Business of Furniture in India 2023-2027 - The Path Ahead

FDT Bureau

The Indian furniture industry, a dynamic and ever-evolving landscape, is gearing up for unprecedented changes in the coming years. Offering profound insights into IKEA’s transformative journey in India and its vision for the future, Mr Bansal highlighted that their five-year presence in the country has been a remarkable learning experience. “Five years back, our first store opened in Hyderabad, and we have since expanded to Mumbai and Bengaluru,” Mr Bansal explained. Sharing his outlook for the next five years, he said, “Sustainability is no longer just a buzzword; it’s gaining traction, especially among urban youngsters. We see tremendous potential in this space. By focusing on sustainable furniture, our manufacturers can tap into international markets. We shouldn’t limit ourselves to India; there’s a vast export market to explore.” Mr Bansal also underlined the importance of harmonizing India’s quality standards with global benchmarks adding the control measures being introduced by the Indian government are in line with the market needs and encouraged stakeholders to actively engage in conversations on quality standards.

Sharing his opinion on the upcoming development in the next five years, Mr Eckholt emphasized that significant value addition is on the horizon. The implementation of the Bureau of Indian Standards (BRS) is becoming a game changer, akin to the ISO norms’ impact in Europe several decades ago. This shift will encourage the local industry to invest in technology and products. A prime example is telescopic slides, with 90 per cent of the volume currently sourced from China. The BRS norm will challenge the Indian industry to enhance its technological capabilities. “So my message is to invest in people, upskill the people, invest in technology and strengthen the local footprint.”

The impending changes in the Indian furniture industry are driven by shifting demographics and the demands of younger consumers. As the industry adapts to cater to these new expectations, the only certainty is change. The furniture market in India is on the cusp of a revolution that values specialization, agility, and a deep understanding of an ever-evolving consumer base. In conclusion, with the company’s unwavering commitment and vision, the future of the furniture industry in India appears exceptionally bright. The industry is poised to become more customized, digital, and driven by urbanization, aligning with the demands of the ever-evolving market.

This article is a part of our exclusive article ‘Business of Furniture in India 2023-2027’ which is originally published in Furniture Design & Technology (FDT Magazine) November 2023 print issue. If you want to read the full article, please subscribe Furniture Design & Technology Magazine here: 

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