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Analysis of the furniture fittings market in India

Analysis of the furniture fittings market in India Analysis of the furniture fittings market in India
Release date 27.09.2021
Number of pages 40
Formats DOCX, PDF
Cost 250.000 ₹

The relevance of research

The production of any furniture product is not complete without the use of auxiliary accessories, which largely affect the ease of use and the service life of the product.


Purpose of the study

Analysis of the state of the furniture fittings market in India, assessment of the market size, analysis of competitors, as well as identification of factors affecting the furniture fittings market


Content 

Part 1. Overview of the Indian furniture fittings market

1.1. Main characteristics of the market
1.2. Dynamics of the furniture fittings market volume in 2016-2020 Potential market capacity
1.3. Assessment of factors affecting the market
1.4. Stage of the life cycle of the furniture fittings market
1.5. Competition from substitute products

Part 2. Competitive analysis in the furniture fittings market

2.1. Major players in the market
2.2. Market shares of the largest competitors
2.3. Profiles of major players

Part 3. Analysis of the production of furniture fittings

3.1. Volume and dynamics of domestic production of furniture fittings
3.2. The share of exports in the production of furniture fittings
3.3. Segmentation of furniture fittings production by regions
3.3.1. Production by Union Territories
3.3.2. Production by states of India

Part 4. Analysis of foreign trade supplies of furniture fittings

4.1. The volume and dynamics of imports of furniture fittings
4.2. Import structure
4.3. The volume and dynamics of exports of furniture fittings
4.4. Export structure

Part 5. Analysis of consumption of furniture fittings

5.1. Dynamics of furniture fittings consumption volume
5.2. Analysis of the results of tenders for the purchase

Part 6. Price Analysis

6.1. Average producer prices by union territories
6.2. Average consumer prices by states in India

Part 7. Assessment of factors of investment attractiveness of the market

Part 8. Forecast for the development of the furniture fittings market until 2025

Part 9. Recommendations and conclusions


Research excerpt 

Part 1. Overview of the Indian furniture fittings market

1.1. Main characteristics of the market

Furniture accessories - auxiliary materials and accessories used in the manufacture of furniture.
The production of any furniture product is not complete without the use of ...
The first furniture fittings were...
All mechanisms and fittings perform their function, respectively, meet ...
Furniture components are made from…

During the entire period under review, the furniture fittings market in India is dominated by ... products - its share ranges from ...% to ...% and largely depends on ... In the period 2015-2017, one can note the growth of ... ...%, which was due to ... - furniture fittings ... of origin significantly ... 
Mostly imported from foreign countries ...

Diagram 1. The ratio of imported and domestic products in the furniture fittings market in 2015-2020 in kind, %

1.2. Dynamics of the furniture fittings market volume in 2016-2020 Potential market capacity

Let's consider the dynamics of the volume of the furniture fittings market in India in physical terms.

The dynamics of the furniture fittings market has … character. In 2016 and 2017, the market volume is …, which is due to … In 2018, there is …% compared to 2017. 

In 2020, the volume of the furniture fittings market amounted to … thousand tons, which is by …% … than in 2019. … associated with ... 
As for the potential capacity of the market in the medium term, it largely depends on …, that is, on the development of ... Currently, the market is at the stage of …, so the potential capacity is estimated within “plus…%” to the available volume or … thousand tons.

The calculation of the distribution of revenue across the union territories was made by GidMarket on the basis of data on ...
Distribution of shares between federal districts by revenue from sales ... Traditionally, the leader is ... the Union Territories, occupying a share of ...% during the period under review, which gradually ... 2020. At the same time, there is a trend towards…

The distribution and dynamics of the shares of federal districts in terms of sales proceeds can be explained by several factors: …

1.3. Assessment of factors affecting the market

Macroeconomic factors influence the dynamics of all sectors of the Indian economy, including the furniture fittings market. The main groups of factors are: economic, political, social and technological.

Economic forces

GDP dynamics

Gross domestic product (GDP) is a macroeconomic indicator that reflects the market value of all final goods and services produced per year in all sectors of the economy in India for consumption, export and accumulation, regardless of the nationality of the factors of production used. 
Gross domestic product is the main indicator on the basis of which the level and pace of economic development are determined. 
The chart shows India's GDP growth rate from 2012 to 2020 at comparable prices (at 2016 prices).
According to the data of Rosstat, for the period 2012-2014, there was … the GDP growth rate, while the indicator was gradually …, and in 2015 it was … In 2015, which was the peak of the crisis in the country, the decline in GDP amounted to …% compared to the previous year 2014, and since…
In 2016 GDP …
...

At the end of 2020, the decline in GDP amounted to …%, which is ... This is the most significant drop in the Indian economy since 2009, when GDP fell by …%. The decline in GDP in 2020 is due to..
...
Let's consider some experts' estimates of India's GDP dynamics forecast. 
According to the updated...
The Central Bank of India kept the forecast for India's GDP growth in 2021 at …%. …

The International Monetary Fund (IMF) predicts…
...
According to the Accounts Chamber and the Institute for Economic Policy…
...

