(MENAFN- PR Newswire)
NEW YORK, Sept. 13, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global online home decor market in India
size is estimated to grow by USD 4.78 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
10.79%
during the forecast period. Rise in online spending and smartphone penetration
is driving market growth,
with a trend towards
growing demand for eco-friendly home decor items. However,
criticality of logistics management leading to high overhead costs
poses a challenge. Key market players include Amazon Inc., Century Furniture LLC, Chumbak Design Pvt. Ltd, D decor, Elvy Lifestyle Pvt. Ltd., Fabindia Overseas Pvt. Ltd., Forbo Management SA, Godrej Consumer Products Ltd., Golden Leaf, Inter IKEA Holding BV, Mohawk Industries Inc., MyStyle Label Creation Pvt. Ltd., Pepperfry Pvt. Ltd., Praxis Home Retail Ltd., Reliance Industries Ltd., Secret Label India Apparels LLP, Shivalik Metaplast Industries, The Crafty Angels, Wooden Street, and Yellow Verandah.
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Technavio has announced its latest market research report titled Online Home Decor Market in India 2024-2028
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| Forecast period |
2024-2028 |
| Base Year |
2023 |
| Historic Data |
2018 - 2022 |
| Segment Covered |
Application (Indoor and Outdoor), Product Type (Home furniture, Home furnishings, and Other home decorative products), Price (Mass and Premium), and Geography (APAC) |
| Region Covered |
India |
| Key companies profiled |
Amazon Inc., Century Furniture LLC, Chumbak Design Pvt. Ltd, D decor, Elvy Lifestyle Pvt. Ltd., Fabindia Overseas Pvt. Ltd., Forbo Management SA, Godrej Consumer Products Ltd., Golden Leaf, Inter IKEA Holding BV, Mohawk Industries Inc., MyStyle Label Creation Pvt. Ltd., Pepperfry Pvt. Ltd., Praxis Home Retail Ltd., Reliance Industries Ltd., Secret Label India Apparels LLP, Shivalik Metaplast Industries, The Crafty Angels, Wooden Street, and Yellow Verandah |
Key Market Trends Fueling Growth
The online home decor market in India is witnessing a shift towards eco-friendly products due to rising environmental concerns and stricter regulations. Brands are responding by offering sustainably made furniture and other home decor items. For instance, threaded provides eco-friendly bedding and linens in fabric bags, while Chairish Inc. Specializes in reselling vintage items, reducing the need for new production. Legal agencies like the Forest Stewardship Council (FSC) and the Sustainable Furnishing Council (SFC) support vendors in sourcing sustainable materials and manufacturing methods. FSC offers a database of compliant wood suppliers, while SFC encourages reduced carbon emissions and waste stream pollutants. These initiatives are positively impacting the online home decor market in India, making it a growing and sustainable sector.
The Online Home Decor market in India is booming, with Indoor sub-categories like Bedroom Furniture, Carpets and Rugs, Bed and Linen, Lighting, Wall Art, Accessories, and Decorative Items witnessing significant growth. Smartphones and Social Media platforms like Instagram and Pinterest are driving sales, allowing homeowners to browse and purchase aesthetically pleasing furniture, textiles, and ornamentation from the comfort of their homes. Fast-growing segments include multifunctional furniture for urban apartments and smaller homes, catering to the middle-class population's space-saving needs. E-commerce platforms are revolutionizing the real estate sector, making home ownership more accessible. Festivals and celebrations continue to inspire unique decor choices, with contemporary and modern designs remaining fashionable. Online Sales Platforms are the new go-to for Indian consumers seeking to enhance their personal style and create an atmosphere filled with colors, patterns, and textures that reflect their design sensibilities.
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Market
Challenges
Inefficiencies in logistics management, including inadequate delivery addresses and complex logistical issues, pose significant challenges for India's online home decor market. These problems increase overhead costs and erode profit margins. The absence of standard delivery services also damages brand reputation and customer trust. To mitigate these issues, online retailers hire additional field workers, adding to labor costs. Instead, retailers should collaborate with reputable third-party logistics providers to streamline product distribution, reducing labor expenses and maintaining profitability. Effective logistics management is crucial to prevent profit margin decline and ensure market growth.
