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Furniture Industry Start-Ups To Expect 49% Boost In Two Years

DELHI, INDIA: The furniture industry was severely hit in the past by the 2008 economic recession and market dynamic conditions that crippled the Indian consumer buying power but the start-up movement after 2011 gained momentum and brought in new trends and changes. The start-ups launched in this movement have seen better performance than the more conventional locally manufactured products. Companies that brought in branded products into the market are very well received.

According to a report by Business Wire India, a study of 14 start-ups with furniture core services and home furnishings was made by Craft Driven Market Research to find out more about the start-up market. The firm noted emerging trends like rental services, home designing and DIY products. The collation of information from different sectors and integration of said information in the furniture industry provided the customers with more options. The study found that 57 percent of start-ups are in home design, 29 percent in furniture rental services, and 14 percent in the DIY sector. The city of Bangalore has the highest share of furniture start-ups with 55 percent with Delhi (NCR) and Mumbai following behind. Bangalore (Karnataka) and Gurugram (Haryana) has seen the biggest penetration from furniture start-ups due to high demands in those areas.

According to the founder of Craft Driven Market Research, Aakanksha Aggarwal, the furniture industry start-up companies will see incredible growth in the coming years. The furniture industry will be organized through the usage of technology and e-commerce systems used by start-ups. Although Pepperfry and Urban Ladder have yet to bring much promise, the industry is expected to grow more than 49 percent within two years due to the real estate development, industrialization and the booming younger population.

Craft Driven Market Research have recorded few start-ups in this domain that are operating successfully. Urban Ladder, Pepperfry and Furlenco are identified as market leaders, boosting the economy. Get My Couch, Ubyld, City furnish are also start-ups that are gaining market share in this domain. The co-founder of Get My Couch, Mayank Srivastava, said that the target market age group for their start-up is 22-40 year olds who rent and move frequently chasing career opportunities. Other start-ups have a similar target market demographic.