Thus, experts disagree on the forecast for the medium term: in 2021-2023, the economy is expected to recover …%. Currently, the factor of the decline in GDP in 2020 is ...
...

Social factors
...
Technological factors
...
Political factors
...
Let's present the results of the analysis of factors influencing the market in the form of a STEP-analysis table.

Table 4. STEP analysis of factors affecting the furniture fittings market

Thus, at the moment, the furniture fittings market is experiencing to a greater extent ... environmental factors of medium strength.

The negative impact is due to...
The following factors positively affect the market: ...
...

1.4. Stage of the life cycle of the furniture fittings market

Currently, the furniture fittings market is at the stage of ... the life cycle. The dynamics of the market shows that the volume of the furniture fittings market is relatively …
The product is on the market...
At this stage, the role of ...
It is at this stage that the probability ...
...

1.5. Competition from substitute products
...

Part 2. Competitive analysis in the furniture fittings market 

2.1. Major players in the market 

In the Indian furniture fittings market, to a greater extent and in greater numbers, there are … manufacturers – … fittings occupy …% in 2020 in value terms. The number of such market players exceeds ... Among them, the following companies can be noted ... Among Indian manufacturers, such large companies as ...

Let's present data on the leading Indian and foreign manufacturers of furniture fittings.
Thus, the TOP-8 main competitors presented in the furniture fittings market are considered.

2.2. Market shares of the largest competitors 

Competitor shares are estimated based on the volumes of imports of furniture fittings to India (for foreign manufacturers) and financial performance of companies, taking into account the exclusion of other activities.

Diagram 13. Shares of the largest competitors in the furniture fittings market in 2020, %

The leaders in the furniture fittings market among foreign companies are: ... with a share of ...%, ... with a share of ...%, ... with a share of ...%, ... The largest Indian manufacturers are LLC ""..."" with a share of ...%, ... with shares of ...%.

The Indian furniture hardware market is … due to the presence of significant... The Herfindahl-Hirschman index for the market is …, the market is …

2.3. Profiles of major players

… (brand …)
...

Part 3. Analysis of the production of furniture fittings

3.1. Volume and dynamics of domestic production of furniture fittings

Consider the dynamics of furniture fittings production in India.
The dynamics of the production of furniture fittings in India has … character in 2016-2020, it can be noted that the volume fluctuated around ... The largest drop in the indicator is observed in … year – by …% compared to 2017. 

In 2020, despite the economic crisis in India and quarantine restrictions that …, the volume of furniture fittings production …% compared to 2019. This is due to the difficulty...
With the exception of … the dynamics of the total revenues of the leaders among the Indian manufacturers of furniture fittings is … in nature. At the end of 2020, the indicator amounted to … billion Rs., which is by …% … the value of 2019 and by …% … the value of 2015.

The TOP-5 largest manufacturers of furniture fittings include …. 

3.2. The share of exports in the production of furniture fittings

Diagram 16. The share of exports in production for 2015-2020, %

The share of exports in the production of furniture fittings ... During the period shown in the diagram, the indicator tends to ... - from ...% in 2015 to ...% in 2020. Share of production for domestic consumption in 2015-2020 …%.

3.3. Segmentation of furniture fittings production by regions
3.3.1. Production by Union Territories

The production of furniture fittings is concentrated in … and … federal districts – the production annually exceeds … thousand tons. According to the results of 2020, … thousand tons of fittings were manufactured in … Union Territories, … thousand tons in … Union Territories. The total share of these federal districts is …% of the total production volume.
In third place is…

3.3.2. Production by states of India
...

Part 4. Analysis of foreign trade supplies of furniture fittings

4.1. The volume and dynamics of imports of furniture fittings

Consider the indicators of foreign trade operations with furniture fittings in India.
The dynamics of imports in physical terms for the period 2016-2019 has … character. The largest increase is observed in … year, when the volume of furniture fittings import increased …% compared to … year.

According to the results of 2020, there is …% compared to the previous period, the figure amounted to … thousand tons. As noted earlier, the coronavirus pandemic...

Diagram 17. Volume and dynamics of imports of furniture fittings in physical terms in 2016-2020, thousand tons

The dynamics of imports in value terms is somewhat different from the change in the indicator in physical terms: in 2016, …

4.2. Import structure

The main volume of furniture fittings in 2020 was imported from …%, …% of products were imported from the CIS countries. For comparison: in 2015 this ratio was …%. The absolute leader among importing countries is … – the share of the country is equal to …%. The main countries also include … (share …%), … (share …%), …

At the same time, it should be noted that the ratio of the share of leaders among importing countries, depending on the material used to manufacture furniture fittings, is different. Thus, the countries listed in the table mainly supply ... products. Furniture fittings made of plastic are mainly imported from …

4.3. The volume and dynamics of exports of furniture fittings

The dynamics of export of furniture fittings from India in natural and value terms for the period under review was ... The average annual growth rate in physical terms amounted to …%, in value terms – …%.  

