Furniture consumption in India recorded 10% average yearly growth over the last decade, reaching about US$ 15 billion in 2013 at retail prices. A further 4%-5% yearly increase is forecasted for the coming two years. The Report focuses on suggested eight megacities and 6 Indian states where the outlook of growth of household expenditure is given by around 50% up to the year 2020.
Branded furniture today has a market share of approximately 30% in India. With the ever increasing imports of low cost furniture, it has also challenged India's highly skilled carpentry industry. With the talks of IKEA investing Rs.10,500 crore (Euro 1.2 billion) after the recent policies to allow 100% foreign direct investment (FDI) in single-brand retail, competition is going to be intense in the near future for furniture companies in India. China, Italy and Malaysia are the main exporters of furniture to India.