In traditional point of view, the Indian furniture industry is known worldwide as wooden furniture. Although, the trend may be old but this is the only thing which strengthen the Indian furniture industry. Because of the demand for furniture made of wood in the global market is highest and increasing rapidly, the domination of wooden furniture around the world is a good sign for Indian furniture manufacturers and wood traders. As per the latest research report released by Global Market Insights Inc Wood furniture dominates the global furniture market with more than a 60 percent share and is expected to continue its dominance. Global furniture market size is estimated to surpass $750 billion by 2024. Asia Pacific including India and China is expected to dominate the global furniture market, accounting at over USD 400 billion by 2024. China, India, Japan, and South Korea are the leading furniture markets in the region, added in report.
As per the report, Easy availability of raw material and economical labor supported by booming real estate sector of India including Asia pacific are fueling the business revenues of furniture market. Apart from this, fast commercialization along with rising household spending is driving the furniture business demand in emerging economies. Increasing service sector in developing countries like India is propelling the office furniture demand. Geographic expansion of multinational companies along with growth in retail network will also boost the furniture industry share in the national economy.
This report also revealed that Superior product finishes along with availability of extensive wood options including mahogany, teak, redwood, fir, cedar, and others are among the key factors driving the wooden furniture market growth. The report said that the trend of outdoor living, garden dining and social gathering is rapidly increasing worldwide which are augmenting the outdoor furniture market demand. Increasing the trend of ecofriendly and smart furniture product launches will create new growth opportunities over the forecast timeframe for global furniture market.