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Office Furniture Market To Reach $13.58 bn By 2021: Report
With a healthy growth in the past decade and amidst the forecasts of even better future trends, the competition in the furniture market has become intense
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The office furniture market in India is projected to grow to $ 13.58 billion by 2021, at a compound annual growth rate of more than 20 per cent over the forecast period, says a recent report.
The report released by Technavio, a global market research company, says that the office furniture segment sector witnessed a rapid growth and is expected to reach $13.58 billion by 2021.
The furniture market in India, which is largely dominated by the unorganised sector, office furniture segment is one of the major revenue generators of the overall furniture market in India and accounted for a 20.45 per cent of market share in 2014. As on 2015, the Indian furniture market was estimated to be $ 17,922 million.
Ashish Aggarwal, CEO, Indo Innovations, Indian brand for interior, sports infra and furniture told BW Businessworld, “Furniture market of India has observed a steady evolution over the past decade with a shift in customer perception to choose organized brands instead of developing furniture products from carpenters. The increase in knowledge about designs, wood materials, and pricing schemes has propelled the Indian customer to choose more branded products.”
Office furniture market includes products such as stacking chairs, ergonomic chairs, stools, and benches. The office furniture segment caters to the commercial and office space. This segment has witnessed rapid growth in recent years, in line with the growth in the Indian economy and subsequent demand for office space.
With a healthy growth in the past decade and amidst the forecasts of even better future trends, the competition in the furniture market has become intense and companies are increasingly focusing on customising pre-sales and post-sales services as per customer needs.
The market is also witnessing a surge in ergonomic designs. “Choosing an ergonomic office chair will allow you to sit with the correct posture and take pressure off your back which is absolutely vital in maintaining your health and keeping your pain levels down if you have to sit for a few hours per day,” added Aggarwal.
In the past, India was observed as the largest importer of furniture in the world. This has heightened competition amongst local players and e-commerce companies dealing in furniture. Commenting on the imports, Aggarwal explained, “A lot of cheap and low-quality furniture is imported by unorganized sector which is giving a bad name to the industry and in turn hurting the sentiments of the market.”