India Interior Design Market Outlook by P&S Intelligence
A number of factors, such as the increasing number of real estate activities, population growth, rapid urbanization, increasing disposable income and increasing government initiatives to stimulate the construction sector, are expected to propel growth. of the Indian interior design market over the next few years. period (2021-2030). According to P&S Intelligence, the market generated sales of $ 22,939.7 million in 2020, and is expected to experience significant growth in the years to come. In addition, the market is witnessing a growing demand trend for thematic offices and home interior design, in the country.
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One of the major factors propelling the market growth in India is the growing support from the government to boost the construction industry. For example, the construction industry in the country grew at a CAGR of 5.6% during the period 2016-2020 and attracted institutional investment of $ 5 billion in 2020. In addition, the industry is expected to emerge as the third largest market in the world by 2025. Thus, it is essential that the central government, in association with state governments, support the development of the real estate sector, which in turn drives the need interior decoration services.
The decoration type segment of the Indian interior decoration market is classified into new and renovations. Of these, the new category held the largest share of revenue in 2020 in the market, and it is also expected to experience the same trend in the coming years. This is attributed to the growing need for residential and commercial space, due to population growth and increasing urbanization, in India. In addition, the increase in the purchasing power of people, the changing culture of work and the improvement of the way of life are leading to a high demand for well-designed and stylish homes and offices in the country.
Further, the end-use segment of the Indian interior design market is categorized into residential and commercial. Between the two, the commercial category accounted for the largest market share in 2020. This is due to the thriving commercial real estate industry in India. With the ongoing transition in work culture, interiors of commercial spaces are becoming vital. Specialized interior designers are able to make spaces functional, comfortable, and aligned with a client’s brand perspective. In addition, they may come with improved designs on how best to use these spaces and improve the working environment.
Geographically, North India held the largest share of the Indian interior design market in 2020 and is also expected to dominate the market during the forecast period. This is due to the increasing rate of urbanization, increased investment in the real estate sector, the growing number of national and international corporate offices in the Delhi National Capital Region (NCR) and the growing number of housing projects introduced by public organizations and private builders in the region.
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Thus, the growing need for residential and commercial space and the growing government support for the construction industry are expected to propel the market growth in India over the foreseeable period.
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