Growing demand for office space, co-working, retail, student housing & residential space offers unlimited opportunities for the furniture manufacturing sector.
The Indian economy is currently the fastest growing in the world and the country is now perceived as a major player in the global emerging markets. With a GDP growth of 7.3% in 2019, its economy is perceived as robust and has a continued potential for growth. A recent report by the World Economic Forum, in fact, predicts that by 2030 the Indian economy will be the third largest in the world after the United States and China.
Key drivers for this growth include:
- Government intervention
- Sustained investment
- Strong domestic consumption
The country’s economic recovery from the effects of demonetization and GST is reflected in the 8.2% GDP growth registered in the first quarter of 2018-19. This notable performance by the manufacturing, construction and service sectors supported by good farm output has led to a marked upward growth trajectory. Backed by this growth engine, the prospects for the real estate and infrastructure sector looks bright. There is a clear increase in infrastructure related activities (smart cities) and growth in the real estate category (commercial complexes and residential projects).
While certain issues including slow implementation of RERA by states, lack of a regulatory framework for student housing and slowdown of investments in residential markets need to be resolved, the overall perspective remains good. This is because the real estate and infrastructure sector is steadily evolving towards greater regulation and transparency. Other linked sectors like furniture manufacturing will benefit from this positive change and grow exponentially.
Currently, close to 80% of the furniture market is unorganised, with a bulk of the supply provided by small and medium - sized industries. However, with the entry of organised players in the market, this is changing rapidly. E-tailers like Urban Ladder and Pepper Fry are bringing in consumer awareness and innovation while global giants like IKEA will help the market to get organised faster. In spite of the growing demand, close to 70% of furniture requirements are being met via imports from China and other countries. This is because, while demand, driven by corporate or brand specifications, becomes more organised, the supply side is yet to increase their quality standards and delivery orientation. High customer expectations will now be the driver for Indian manufacturers to upgrade technology and standards to meet these requirements.
To help meet these exacting standards, the industry needs to adopt the latest in technology, design, machinery and raw materials. Wood -working trade fairs, such as INDIAWOOD, DELHIWOOD AND MUMBAIWOOD, have been consistently offering an all-encompassing platform for both the demand and supply side to equip themselves with future-focused technologies and thereby providing unlimited business opportunities.
The 4th edition of MUMBAIWOOD 2019, scheduled from 17-19 October at the Bombay Exhibition Centre, Mumbai, India, will once again offer the industry an impressive 5,000+ sqm display of machinery, technology, raw materials, semi- finished products, components, hardware and fittings for the interior and furniture manufacturing sector. Hosting over 175+ participants from India and other countries, the trade fair offers a holistic experience for furniture and wood-based manufacturing industries.
For 3 days, the entire community, including furniture & kitchen manufacturers, architects, interior designers, timber traders, saw millers, builders, contractors, hardware distributors, dealers from all over the country are expected to converge at MUMBAIWOOD.
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