India: Wooden Office Furniture Market 2024

Wooden Office Furniture Market Size in India

The Indian wooden office furniture market was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption, however, saw a abrupt slump. Wooden office furniture consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Wooden Office Furniture Production in India

In value terms, wooden office furniture production declined slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when the production volume increased by 28%. Wooden office furniture production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Wooden Office Furniture Exports

Exports from India

In 2021, exports of wooden furniture of a kind used in offices from India dropped to X units, declining by -6.1% compared with 2020 figures. Overall, exports, however, continue to indicate a measured increase. The growth pace was the most rapid in 2017 with an increase of 128%. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, wooden office furniture exports surged to $X in 2021. Over the period under review, exports, however, continue to indicate strong growth. The growth pace was the most rapid in 2016 when exports increased by 48%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

The United States (X units), the Netherlands (X units) and France (X units) were the main destinations of wooden office furniture exports from India, with a combined 45% share of total exports. The United Arab Emirates, Germany, Spain, the UK, Italy, Hong Kong SAR, Saudi Arabia, Canada, Belgium and Taiwan (Chinese) lagged somewhat behind, together comprising a further 34%.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +58.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for wooden furniture of a kind used in offices exports from India, comprising 43% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 16% share of total exports. It was followed by Germany, with a 7.4% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +14.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+38.8% per year) and Germany (+29.1% per year).

Export Prices by Country

The average wooden office furniture export price stood at $X per unit in 2021, with an increase of 57% against the previous year. In general, the export price showed a prominent increase. The pace of growth was the most pronounced in 2020 an increase of 174%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+21.5%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Office Furniture Imports

Imports into India

In 2021, supplies from abroad of wooden furniture of a kind used in offices decreased by -16.9% to X units, falling for the third consecutive year after three years of growth. In general, imports showed a mild slump. The most prominent rate of growth was recorded in 2016 with an increase of 44%. Imports peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, wooden office furniture imports fell to $X in 2021. Overall, imports recorded a deep downturn. The most prominent rate of growth was recorded in 2017 with an increase of 18%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Malaysia (X units), China (X units) and Italy (X units) were the main suppliers of wooden office furniture imports to India, together accounting for 69% of total imports. Sri Lanka, Finland, the United States, Singapore, Turkey, Germany and the United Arab Emirates lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2021, the biggest increases were recorded for Finland (with a CAGR of +65.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest wooden office furniture suppliers to India were China ($X), Malaysia ($X) and Italy ($X), together accounting for 70% of total imports. These countries were followed by Singapore, Sri Lanka, Finland, the United States, Turkey, Germany and the United Arab Emirates, which together accounted for a further 19%.

Finland, with a CAGR of +53.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average wooden office furniture import price amounted to $X per unit, increasing by 5.9% against the previous year. In general, the import price, however, continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 when the average import price increased by 15% against the previous year. As a result, import price reached the peak level of $X per unit. From 2016 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per unit), while the price for Finland ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sri Lanka (+7.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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