India WFH Furniture Market to Surge to $ 3.4 Billion by FY 2026
Growing IT sector, increasing technological advancements like adoption of cloud-based solutions by most of the companies and rising internet connectivity to drive India WFH furniture market
According to a recently released TechSci Research report, “India Work From Home (WFH) Furniture Market By Type, By Material, By Distribution Channel, By Region, Competition, Forecast & Opportunities, FY 2026”, work from home furniture market in India is projected to grow at a CAGR of more than 9% to reach $ 3.49 billion by FY 2026. Growth in the market is anticipated on account of increasing internet connectivity and growing number of IT companies adopting cloud based solutions and work from home culture, which in turn is creating demand for supportive furniture such as desk, chair, study table, etc. at homes. Additionally, the need of comfortable and formal workplace like environment at home and market players increasingly focusing on price innovation and new product designs is expected to positively influence the market in the coming years. Another major factor that has augmented market growth is the outbreak of coronavirus (COVID-19). With COVID-19 lockdown keeping most people at home, most of IT companies started operating through work from home, which in turn started boosting India WFH furniture market.
India WFH Furniture market is segmented into By Type, By Material, By Distribution Channel, By Region and By Company. In terms of Type, the market is segmented into Sofa, Chairs, Study Table & Tables, Bean Bag, Pouffe, Ottoman, Recliner and Others. Study Table & Table segment accounted for the largest share in WFH furniture market in FY 2020, followed by Chairs segment. In terms of Material segmentation, India WFH furniture market is categorized into Wood, Plastic, Metal and Others. Wood segment accounted for the majority share in India WFH furniture market in FY 2020, followed by Metal and Plastic segments.
By Distribution Channel, India WFH furniture market is segmented into Exclusive Showrooms, Supermarkets/Hypermarkets, Online and Other Furniture Retail Outlets. Among all distribution channels, Other Furniture Retail Outlets accounted for the majority share in India WFH furniture market in FY 2020. However, during the forecast period, the share of Furniture Retail Outlets is expected to decrease on account of increasing focus of companies to make their products reach consumers through exclusive showrooms, supermarkets & hypermarkets and online channels across the country. Urban areas remain the dominant consumption markets, however, deeper penetration in rural areas is expected to drive WFH furniture in the coming years.
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In terms of regional segmentation, India WFH furniture market is categorized into North, South, East & West regions. Among them, South region grabbed the largest share in FY 2020, followed by the West region. South and West regions are anticipated to continue their dominance during the forecast period on account of a higher number of people working from home and rising adoption of cloud-based technology by IT companies. Major players operating in India WFH furniture market include Godrej & Boyce Manufacturing Company Limited, Nilkamal Limited, IKEA India Private Limited, Haworth India Private Limited, Durian Industries Limited, among others.
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“India WFH furniture market is expected to grow at a steady pace due to the increasing trend of BYOD (Bring Your Own Devices) across corporate enterprises coupled with rising number of people working from home. Moreover, increasing internet connectivity, rapidly growing IT industry and increasing income levels in the country are the major factors contributing to the market. Adults and young adults who are working from home are the primary users, and they are also the target consumer segments for the major WFH furniture players operating in the market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Work From Home (WFH) Furniture Market By Type, By Material, By Distribution Channel, By Region, Competition, Forecast & Opportunities, FY 2026” has evaluated the future growth potential of India WFH furniture market and provides statistics and information on market structure, consumer behaviour and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges, and opportunities available in India WFH furniture market.
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