India's furniture industry is growing rapidly and has enormous promise in the future. Don't hesitate to make a significant contribution to a rapidly expanding field by immersing yourself in it.
What are the future prospects in the furniture industry?
New Delhi,UPDATED: Feb 28, 2024 14:10 IST
Almost 65% of Indian furniture is made of wood. The need for wood in India's furniture manufacture has increased due to the appeal of traditional furniture. The use of wooden products in the home has grown over the past few years as people have started using wood for various purposes, including as decoration and pantry outfitting. In addition, metro locations such as Bangalore, Delhi, Mumbai, and other major cities are seeing an increase in the demand for designed wood furniture. The reason for this is that in these metropolitan settings, ready-to-assemble furniture is becoming more and more popular. The customer finds it easier to purchase furniture products when created wood furniture is available through many delivery channels.
The following tips are given by RaghunandanSaraf, Founder and CEO, Saraf Furniture
FUTURE ACROSS MANY INDUSTRY VERTICALS
In the upcoming years, there is a huge possibility for growth in the furniture sector. You can check out the following profession verticals that are progressively gaining prominence in the market.
- Product Manager
- A sales manager and team
- Logistics and warehouse management; - Furniture designer
- Human resources
Various graduate programmes are provided by esteemed private institutions around the country to prepare you for a variety of special industry positions.
CAREER IN THE FURNITURE INDUSTRY: BEST OPTION OF THE DECADE
The furniture industry requires a harmonious combination of design, artistry, and flair. A career in the furniture sector was formerly thought to be simply a myth in India; however, leading furniture companies list more than 500 jobs daily on various job portals.
This sudden rise in positions supports the fast development potential of the organised and unorganised furniture markets in the upcoming years. There are several work opportunities available today in a variety of industries, including the furniture industry.
There has been a noticeable increase in furniture companies' employment recently, particularly in positions such as designer, sales manager, product manager, and so on. Consequently, if furniture is your job option, the future seems good.
KEY SKILLS REQUIREMENTS:
You need to have specific skill sets to function well in the sector. These are the essential abilities that you need to possess.
- Look for special and valuable patterns
- Ability to sketch - Prompt Design Skills
- Improved comprehension of furniture design, practical space, and floor plans
- A creative disposition - An understanding of the industrial production system
- Effective presentation quality
- Complete knowledge of 3D design software
FACTS AND FIGURES YOU MUST CONSIDER WHILE PLANNING A FUTURE IN THE INDUSTRY:
The worldwide furniture market is forecast to be worth $1.1 trillion, while the domestic Indian furniture market is predicted to develop at a compound annual growth rate (CAGR) of 12.91% between 2020 and 2024.
The Indian government wants to raise the manufacturing sector's GDP share to 25% by 2025 as part of the Made in India plan. To further promote the sector's expansion, the government allowed 100 per cent FDI in contract manufacturing through the automatic method in August 2019.
Because of the growing working class, the number of metropolitan families, and the rise in disposable income, the nation's furniture market is expected to grow quickly.
With 17% of global furniture imports in 2004–05, India was the largest importer of furniture. During this time, 10,476 importers shipped furniture to India.
In a world where things are always changing, stay up to date on plans and trends related to people's furniture demands. A compelling and distinctive design is largely influenced by its look and functionality.
The following tips are given by RaghunandanSaraf, Founder and CEO, Saraf Furniture
Published By:
Megha Chaturvedi
Published On:
Feb 28, 2024
FAQs
The global furniture market is expected to grow from $541.52 billion in 2023 to $780.43 billion in 2030 at a CAGR of 5.36%. That's a healthy level of consumer spending, driven by a healthy interest in home renovation and using furnishing to make a house feel like a home.
What is the future of furniture business? ›
The worldwide furniture market is forecast to be worth $1.1 trillion, while the domestic Indian furniture market is predicted to develop at a compound annual growth rate (CAGR) of 12.91% between 2020 and 2024.
What will furniture be like in the future? ›
Sustainable and Eco-Friendly Materials
Recycled plastics, reclaimed wood, and biodegradable textiles will be at the forefront of this movement. Manufacturers will prioritise creating pieces that are not only beautiful but also reduce environmental impact.
