India office furniture market to reach $13.58 billion by 2021

Office seating, furnishings and tables are the top three highest revenue-generating segments in the industry.

May 29, 2017

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Office seating, furnishings and tables are the top three highest revenue-generating segments in the industry.

Source: Business Wire

According to Technavio, India's office furniture market, with a CAGR of 20 percent, will be valued at $13.58 billion by 2021. The growth is driven by the steady demand in both organized and unorganized furniture segments, the former catering to tier-1 cities and multinational corporations.

In terms of categories, the largest and the highest revenue-generating segment is office seating furniture, contributed by a growing workforce and product innovations. Ergonomic models, which include stacking chairs, stools and benches, are designed to up the user's productivity and comfort.

The most commonly used office furniture is the table, which are often made of wood, plastic, steel and tempered glass, though there is an increasing demand for models using environment-friendly raw materials. Some versions adopt corrugated cardboard and paper such as this China company's coffee table.

The country's office furnishing segment, meanwhile, is predicted to register $3.63 billion by 2021. This sector includes panel and modular systems such as cubicles and portable workstations with built-in lighting, desks, shelves and drawers. Popular manufacturers are Godrej and AFC.

Regarding market share, seating furniture takes up 36.28 percent, followed by tables at 28.36 percent and furnishings at 24.68 percent. Storage systems and other categories trail at 5.89 and 4.79 percent, respectively.

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