Trends Alert: 2024 Outlook of the Indian Furniture Industry
- January 11, 2024
- By: Yukti Kasera
- NEWS
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With the vision of crafting the spaces for tomorrow for a better living, the Indian furniture industry braces itself for a transformative journey in 2024. The sector is expected to experience unparalleled growth due to factors such as evolving consumer preferences, technological progress, and a growing need for innovation. Global manufacturers play a crucial role in determining the direction of the industry, and this is becoming more and more apparent in the current landscape.
The India furniture market size reached US$ 23.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 54.3 Billion by 2032, exhibiting a growth rate (CAGR) of 9.3% during 2024-2032. The analysis indicates a significant surge in consumer demand for functional and aesthetically pleasing furniture, driven by an increased focus on home spaces influenced by remote work trends and changing lifestyle patterns.
Let’s Know the Pioneer- Mr. Ajay Khurana, MD, Formica India
Any brand witnesses success under the incredible leadership quality of conglomerates leading the boat. With a terrific devotion to achieve the unachievable, Mr. Ajay Khurana is helming the business at Formica India as its Managing Director since March 2021. His vision is to establish Formica as a leading supplier of premium laminates in India and establish Fenix/DecoMetal as premium brands of first choice.
According to Mr. Ajay Khurana, "In the dynamic landscape of the Indian furniture industry, 2024 is poised to be a year of profound change. As we witness shifting consumer preferences, Formica India is committed to bringing forth innovative solutions that seamlessly blend global design excellence with our rich cultural heritage."
As environmental consciousness takes center stage, there is a strong shift towards furniture crafted with eco-friendly materials and manufacturing processes. This presents an opportunity for both local and global manufacturers to align with these evolving preferences and contribute to a greener future.
The Role of Global Manufacturers
Global manufacturers are set to play a pivotal role in the growth journey of the Indian furniture industry. With their vast experience, technological prowess, and commitment to innovation, these manufacturers are well-positioned to bring cutting-edge designs and international quality standards to the Indian market.
Mr. Khurana further adds, “Collaboration is key in this era of transformation. Formica India recognizes the importance of forging strategic alliances with global manufacturers to introduce cutting-edge designs and elevate the overall industry standards. Together, we aim to redefine the possibilities within the Indian furniture market.”
Lately, the Indian furniture companies and global manufacturers are collaborating so as to introduce a diverse range of products that blend cultural aesthetics with contemporary design sensibilities. This synergistic approach not only enriches the local market but also opens up avenues for global manufacturers to tap into the rich tapestry of India's design heritage.
Strategic Expansion and Innovation
To make 2024 more welcoming, it is crucial to understand the strategic expansions and innovations that global manufacturers are poised to bring to the Indian furniture landscape. Research indicates that a significant number of global players are gearing up to establish or expand their presence in the Indian market, capitalizing on the country's robust economic growth and burgeoning middle class.
Moreover, the incorporation of advanced technologies such as augmented reality (AR) and virtual reality (VR) in the furniture retail experience is expected to gain traction. This innovation will not only enhance customer shopping experience but also attract the global manufacturers to make the business more immersive.
Building a Sustainable Future
With sustainability gaining prominence, global manufacturers are dedicating increased efforts and investments towards eco-friendly practices and materials. The insights highlight a growing consumer trend where a substantial portion places a high priority on furniture brands showcasing environmental responsibility. This has become imperative for global manufacturers to seamlessly integrate sustainable practices into their production processes, contributing to the eco-conscious evolution of the Indian market.
Conclusion
All in all, 2024 promises to be a landmark year for the Indian furniture industry, marked by innovation, sustainability, and collaborative efforts between local and global players. The research-backed insights underscore the need for adaptability and foresight as the industry navigates through a landscape shaped by changing consumer expectations and global influences. With global manufacturers contributing their expertise to this growth journey, the Indian furniture industry stands at the threshold of an exciting era of transformation.
About Formica India
Formica Group is a leading provider of branded, designed surfacing solutions for premium commercial and residential customers worldwide. With its headquarters and a hi-tech manufacturing plant in Kalol, Ahmedabad, the brand has pushed market standards and established international benchmarks. The brand believes in replacing conventional materials with more innovative and advanced surface solutions and to create an environment that generates added value for the customers.
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