construction due to a favourable economic outlook, as well as a steady change in preference toward high-end imported furniture. The growth of the hospitality sector is expected to be aided by increased spending. High manufacturing costs could limit the industry's growth. Increased wages have arisen from changes in labour laws and a scarcity of skilled labour, adding to the overall manufacturing rate. COVID-19 has caused a worldwide lockout and closure of production plants, causing the supply chain for modular furniture to be disrupted. The economy has been harmed by a strict prohibition on interstate and overseas shipping of finished goods. Furthermore, due to the lockout, the majority of exported furniture orders were cancelled or postponed, further limiting demand expansion. The Modular Furniture Market has seen strong growth in recent years and is expected to continue to do so over the projected period. Modular furniture is pre-assembled furniture that people use according to the size of their rooms.This furnitureis simple to assemble and disassemble as required, and they offer a modern look to any home or office. Modular kitchens are a common option for home modular furniture. It comes with a variety of furniture customization options to fit your needs. Modular furniture will also help you conserve space in your home or office. They are adaptable enough to be arranged as desired.
Rapid economic growth, disposable income, and more affordable land supply will all contribute to the growth of the modular furniture industry. Furthermore, rising living standards and improved economic conditions are driving up demand for modular furniture. The industry's development is being aided by advanced interior structures for new residential buildings, as well as the abundance of low-cost labour in developing countries. The demand for modular furniture would be stimulated by strong growth in real estate and commercial
Modular furniture market from 2020 to 2026, is expected to expand at a steady CAGR of 5.7 percent, with a market size of USD 420.8 billion in 2019. Expanding infrastructural development, together with government support for housing schemes, is expected to result in future business growth opportunities. The adoption of modular furniture is being influenced positively by rapid population growth and urbanisation. Due to strong rivalry, there is a lot of low-cost modular furniture available, which is driving up demand. In addition, India's the real estate market is expected to boost demand for modular modular goods such as furniture, timber, and other similar items in Indian cities. Aside from that, the Indian modular products industry is projected to benefit from increased retail investment from a variety of national and international organisations.
Furthermore, technological advancements such as the introduction of high-speed broadband networks such as 4G and the increased use of smart devices are improving India's e-commerce industry and creating a space and forum for local talented handicraftsmen to showcase their talent not only in India but globally. The need for durable and hybrid seating furniture, as well as the growing preference for modular and state-of-the-art furniture among the population living in urban areas, are both driving the growth of the Indian modular furniture and related products industry.
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