Published: October 2021 | Report Code: CP12239 | Available Format: PDF | Pages: 109
The Indian interior design market generated $22,939.7 million revenue in 2020, and it is expected to showcase considerable growth during the forecast period (2021–2030). The growing real estate activities, rapid urbanization, increasing population, rising disposable income, and surging government initiatives to promote and develop real estate are driving the growth of the market.
The COVID-19 outbreak has severely disrupted the economy, by having a negative effect on global trade, households, businesses, financial institutions, industrial establishments, and infrastructure companies, all at the same time. The COVID-19 pandemic has put construction and engineering projects in jeopardy, and many in India have been canceled. As a result, the country has experienced a financial setback in the construction industry, thus resulting in a negative effect on the demand for interior designing services.
The commercial category is set to grow at the higher rate during the forecast period, based on end use. The main reason for the growth of the category is the booming commercial real estate sector in India. As India is experiencing a transition in the work culture, the interiors of the offices are playing an important role. The rapid urbanization in major cities, such as Delhi, Mumbai, Ahmedabad, Bangalore, Chennai, Kolkata, Hyderabad, and Pune, has reshaped the Indian way of life. Professional interior designers are able to make the space comfortable and aligned with the philosophy of the client’s brand. They can come with better ideas on how to best utilize the office space and reflect the nature of work and the working environment.
The new decoration type generated the higher revenue in 2020. According to the India Brand Equity Foundation, the Indian real estate sector has witnessed rapid growth in recent times with a rise in the demand for office as well as residential spaces. The reason for the growth of the category is the shift in the work culture and a developing taste for high-end lifestyle in India. This, in turn, is leading to the development of new designer commercial spaces and well-designed, elegant homes, hence helping the Indian interior design market.
South India dominated the market in 2020, and it is expected to lead the market in the coming years too. The large number of housing projects initiated by private builders and public bodies, and increasing number of corporate offices of national and multinational companies in the region are behind its largest market share.
In India, real estate investments are increasing. Commercial real estate and co-working spaces are the most popular from the point of investments in the country. Because the real estate market is expected to expand in the future, interior designing services will be in high demand. For their business and residential environments, people are opting for theme-based designs. Various themes, such as Mediterranean, European, and ethnic Indian, are becoming increasingly popular nowadays. A skilled interior designer can assist in fusing numerous decorative styles, such as contemporary, modern, classic, Indo-Western, and Western, to produce interiors that are unique, beautiful, and pleasing to the senses.
According to Invest India, the construction industry in India grown by 5.6% during 2016–2020, compared to 2.9% during 2011–1015. Moreover, Indian real estate attracted $5 billion institutional investments in 2020. Furthermore, by 2025, the country’s construction market is expected to emerge as the third largest globally. Essentially, policies of the central government, in collaboration with the government of respective states to promote real estate in India, are propelling the demand for interior designing services.
|Base Year (2020) Market Size||$22,939.7 Million|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis; Company Profiling|
|Market Size by Segments||By Decoration Type; By End Use; By Region|
|Secondary Sources and References (Partial List)||Association of Designers of India, Builders Association of India, Institute of Indian Interior Designers, Indian Plumbing Association, Institute of Indian Interior Designers, India Brand Equity Foundation, Aksharaya Crafts Council of India, Council of Architecture|
The Indian interior design market is fragmented in nature with the presence of numerous players, such as Home Interior Designs E-Commerce Pvt. Ltd., Lipika Sud Interior Pvt. Ltd., Chaukor Studio, The KariGhars, Morph Design Co., and Design Qube. Players operating in the market are following the strategy of partnerships to increase their revenue.
The India interior design market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Decoration Type
Based on End Use
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