In recent years, the plea of traditional furniture has controlled to a growth in mandate for wood-based furniture. Sandalwood, Teak, ebony, sal, red cedar, walnut and rosewood are among of the most common woods used in Indian furniture. To react to swift changes in the furniture market, India's furniture market is transitioning from disorganized to organize. Expanding infrastructure development, combined with government assistance for housing projects, is projected to result in substantial market growth prospects. Due to increasing competition, there is a lot of low-cost wooden furniture available, which is driving up demand.
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According to NIIR PROJECT CONSULTANCY SERVICES (NPCS), India's furniture industry contributes only a little portion of the country's GDP, accounting for roughly 0.5 percent of total GDP.
Rise in Residential Sector: -
The residential sector drives demand for wooden furniture in India, owing to customers' desire to use wooden furniture in their homes for a variety of functions, including wardrobes, living room furniture, and home decor. This is swelling mandate for wooden furniture such as dining sets, sofa sets, beds, and chairs, which are likely to increase rapidly in the future years. Aside from that, demand for engineered wooden furniture is increasing in big cities like Delhi, Bangalore, Mumbai, and others. The residential real estate sector has also seen rapid growth in recent years, owing to rising population and desire for cheap housing, which is expected to boost demand for wooden furniture in the market.
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Plywood is Constituting Large Share: -
In India, plywood is the most popular wood for furniture production. It's a thin sheet of wood veneer that's used to make a manufactured wood panel. Plywood is a sturdy material that is widely used in the Indian wood furniture market for any furniture/wood panel application. Bamboo Material Boards and Veneered Boards, on the other hand, are fetching progressively prevalent in the Indian wood furniture market. The organized plywood market in India is dominated by Greenply and Century ply. Sarda plywood, Archid Ply, Uniply, and others are among the market's other players.
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Growth Factors: -
· Rapid pecuniary growth, more one-use income, and more inexpensive land availability will all contribute to the evolution of the wooden furniture segment. Furthermore, rising living standards and improved economic situations are driving up demand for wooden furniture. The industry's expansion is being aided by advanced interior designs for modern residential structures, as well as the availability of low-cost labour in emerging economies.
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· Government policies that favour market expansion, such as the execution of free trade agreements, have an impact on market growth trends. The demand for wooden furniture will be stimulated by significant growth in real estate and commercial building due to a good economic outlook, as well as a gradual shift in preference toward high-end imported furniture. The rise of the hospitality industry is likely to be aided by increased investment.
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Asia Pacific Arcade: -
Due to rising purchasing power, improved lifestyles, and fast urbanization, the Asia Pacific wooden furniture industry surpassed USD 205 billion in revenue in 2019. The regional penetration will be driven by the increasing influence of western cultures and traditions, altering consumer trends toward multipurpose furniture, growing popularity of modular kitchens and lighting, and the availability of raw materials. Furthermore, the manufacturing sector will benefit from sustained expansion and development in the real estate industry, as well as a rise in technical breakthroughs. The Asian Pacific labour industry has the expertise to easily copy high-end, pricey designs. Boosting timber product exports will help the sector grow. Bassett Furniture Industries Inc, Avy Interior Limited Company, and Ashley Furniture Industries, among others, are major players in the wooden furniture business.
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Global Market: -
In 2019, the market for wooden furniture was valued at USD 420.8 billion, and it is expected to rise at a stable CAGR of 5.7 percent from 2020 to 2026.By 2028, the global wooden furniture market is expected to be worth USD 309.99 billion. In the year 2020, the residential application dominated the market, with a market share of 68.55 percent.
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Conclusion: -
NPCS provides a complete project report with an extensive and dependable updating database that is cost-effective and custom-quoted and includes technology and market information.
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