With the furniture sector in India rapidly getting organized, the Indian furniture hardware industry certainly holds a lot of opportunities. As per industry estimates, the Indian furniture sector is currently worth around US$ 20 billion, and is expected o grow at a CAGR of over 12 percent until 2024. The Indian furniture rental industry was estimated at US$ 4.1 billion in 2020 and is forecast to grow to US$ 13 billion by 2025, at a CAGR of 26%.
The quality is also improving as the new GST regime helps them fill the gap of disparity in terms of pricing and procurement of high-quality materials. In this regard, manufacturing in India has been extremely beneficial and trying to grab the market. Taking note of that, overseas brands are also betting aggressively on this market with new/innovative products offerings.
Furniture Hardward brands such as Hafele India, Dormakaba, Dorset, ASSA ABLOY, Dunex, Hettich, Ozone, Magnum, Godrej etc has made their presence felt in this market. Besides, Blum, the premium Austrian furniturefittings manufacturer, launched its new distributor showroom, Vera Enterprises, in Bengaluru. The furniture industry is currently undergoing a significant transformation due to the surge of digitization, technology, and high-latency data penetration across the nation.
The new-age startups in furniture and furniture hardware are increasingly coming up with tech and process innovations in products and their functionality. The furniture hardware is becoming more functional and easily installable and/or customizable. Also, the rise in prominence of the middle and upper middle classes in recent years has helped this sector grow.
The market is also full of Made in India products. Currently, about 60% of the Made in India door panel hardware in this market comes from Rajkot in Gujarat, about 50% of Aligarh-made locks, and the rest comes from Delhi and other cities. The market report says that the trend changed during COVID and local manufacturing took a boost. Gradually, Gujarat began to stock up on furniture hardware. However, still a vast majority of the entire furniture market in India falls under the unorganized category.