India Interior Design Market Reached ~$22 Billion Revenue in 2020 says P&S Intelligence
NEW YORK, Aug. 31, 2021 /PRNewswire/ -- The rising urbanization rate, increasing real estate activities, mushrooming population, surging per capita income, and launch of construction and infrastructure development projects by the government are fueling the expansion of the Indian interior design market. Because of these factors, the market reached $22 billion revenue in 2020, and it will likely exhibit huge expansion from 2021 to 2030.
The COVID-19 pandemic has severely disrupted global trade, operations of financial organizations, industrial establishments, infrastructure companies, households, and businesses. It has also affected engineering and construction projects in India, which has subsequently caused a massive financial setback to construction companies, thereby reducing the need for interior designing services and hampering the progress of the market.
Browse in-depth report on India Interior Design Market Analysis and Growth Forecast to 2030
The India interior design market is categorized into residential and commercial, depending on end use. Between these, the commercial category is predicted to contribute the higher revenue to the market in 2030. As the work culture of the country changes, commercial establishments and offices are requiring high-end interior designing services. This is, in turn, fueling the demand for professional interior designers who can make the space functional, comfortable, and aligned with the philosophy of the company that will rent the office space. They provide a professional appearance to the establishment, which would be hard to achieve otherwise.
The India interior design market is divided into renovations and new, based on decoration type. Between the two, the new category dominated the market in 2020, and it is predicted to retain its dominance during the forecast period, on account of the burgeoning requirement for houses due to the booming urban population. As people are rapidly shifting to the secondary and tertiary sectors, which are primarily based in urban areas, from the primary sector, for earning their livelihood, the population of urban areas is soaring, which is driving the need for urban housing. Furthermore, the growing corporate sector in Indian metropolises is supporting the market growth.
North India held the largest share in the Indian interior design market in 2020, and this trend is predicted to continue in the forthcoming years. This is attributed to the launch of numerous housing projects by public organizations and private builders and the surging number of corporate offices of multinational and national companies in the region.
The Indian interior design market players are entering into collaborations to offer novel interior designing solutions to clients.
In August 2019, Livspace (Home Interior Designs E-Commerce Pvt. Ltd.), which is a platform for home renovation and design in India and various Southeast Asian countries, and Signify N.V. entered into a partnership. As per the terms and conditions of the collaboration, the lighting products developed by Signify N.V. are now available to the architects and interior designers in India who are designing and renovating homes on Livspace's platform.
Home Interior Designs E-Commerce Pvt. Ltd., Morph Design Co., The KariGhars, Ace Interior, Design Qube, Chaukor Studio, and Lipika Sud Interior Pvt. Ltd. are some of the major Indian interior design market players.
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