The growing real estate activities, rapid urbanization, rising population, increasing per capita income, and increasing government initiatives to promote construction are driving the growth of the Indian interior design market. Owing to the above-mentioned factors, the market generated approximately ~$22 billion in 2020, and it is set to showcase significant growth during the forecast period (2021–2030).
The outbreak of the COVID-19 infection has severely impacted global trade, businesses, households, financial institutions, infrastructure companies, and industrial establishments. Similarly, it has jeopardized construction and engineering projects in India, which has resulted in a major financial setback in the construction industry, thus resulting in instability. This has reduced the demand for interior designing services in the country, thus negatively impacting the market.
The market is divided into commercial and residential, under the end use segment. Of these, the commercial category will generate the higher revenue in 2030. The growing commercial real estate sector in India is the primary reason for the category's growth. Furthermore, as India's work culture transitions, the interiors of offices are becoming important. Professional interior designers can make the space comfortable, functional, and aligned with the ideology of the brand that rents the office space. They offer clients a professional appearance that would be difficult to achieve otherwise.
The market is categorized into new and renovations, in terms of decoration type. Of these, the new category held the larger market share in 2020, and it is expected to retain its position during the forecast period, due to the increasing demand for houses owing to the increasing urban population. People are shifting from the primary sector to the secondary and territory sectors, which are mainly based in cities, thus resulting in the increasing demand for urban housing. Further, the increasing spending power of individuals, owing to their rising income, is helping the market grow.
North 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.
Players in the Indian interior design market are putting a strong focus on collaborating with other companies in order to provide novel interior designing solutions to clients.
In August 2019, Signify N.V. and Livspace (Home Interior Designs E-Commerce Pvt. Ltd.) announced a partnership. Livspace is a platform for home design and renovation in Indian and Southeast Asian countries. Signify N.V.’s lighting products are now available to the interior designers and architects in India who are designing homes on the Livspace platform, as part of this collaboration.
The major players operating in the Indian interior design market include Home Interior Designs E-Commerce Pvt. Ltd., Lipika Sud Interior Pvt. Ltd., Chaukor Studio, The KariGhars, Morph Design Co., Design Qube, and Ace Interior.