India Interior Design Market: Current Analysis and Forecast (2021-2027)

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The interior design market of India is likely to showcase a growth of around 15% during the forecast period. Key factors influencing the growth of India’s interior design market are the growing population, increasing disposable income, rising urbanization, and rising demand for improved interior design. With the increasing urban population growth rate of around 2.3 % (According to World Bank), the demand for commercial and residential space is increasing every year. Furthermore, with the increasing demand for commercial and residential space, the demand for improved interior design is increasing which is bolstering the interior design market. Additionally, the benefits of interior design are further propelling the growth of the market, one of the main benefits of interior design is that it can maximize the amount of available space. Moreover, a modern interior design makes space equipped with the latest technological advances for maximum comfort.

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Insights Presented in the Report

“Amongst application, commercial category held prominent market share in 2020”

On the basis of application, the interior design market is segmented into commercial and residential. Among these, the commercial segment held a prominent share in 2020 and is expected to witness strong growth during the forecast period. The most prominent factor driving the growth of this segment is the rapidly growing commercial real estate sector in India. For instance, according to India Brand Equity Foundation, the market size of real estate in India stood at US$ 180 Bn in 2020.

“Amongst type of decoration, the new category held prominent market share in 2020”

On the basis of application, India’s interior design market is categorized into renovation and new. Among these, the new decoration type segment held a significant share of the revenue in the market in 2020 and would continue to grow at a steady rate during the forecast period. The growth of this segment can be attributed to the increasing urban population and the rising value of the Indian real estate market. For instance, according to World Bank, India had more than 470 million urban population in 2019, which raised to 480 Million in 2020. More population leads to more commercial and residential space which eventually leads to the growth of the interior design market.

“North India is likely to showcase substantial growth during the forecast period”

In 2020, North India held a prominent share in the interior design market, and the market is expected to grow at a robust rate during the forecast period. The construction of housing projects by both public and private agencies contributed greatly to the growth of the market in the North India region. The growing number of corporate offices in the region is also driving the growth of India’s interior design market.

Some of the major players operating in the market include Aamir & Hameeda, Livspace, Sobha Interiors, Ace Interiors, Acme Interiors, The KariGhars, Morph Design Co. by Prestige Construction, Design Qube, Carafina, and De Panache among others.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry

Customization Options:

The Indian interior design market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for India Interior Design Market Analysis (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of India’s interior design, three major steps are undertaken to create and analyze its adoption across the country. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of India’s interior design industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of India’s interior design through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Indian interior design market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by type and application. Further regional analyses were conducted to evaluate the overall adoption of interior design.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of India’s interior design. Further, we conducted factor analysis using dependent and independent variables such as improving people’s income and growing construction activities. A thorough analysis was conducted for demand and supply-side scenarios considering an increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the interior design industry of India.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the interior design market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of interior design across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in India’s interior design market. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants by Stakeholders and Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the interior design market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of the type of decoration and application. 

The main objective of the India interior design market study

The current & future market trends of India’s interior design market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of interior design in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segment in the study include the area of the type of decoration and application
• Defined analysis of the regulatory framework for India’s interior design industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of India’s interior design for the major countries
• Major regions analyzed in the report include North India, South India, East India, and West India
• Company profiles of the interior design market players and the growth strategies adopted by them to sustain in the growing market
• Deep dive country-level analysis of the industry
  

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