Engineered wood furniture is gradually gaining popularity in Indian cities. This is largely driven by a rise in demand for ready to assemble furniture in cities. The convenience of buying from e-commerce platforms are also driving the growth of modular and multifunctional furniture for home decoration and convenience purposes. India’s furniture market is multiplying and expected to be valued at more than US$ 27 Billion by 2023.
Key factors for the growth of India’s furniture market comprise a growing middle-class population, rising disposable income, and the increasing number of urban households. Small and unorganized local players dominate the market even as organized players are emerging (like IKEA). The growth of the market is also driven by the tourism, hospitality, and corporate sector.