“Indian home and interiors market projected to reach $48.1 billion by 2028”

TFW Bureau
TFW Bureau Jul 04, 2024 - 1 min read
“Indian home and interiors market projected to reach $48.1 billion by 2028” image
Rising disposable incomes, urbanization and a booming real estate sector contributing to increased demand.

India's home and interior market is witnessing significant growth, reaching approximately Rs 2.4 trillion ($29.5 billion) in 2023, according to the Praxis Global Alliance report. The indoor living product segment dominates, holding around 41 percent of the total market share.

Several key factors are driving this expansion, including rising disposable incomes, urbanization, and a booming real estate sector, all contributing to the increased demand for premium home furnishings and improvement products.

The thriving e-commerce industry, driven by increasing internet penetration and reliance on smartphones, tablets, and laptops, is a key factor propelling the market's growth in India. Also, various initiatives by the Government of India, like introducing campaigns like Make in India to minimize exports and encourage domestic manufacturing of home furnishings, thereby offering employment opportunities, have had a positive impact.

The Indian home and interiors market is projected to reach $48.1 billion by 2028, as per the report. The home furnishings segment is expected to grow the fastest, at a CAGR of 11.4 percent from 2023 to 2028, while services are anticipated to grow at a CAGR of 9.8 percent during the same period. Continued urbanization, evolving consumer preferences, and technological advancements will drive this growth. Brands are increasingly focusing on omnichannel strategies and niche product segmentation to cater to diverse consumer needs and preferences.

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