Facts Archives | Wholesale Indonesian Indoor Teak Furniture

wholesale furniture market There's no denying the fact that the Indian economy is surging ahead at a rapid pace. The country, once considered to be a sleeping giant, is today truly up and awake and is on a bullish run, taking on major world economies like the US, France, Italy, Japan and others. Several analysts have forecast that the Indian economy would overtake that of China by 2050.While the furniture sector constitutes a minuscule part of India's economy, it would be worthwhile to note that the industry is revered all across the world. Indian furniture manufacturers make some of the most well crafted pieces of furniture that adorn the house of the wealthy and rich as well as the common man. In short it can be said that Indian furniture manufacturers cater to all classes of customers.Recent studies by international agencies have revealed some very interesting facts about the Indian furniture industry. They have predicted that in the coming years, the market will be propelled by Indian furniture wholesalers who will procure their products from the Indian furniture manufacturers.But what exactly would cause the furniture sector to witness a growth that has been hitherto unseen?India now has a booming real estate and housing sector. According to figures released by the department of industrial policy and promotion, government of India, the real estate sector has attracted foreign direct investments to the tune of around $2.8 billion in the last fiscal, making it one of the largest sectors that have interested overseas investors. Besides, the demand for residential space is slated to cross the four million residential units by 2014. It has been estimated that Mumbai alone would account for over 60 million square feet of this realty space. The city is also expected to have an extra 55 million square feet of retail space by the end of the current year.The hospitality sector of the country is also slated to fuel the demand of furniture from Indian furniture manufacturers and wholesalers. As of now, India has over 300 projects and 66,600 rooms in the pipeline for 2012. While the figures of 2011 hasn't come in as yet, 78 new hotels, amounting to 13,709 rooms were added in 2010. Any new hotel requires huge numbers of furniture and they'll procure their requirements from the Indian furniture wholesalers and manufacturers. The growing middle class households which was about 135 million in 2007-08, grew to over 140 million by 2009-10.The data has been disclosed by the National Council of Applied Economic Research.As of now, the Indian furniture market is worth $8 billion and growing at a rate of 30 per cent compounded annually with the organized Indian furniture wholesalers and manufacturers accounting for 15 per cent. However, there are only about 10,550 furniture importers who mostly import from Germany, Italy, Malaysia and Spain. The branded furniture market of the country comprising commercial and residential furniture was valued at nearly $1.3 billion in 2008 and slated to reach $3.7 billion by the end of 2012. Source by Prabuddha K Neogi

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Facts About the Indian Furniture Industry

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