The Indian furniture industry has been witnessing an almost exponential growth in the recent years. The industry requires the usage of variegated raw materials and that too in very large proportions. The furniture industry as a whole requires wood, leather, wood base panel, metals, textiles, plastics and several other materials in good supply. Wooden furniture is usually of varied types, shapes, sizes and even color combinations. These include chairs, wardrobes, sofas, mattresses, kitchen cabinets, tables and various other items. They serve different purposes at homes, schools, colleges, offices and other organizations.
The Indian furniture industry has been manufacturing and exporting high quality furniture items to all over the world. In fact, over the years, Indian wooden furniture has developed a name for itself and found place in the homes of royals and commoners as well. The industry generates a turnover of almost Rs. 3,500 crore annually. But the startling fact is that only 15 per cent of the industry falls under the organized sector and the remaining 85 per cent is comprised of the unorganized sector. The organized sector involves institutional manufacturing units and exporters that cater to various sections of the society. The Indian wooden furniture industry solely contributes over Rs. 60 crore. A recent study of the Indian furniture industry has claimed that the market is slated to grow by over 20 per cent in the coming years.
So what are the main factors that have contributed to the growth of the furniture industry in India?
The concept of a better lifestyle and good living is fast catching the middle class' fancy in the country. Interior designing is no more the prerogative of the wealthy and the upper class. The middle class, buoyed by an increase in income, are hiring the services of interior decorators and getting their homes upholstered as per their fancy. They don't find spending a few bucks extra on buying quality wooden furniture. The increased purchasing power of the middle class has immensely contributed to the growth of the Indian furniture industry. Foreign manufacturers are also investing more money in the industry leading to an all-round growth.
Today, globalization has impacted every nook and corner of the world. One doesn't need to spend a fortune to acquire an item that's available on the other side of the globe. It has also bolstered the demand of Indian furniture. Besides, courtesy the media, people have learnt about good living and want to have the best furnishings in their homes. Architects and builders have also contributed to the growth. Indian furniture manufactures are making their presence felt at international trade fairs and home and abroad. This has resulted in an increased exposure of their products before the world market.
Indian furniture sellers are also opening retail outlets that exclusively deal in furniture items. Previously, furniture sellers were hardly interested in opening stores. Today, you can get to see such stores in malls and shopping plazas. These places are frequented by people all throughout the year and Indian furniture manufacturers have taken to this with aplomb.