacturers in 2021. However, organized players have increased their contribution to the Indian furniture sector during the previous decade. There are ~30 major furniture clusters in India, mainly spread across tier 2 and tier 3 regions. These clusters offer authentic, indigenous furniture items and contribute substantially to their local economies. Furniture brands are looking to enhance their presence with local distribution tie-ups and stand-alone stores across major cities. Imports account for a major share of the products marketed to the Indian society’s upper-middle and higher-income classes. Some of the leading import partners for furniture materials include countries such as China, Malaysia & Italy.
The furniture market has witnessed tremendous growth in online order due to the pandemic and lockdown. The Covid-19 pandemic especially led to an impact on the furniture suppliers in the market causing manufacturing disruptions further impacting the market in FY21. It has pushed many retailers to shift from traditional brick-and-mortar stores to the online space. While factors, such as increased broadband connectivity, smartphones, and the rise of digital economy provide strong supporting infrastructure, e-retailer innovations utilizing emerging technologies, such as artificial intelligence and augmented reality, have further aided the growth of newer categories on the ecommerce platform. Vertical players, Pepperfry and Urban Ladder, as well as horizontal marketplaces, Amazon and Flipkart, have been beefing up their capacities to better tap this category.
Customers may now browse a huge variety of furniture products from anywhere and at any time, thanks to the introduction of online furniture merchants. There has been an increase in demand for modular, multifunctional, and personalized furniture.
India Online Furniture & Home Décor Market Segmentation, FY’2022
By Product Category
Furniture items constitute significant share in the online retail market of India in terms of sales revenue in the year FY’2022. One of the primary factors driving the growth is the work-from-home culture adopted by the corporates.
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By Furniture Items
Beds contributed ₹ xx Cr revenue in FY’22 and are dominating within the online furniture sales as the number of households are increasing and the average ticket size is comparatively very high.
By Home Décor Items
In terms of home décor items, textiles have captured the majority of the market share.
By Region
Tier 1 cities dominate the online furniture and home decor sales in India as the population in these cities is most tech savvy.
By Usage
Online sales for personal usage have dominated the market in the previous few years.
Competitive Landscape of India Online Furniture & Home Décor Market
The competition in the online furniture & home décor market in India is fragmented wherein horizontal e-commerce platforms hold the majority of the share in the market. Among the pure play companies, there exists intense competition in the market among the leading players which include Pepperfry, HomeTown, Home Centre, @Home by Nilkamal, Godrej Interio, Urban Ladder, IKEA and few others. The top 4 pure play companies contribute to a market share of less than ~%. Product categories, number of merchants, quality of products, delivery time, offers & discounts, delivery areas, pricing, revenue, conversion rate, etc. are the key competing parameters for the online furniture & home décor players.
India Online Furniture & Home Décor Future Market Outlook & Projections
Over the forecast period, India online furniture & home décor future market is expected to drive up the demand because of massive underlying development in e-retail, e-commerce and supply chain of furniture in India. Expected surge in internet penetration, growing demand from Tier 2 and Tier 3 cities would also provide the boost to the market. Due to the Covid-19 outbreak, there has been a shift from offline sales to online sales, which is expected to ensure substantial growth in the future as well. The online retailing market in the country is expected to grow on the back of new technologies such as 3D modelling, augmented reality, artificial intelligence, which will be explored to increase efficiency, improve customer experience and enhance service quality.
Key Segments Covered:-
By Product Category
Furniture
Furnishings & Home Decor
By Furniture Items
Beds
Sofa Sets
Dining Furniture
Chairs & Tables
Others
By Furnishings & Home Décor
Textiles (Linen, Curtains, Cushions & Covers)
Table Décor & Wall Décor
Mattresses
Lighting
Others (Spiritual, Flooring, etc.)
By Region
Tier 1
Tier 2
Tier 3
By Commercial/Personal Usage
Personal
Commercial
India Online Home Décor Market Companies Covered:-
Pepperfry
Home Town
Home Centre
At Home by Nilkamal
Godrej Interio
Urban Ladder (Reliance Retail)
IKEA
Space Wood
Durian
Key Target Audience:-
Online Home Décor Companies
E-Commerce Marketplace Platform
Retail Companies
PE and VC Firms
Time Period Captured in the Report:-
Historical Period – FY’2016-FY’2022
Forecast Period – FY’2022-FY’2027
Key Topics Covered in the Report:-
India Furniture & Home Décor Market Overview
Key Furniture Manufacturing Clusters
India Online Furniture & Home Décor Market Overview
India Online Furniture & Home Décor Market Size
India Online Furniture & Home Décor Market Segmentation FY’2022
India Online Furniture & Home Décor Market Growth Drivers
India Online Furniture & Home Décor Market Trends & Developments
India Online Furniture & Home Décor Market Government Role and Initiatives
India Online Furniture & Home Décor Market Logistics Constraints
India Online Furniture & Home Décor Market SWOT Analysis
Competitive Landscape of India Online Furniture & Home Décor
India Online Furniture & Home Décor Market Cross Comparison
India Online Furniture & Home Décor Future Scenario
Future Market Size and Segmentations, FY’2022-FY’2027F
Covid-19 Impact on India Online Furniture & Home Décor
Analyst Recommendations
Case Studies
For More Information on the research report, refer to below link:-
India Online Furniture and Home Décor Market
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