WFH Furniture to be $3.49 Billion Industry by 2026
The Indian Work From Home (WFH) Furniture Market is forecast to grow from an estimated $2.22 billion in FY2021 to $3.49 billion by FY2026, majorly on account of a rising number of companies providing an option of doing work from home to their employees coupled with growing number of IT companies adopting cloud based solutions. Moreover, consumer preference for good and premium quality products, increasing urban population, growing internet connectivity and rising disposable income are few other factors that are positively influencing the market.
Changing lifestyle of consumers, especially due to COVID-19 lockdown, are some other major drivers of the WFH furniture market in India.
The Indian Work From Home (WFH) Furniture Market is categorized into By Type, By Material, By Distribution Channel, and By Region. In terms of Type, the market is divided into Sofa, Study Table & Tables, Chairs, Beanbag, Pouffe, Ottoman, Storage, Recliners and Others.
Among these, Study Tables & Tables segment accounted for the largest share in the India WFH Furniture Market in FY 2020, followed by Chairs, and both of these segment would continue to dominate the market during the forecast period. In terms of Material, the market is segmented into Wood, Plastics, Metal and Others. The Wood segment grabbed the majority market share in the India WFH Furniture Market in FY2020, followed by metal and plastic segments.
In terms of distribution channel, the India WFH Furniture Market is segmented into Exclusive Showrooms, Supermarkets/Hypermarkets, Online and Other Furniture Retail Outlets. Out of these segments, Other Furniture Retail Outlets account for more than 70% of the market share in the India WFH Furniture Market in FY 2020.
However, during the forecast period, the share of Other Furniture Retail Outlets segment is expected to decline on account of increasing focus of companies to make their products reach exclusive showrooms, supermarkets & hypermarkets, and online channels across the country.