A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that India Interior Design Market was worth USD 23.2 Billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 7.4%, earning revenue of around USD 38.2 Billion by the end of 2027. Architects, trade members, Interior designers and educationists are involved in the planning, designing, and decorating of the interior spaces in India. The growing Indian real estate market, increasing population, rising income levels, and urbanization all contribute to the growth of the internal design market. Additionally, interior design trends displayed on social media platforms, the popularity of smart homes, and changes in lifestyles and standards are other significant factors contributing to the growth of Indiaâ€™s interior design market.
Rising numbers of Interior Designers across India is Favoring Market Growth
With the influx of real estate investment in India, the India interior design market has grown substantially. Co-working spaces have presently begun to grow significantly in India, thus, driving the countryâ€™s interior design market. Indiaâ€™s interior design market will grow as the real estate market continues to expand. The number of interior designers in India is growing in tandem with the increase of real estate investment in Tier I and Tier-II cities. Furthermore, numerous architects are venturing into the interior design business in India, propelling the market to new heights.
The Popularity of Commercial Interior Design is Driving the Growth of India Interior Design Market
Due to the steady growth of commercial real estate, interior design has emerged as a progressive trend in the Indian interior design market. The commercial space is likely to provide further opportunities for the industry in the near future. With the visible change in Indian work culture, office furniture and interiors have evolved significantly. In addition, the growth of startups and the establishment of new office spaces have made refurbishing old spaces necessary, which calls for interior design services.
These days, people choose theme-based designs for their commercial and residential spaces. Moreover, home innovations are being made every day to make them more technologically advanced. As a result of the adoption of virtual reality in the interior design industry, clients and designers can more easily visualize and experiment with different aspects of interior design. However, there is a relatively high cost associated with adopting such advanced technologies, which impedes the growth of the market. Additionally, a high gestation period for the projects also hinders market growth.
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Impact of COVID-19 in the industry
The COVID-19-induced pandemic that broke out in 2020 has had a severe impact on almost every industry and the India Interior design market is no exception. Consumer behavior suffered a drastic change during the pandemic as people became more aware of where they are spending their money. COVID-19 has also put construction and engineering projects in danger, resulting in some of these projects being canceled. Financial setbacks in the construction and real estate industry have led to a slump in the demand for interior design services in the country as a whole.
The Newly Decorated Segment Occupies the Largest Share of India Interior Design Market
Based on the type of decoration, the India interior design market is segmented into newly decorated and renovations. The newly decorated segment is likely to dominate the market during the forecast period. Indian real estate markets have experienced unprecedented growth over the past few years, primarily due to the office and residential space demand. A primary reason for the growth of this category is the shift in the work culture and the rising interest in luxury lifestyles in India. As a result of the rise of designer commercial spaces and well-designed and elegant homes, the newly decorated segment of the interior design industry in India continues to grow.
North India is expected to witness significant growth in the market during the forecast period
Based on region, India interior design market is segmented into North India, South India, East India, and West India. North India dominates the Indian interior design market and is likely to maintain its dominance even during the forecast period. Numerous housing projects by both public and private organizations have contributed to the growth of this region. Additionally, the growing number of corporate offices in the region is driving the growth of the India interior design market.
India Interior Design Market: Competitive Landscape
The key players in the India interior design market are Home Interior Designs E-Commerce Pvt. Ltd., Lipika Sud Interior Pvt. Ltd., Chaukor Studio, The KariGhars, Morph Design Co., Design Qube, and other manufacturers. Interior design in India is highly competitive and fragmented. The market for interior design services is experiencing a lot of growth, but the market is currently seeing lower than expected profitability due to heavy competition between designers and studios. However, the market is likely to witness growth in the foreseeable future.
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