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The Indian furniture industry has seen almost exponential growth in recent years. The industry requires the use of varied raw materials and also in very large proportions. The furniture industry as a whole requires wood, leather, wood-based panels, metals, textiles, plastics, and various other materials in good supply. Wooden furniture is usually of various types, shapes, sizes and even color combinations. These include chairs, cabinets, sofas, mattresses, kitchen cabinets, tables, and various other items. They serve different purposes in homes, schools, universities, offices and other organizations.
The Indian furniture industry has been manufacturing and exporting high quality furniture all over the world. In fact, over the years, Indian wooden furniture has developed a name for itself and has also found a place in the homes of royalty and commoners. The industry generates a turnover of nearly Rs 3,500 crore a year. But the starting point is that only 15 percent of the industry falls under the organized sector and the remaining 85 percent falls under the unorganized sector. The organized sector involves institutional manufacturing units and exporters that serve various sectors of society. The Indian wooden furniture industry alone brings in over Rs 60 crore. A recent study of the Indian furniture industry has stated that the market is expected to grow by more than 20 percent 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 becoming the taste of the middle class in the country. Interior design is no longer the prerogative of the rich and upper class. The middle class, buoyed by rising incomes, is hiring the services of interior decorators and reupholstering their homes to their liking. They do not find spending a few extra dollars on the purchase of quality wooden furniture. The rising purchasing power of the middle class has greatly contributed to the growth of the Indian furniture industry. Foreign manufacturers are also pouring more money into the industry, leading to all-round growth.
Today, globalization has impacted every nook and corner of the world. It is not necessary to spend a fortune to acquire an item that is available on the other side of the world. It has also bolstered the demand for Indian furniture. Also, courtesy of the media, people have learned about good living and want to have the best furniture in their homes. Architects and builders have also contributed to the growth. Indian furniture manufacturers are making their presence felt at international trade shows and at home and abroad. This has resulted in increased exposure of their products to the world market.
Indian furniture sellers are also opening retail stores that deal exclusively with furniture items. Previously, furniture sellers were hardly interested in opening stores. Nowadays, you can get to see such stores in shopping malls and shopping plazas. These places are frequented by people throughout the year and the Indian furniture manufacturers have taken it with aplomb.
