Overview of the office furniture market in India

Technavio's market research report predicts that the office furniture market in India will grow at a CAGR of above 20% during the forecast period. The rise in number of corporate offices is one of the primary drivers for market growth. An increase in the number of office buildings and technology parks in India has increased the sales of office furniture. The expansion of MNCs into new offices has resulted in a rise in the number of employees, which has created a demand for office furniture. Favorable government policies, large innovative environment, and the availability of suitable legal protection are some of the factors supporting the rise in the number of offices in India. The growth of the real estate market and the construction market are also rising driving the demand for office furniture. Additionally, the development of new industries such as e-commerce and the rise in entrepreneurship ventures that contribute to the increase in office spaces, will also drive the growth of the office furniture market in India.

One of the latest trends that will gain traction in the office furniture market in India is the rise in the number of office furniture imports. India has become one of the biggest importers of office furniture and accounts for less than one-fifth of the world's total office furniture imports. This market share is foreseen to grow during the forecast period as India's imports are rising at a strong rate every year. Moreover, India is currently a significant outsourcing location for the majority of the countries as it is believed to be the best place for investment by companies. This will certainly increase the need for office space in the country and significantly contribute to the growth of the office furniture market.

 Competitive analysis and key vendors

Consisting of numerous local and international players, the office furniture market in India appears to be largely fragmented. The market players compete based on factors such as product portfolio, design and material used, logistics, and pricing. Vendors are trying to distinguish their products based on design and price to stay ahead of the competition. The competition among the market players is anticipated to grow further during the forecast period due to the increased product extensions and customized pre-sales and post-sales services.

Key vendors in the market are:

• Godrej & Boyce
• Featherlite
• Zuari Furniture
• Durian
• DAMRO

Other prominent vendors include hülsta, Fab Furnish.com, Nilkamal, pepperfry.com, Urban Ladder, Wipro Furniture, IKEA, AFC SYSTEMS, Boss's Cabin, and Stellar Furniture & Lifestyle.

Segmentation by product and analysis of the office furniture market in India

• Office seating
• Office furnishing system
• Office tables
• Office storage

During 2016, the office seating segment dominated the office furniture market in India and is expected to continue its dominance over the next four years. The rising number of corporate offices, the growing employment rate, and the introduction of innovative products and ergonomic designs, will boost the growth of this segment during the forecast period.

Segmentation by material and analysis of the office furniture market in India

• Wooden
• Plastic
• Metal

As per this market research report, the wooden segment accounted for the major shares of the office furniture market in India during 2016 and is expected to continue its market dominance during the forecast period as well. The major contributors to the growth of this market segment will be the extensive utilization of modular furniture and the increased demand for wooden furniture.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the office furniture market in India?
• What are the key market trends impacting the growth of the office furniture market in India?
• What are the challenges to market growth?
• Who are the key vendors in the office furniture market in India?
• What are the market opportunities and threats faced by the vendors in the office furniture market in India?
• Trending factors influencing the market shares of India.
• What are the key outcomes of the five forces analysis of the office furniture market in India?

Technavio also offers customization on reports based on specific client requirement.

The office furniture market is a key contributor to the overall furniture market and accounts for a significant share in the Indian furniture industry.To help clients gain actionable intelligence, market research firm Technavio provides an extensive collection of industry research reports on the several aspects of the industry. The market intelligence reports from Technavio also provide detailed information on several international and regional players of the education industry.

To determine the industry's growth prospects, market analysts at Technavio follow a collaboration of quantitative and qualitative data collection method and consider elements like the market size and the demand for multiple products across different regions across the globe. Our forthcoming market research report on the office furniture market in India for the prediction period of 2017 to 2021 will support clients infer the constantly changing market landscape of the education industry. The impending report also takes into account the growth of corresponding markets such as the laboratory furniture in education market and preschool furniture market, which is expected to project a CAGR of more than 18% and around 4% until 2021. According to our research analysts, over the last few years, India has witnessed an upsurge in the number of office buildings and technology parks. This trend is expected to support the growth of the office furniture market in India during the forecast period.

The upcoming industry research report on the office furniture market in India also identifies the primary drivers, impending trends, coupled with the key challenges currently experienced by the Indian market. It also presents a detailed insight into the dynamically changing competitive landscape, to give clients an extensive insight into the future direction of the education industry.