The online home decor market in India is witnessing significant growth, with popular categories including ornamentation, furniture, textiles, wall art, accessories, and decorative items. Urbanization and the rise of smaller apartments have created a demand for space-saving, multifunctional furniture. The middle-class population's increasing home ownership and property investments have fueled this trend. Social media platforms like Instagram and Pinterest inspire homeowners to create aesthetically pleasing atmospheres using colors, patterns, and textures that reflect their personal style. E-commerce platforms have made it easier for Indian consumers to shop for contemporary, modern, and fashionable home decor items online. Home Furniture, Home Textiles, Flooring, Wall Decor, Home Decor Stores, Online Store, Gift Shops, Home Textile, and Floor Covering cater to both premium and mass markets, offering a wide range of specialty stores for specific decor sensibilities.
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Segment Overview
This online home decor market in India report extensively covers market segmentation by
Application
Product Type
2.1 Home furniture
2.2 Home furnishings
2.3 Other home decorative products
Price
Geography
1.1
Indoor-
The online home decor market in India includes segments such as bedroom furniture, carpets and rugs, bed and linen, and upholstery. The bedroom furniture market is highly fragmented with a mix of local craft-based firms and mass producers. Flat-pack and ready-to-assemble (RTA) furniture have made mass production viable, with companies catering to the medium-priced segment. The children's bedroom furniture segment shows significant growth potential. Indoor home decor, including bedrooms, living rooms, bathrooms, and kitchens, has gained popularity due to shifting trends towards creative decor and furniture. Foldable furniture, which offers ease of storage and convenience, is in demand due to the preference for small products. In the carpets and rugs segment, consumer interest in interior design and eco-friendly products is driving growth. The increasing adoption of virtual reality for sales and the rise in carpet tile usage are further market drivers. Upholstery has significant potential in indoor home decor, with consumers seeking luxury products for bathrooms and bedrooms. The acceptance of Western lifestyle and experimentation with various types of lighting are also boosting market demand. These factors will contribute to the growth of the indoor online home decor market in India during the forecast period.
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Research Analysis
The Online Home Decor Market in India is witnessing significant growth, with Indoor sub-categories such as furniture, lighting, textiles, wall art, carpets and rugs, and bed and linen seeing high demand. Smartphones and Social Media are driving this trend, as consumers turn to digital platforms for inspiration and purchasing. Interior Design ideas are easily accessible, with numerous blogs and influencers sharing tips and trends. Online Sales Platforms like Amazon, Flipkart, and Pepperfry have made shopping for home decor convenient and affordable. Festivals and celebrations are also a major factor, with specialty stores offering Mas and Premium decorative items for Diwali and other occasions. Home Textiles and Floor Coverings are popular categories, with a focus on personal style and ornamentation. E-commerce and social media platforms continue to innovate, offering customizable options and personalized recommendations.
Market Research Overview
The Online Home Decor market in India is witnessing significant growth, especially in the Indoor sub-category. With the increasing urbanization and smaller living spaces, there is a growth in demand for space-saving, multifunctional furniture and decorative items. Indian consumers are increasingly turning to e-commerce platforms and social media platforms like Instagram and Pinterest for inspiration and purchases. Fast-growing segments include Bedroom Furniture, Carpets and Rugs, Bed and Linen, Lighting, and Wall Art. Festivals and celebrations continue to influence home decor choices, with ornamentation and textiles being popular. The real estate sector's growth and increasing home ownership and property investments have fueled the demand for premium home decor. Middle-class population's desire for aesthetically pleasing and contemporary home decor is driving the market. Online Sales Platforms, Home Furniture, Home Textiles, Flooring, and Wall Decor are some of the key categories. Slow-growing segments include Specialty Stores, Gift Shops, and Home Textile Floor Covering. The market is expected to continue growing as personal style and home atmosphere become increasingly important to homeowners. Colors, patterns, textures, and design sensibilities continue to evolve, reflecting modern and fashionable trends.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Product Type
Home Furniture
Home Furnishings
Other Home Decorative Products
Price
Geography
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:
[email protected]
Website:
SOURCE Technavio
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