NEW YORK, August 31, 2021 / PRNewswire / – Growing rate of urbanization, increasing real estate activity, population growth, rising per capita income and the initiation of government construction and infrastructure development projects are fueling the expansion of Indian interior design market. Due to these factors, the market has reached $ 22 billion revenue in 2020, and it will likely experience a huge expansion from 2021 to 2030.
The COVID-19 pandemic has severely disrupted global trade, the operations of financial organizations, industrial establishments, infrastructure companies, households and businesses. It has also touched on engineering and construction projects in India, which subsequently caused a massive financial setback for construction companies, thereby reducing the need for interior design services and hampering market progress.
Browse the detailed report on India interior design market analysis and growth forecast till 2030
The India The interior design market is categorized into residential and commercial, depending on end use. Between these, the commercial category is expected to contribute to the highest market incomes in 2030. As the country’s work culture changes, commercial establishments and offices require high-end interior design services. This in turn fuels the demand for professional interior designers who can make the space functional, comfortable, and in line with the philosophy of the company that will lease the office space. They give the establishment a professional appearance which would be difficult to achieve otherwise.
The India The interior design market is divided into renovations and new, depending on the type of decoration. In between, the new category dominated the market in 2020 and is expected to retain its dominance over the forecast period, due to the growing demand for housing due to the booming urban population. As people move rapidly to the secondary and tertiary sectors, which are mainly based in urban areas, from the primary sector, to earn a living, the population of urban areas is skyrocketing, resulting in the need for urban housing. In addition, the growth of the business sector in Indian metropolises is supporting the growth of the market.
North India held the largest share of the Indian interior design market in 2020, and this trend is expected to continue in the years to come. This is attributed to the launch of numerous housing projects by public organizations and private builders and the growing number of headquarters of multinational and national companies in the region.
Indian players in the interior design market are engaging in collaborations to offer new interior design 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 NV have entered into a partnership. In accordance with the terms and conditions of the collaboration, the lighting products developed by Signify NV are now available for architects and interior designers in India who design and renovate homes on the Livspace 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 players in the Indian interior design market.
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