What is the market potential of the furniture industry? ›
The global furniture market size was valued at USD 516.66 billion in 2022 and is projected to grow from USD 541.52 billion in 2023 to USD 780.43 billion by 2030, exhibiting a CAGR of 5.36% during the forecast period. Stylish house furnishings effectively enhance the beauty of the living space.
What is the outlook for the furniture industry? ›
The Furniture market worldwide is projected to generate a revenue of US$765.00bn in 2024. Based on the Compound Annual Growth Rate (CAGR) from 2024 to 2029, the market is expected to grow at a rate of 3.79% annually.
What is the furniture industry forecast for 2024? ›
The largest segment within the market is Living Room Furniture, which is projected to have a market volume of US$73.08bn in 2024. In comparison to other countries worldwide, in the United States generates the highest revenue in the Furniture market, with US$263.20bn in 2024.
What is the future of the office furniture industry? ›
In the quest for creating healthier and more comfortable work environments, the future of office furniture is centred around Ergonomics 2.0. Traditional ergonomic designs focus on adjustable chairs and desks, but the future is all about personalised,adaptive solutions.
What is futuristic furniture? ›
Futuristic furniture is a vital aspect of futuristic interior design. It can be defined as furniture that features innovative designs, advanced materials, and unique shapes that make it stand out from traditional furniture.
What is the future of wood furniture? ›
The future of wooden furniture could instead see the wider adoption and championing of plant-based oils like tung oil or linseed for coating. Approaches of furniture companies like Model No.
Why smart furniture is the future? ›
Smart Furniture goes beyond mere convenience; it embodies a vision of a lifestyle where technology seamlessly integrates into every aspect of our lives. It is about creating a world where your living space responds to your needs, promoting wellness, productivity and relaxation.
The United States generated nearly 254 billion U.S. dollars in furniture revenue in 2023, making it the leading market globally. China and Germany came in second and third place, with both markets worth over the 50 billion U.S. dollars mark.
What is the projection for furniture sales? ›
Revenue in the Furniture Market is projected to reach US$283.30bn in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.01%, resulting in a projected market volume of US$436.00bn by 2029. With a projected market volume of US$125,000.00m in 2024, most revenue is generated in the United States.
Who is most likely to buy furniture? ›
Those looking to buy furniture in the next 12 months are 62% more likely to be in the TGI lifestage group Nest Builders (aged 15-34, married/living as couple, do not live with son/daughter) and 50% more likely to be Playschool Parents (live with son/daughter and youngest child aged 5-9).
Is furniture in high demand? ›
This past year, we have all found ourselves spending more time in our homes. Many expect this “cocooning” trend to stay. With the home being a bigger focus, the demand for furniture will stay high. For the furniture industry, this has created a unique opportunity (and its own set of challenges…).
Is furniture getting bigger? ›
Our furniture is getting fatter — and we're not complaining. It's no secret our favourite designers are embracing the rapid weight gain of furniture silhouettes. Embracing their newfound curves, some of the world's best brands are stepping into bigger, wider girths with gusto.
What industry does furniture fall in? ›
Furniture is mostly made of wood, which is collected from forests, to make furniture. Thus, furniture making is an example of forests-based industry.
Is the furniture business slowing down? ›
Home furnishings retailers have yet to rebound from the post-pandemic slump, with major players from low- to high-end markets reporting drops in first-quarter sales—as rising mortgage rates and a related slowdown in home sales continue to weigh on demand for big-ticket furniture and home improvement projects.
Is furniture making in demand? ›
Consumer Tastes and Trends are Changing and Spending on Home Furniture is Increasing. One of the main reasons for this market is the increasing demand for bespoke and one-of-a-kind furniture among consumers.
Is furniture business recession proof? ›
10 Least Recession-proof Businesses in 2023
Furniture stores rank last on our list due to the high startup cost (up to $200,000) and unimpressive changes in the number of new businesses late in the pandemic (+2%) and during the Great Recession (-12%).
