The Furniture Market Of India To Create Great Opportunities For Asia Region
As per the projection made by Hong Kong Trade Development Council (HKTDC), the Indian furniture market is expected to grow up to $27 Billion by 2022. This means in the preceding period there will be an outstanding opportunities all over the Asian region.
Furniture exporters across the Asia have great prospects with demand expected to surpass the count of supply, as per the statement made by the HKTDC.
At present India is ranked 14th among the largest markets in the world. As per the data, in 2015 the value of the Indian furniture market was $18 Billion and now looking at its position in the listing it has grown drastically. With the supply of 75,930 Tons, country’s only single source of Indian imports for home furnishing and furniture was China, as per the research done by HKTDC research.
The second position was owned by Malaysia with 13,004 Tons, following with Italy that got placed third with 9,441 Tons.
The demand has impressively spurred for furniture in India. The consumers are curiously seeking more classy and realistic designs that help to uphold the import numbers in the sector.
In the fiscal year of 2015–16, owing to high demand about $1.49 Billion worth home-furnishing and furniture were imported.
Office furniture also plays a vital role in the drastically growing demand. It has also turned out to be the biggest importers of office furniture. The country accounts for one-fifth of worldwide imports in the sector, as per the report.
Looking forward on the forthcoming growth prospects, it is noted that Ikea, Swedish furniture maker, has declared its plans to setup its global manufacturing facility and make India its business hub for its products such as sofas and furniture.
Some of the other factors responsible for the growth of the furniture market are the growing spending abilities of the middle class society, inclination on superior and copious home interiors, and constant development of residential and corporate projects.
Availability of online platforms that deliver premium furniture at costumer’s doorstep with huge discounts has also increased the sale of the global furniture market.
However, various government implementing stringent regulations on trade fair has impacted the growth till some extent.