At the end of 2020, the export of furniture fittings to foreign countries amounted to … thousand tons worth … million dollars. 

Diagram 21. Balance of exports and imports in 2015-2020, thousand tons

During the period under review, the trade balance (difference between exports and imports) in the furniture fittings market in India remains... 

4.4. Export structure

In 2020, …% of furniture fittings were exported to … countries, and only …% to … countries For comparison: in 2015, this ratio was …%. The leading exporters are the following countries: … with a share of …%, …

Part 5. Analysis of consumption of furniture fittings

5.1. Dynamics of furniture fittings consumption volume

The volume of consumption of furniture fittings is calculated in value terms based on the volume of the market in consumer prices.
The dynamics of consumption of furniture fittings for the period 2017-2019 has … character. In 2019, the indicator reached … billion Rs., which is by …% … compared to 2018 and by …% …

In 2020, the volume of consumption of furniture fittings is …%, which is primarily due to the fall in …

5.2. Analysis of the results of tenders for the purchase

At the end of 2020, more than ... tenders were concluded for the purchase of furniture fittings in the amount of more than ... million Rs. In addition to furniture fittings, the list of purchased products includes various ... The table shows government contracts, for which the contract amount exceeds Rs 3 million.

Table 9. Contracts for tenders for the purchase of furniture fittings, concluded in 2020 in the amount of more than 3 million Rs.

According to the analysis of information on competitive purchases of furniture fittings, available in the public domain, the following conclusions can be drawn:

- In most cases, the way to place an order is to purchase ...
- As a rule, in one purchase, the number of lots (various items of goods) ...
- The main customers of furniture fittings are ...
- The main suppliers of products are: ...

Part 6. Price Analysis

6.1. Average producer prices by union territories

The change in producer prices across the union territories took place ... In general, in India in 2020, the average prices for furniture fittings are …% compared to 2019. The increase in prices is observed in … Union Territories (by …% compared to 2019), …
The average price of furniture fittings manufacturers in India is … Rs./ton, the highest price is fixed in … Union Territories (… Rs./ton), the lowest price is in … Union Territories (… Rs./ton). This price difference is due to...

6.2. Average consumer prices by states in India

Due to the fact that a large number of types of products with different price categories are presented on the furniture fittings market, in order to more clearly assess the change in the indicator by states of India, the table shows prices for one type of fittings - furniture handles.
Changes in consumer prices for furniture fittings for the period of 2019-2020 in the states of India occurred ... by 2020).

The spread of consumer prices for furniture handles across the states of India is ... The average price in 2020 is ... Rs. for a unit. At the same time, the lowest price (in …) is … Rs./unit, which is …% lower than the average value in India, and the highest price, …
In India as a whole, the average price of furniture handles in 2020 compared to 2019 …%. 

Part 7. Assessment of factors of investment attractiveness of the market

… factors of the investment climate in the furniture fittings market dominate over… A comprehensive assessment of the factors of investment attractiveness is … score - … investment climate. This means that within the industry in question…

The most significant positive factors. …
The most significant negative factors. …

Part 8. Forecast for the development of the furniture fittings market until 2025 
...

Part 9. Recommendations and conclusions 
...


Diagrams

Diagram 1. The ratio of imported and domestic products in the furniture fittings market in 2015-2020 in kind, %
Diagram 2. Dynamics of the volume of the furniture fittings market, 2016-2020, thousand tons
Diagram 3. Revenue (net) from the sale of furniture fittings by union territories for 2016-2020, %
Diagram 4. Dynamics of India's GDP, 2012-2020, % to the previous year
Chart 5. Monthly dynamics of the US dollar against the rupee, 2016 - 2021 (Jan.-May), Rs. for 1 US dollar
Diagram 6. Dynamics of furniture production volumes in India for 2018-2020, thousand pieces
Diagram 7. Structure of furniture production by types (in value terms), 2020, %
Diagram 8. Dynamics of the commissioning of residential and non-residential buildings in India, 2010-2020, thousand buildings
Diagram 9. Dynamics of the population of India, as of January 1, 2012-2021, million people, %
Diagram 10. Population forecast for India, for the period 2022-2025, million people
Diagram 11. Dynamics of real incomes of the population of India, 2014 - 2021 (1st quarter), % to the previous year
Figure 12. Stage of the life cycle of the furniture fittings market
Diagram 13. Shares of the largest competitors in the furniture fittings market in 2020, %
Diagram 14. Dynamics of production volumes of furniture fittings in India for 2016-2020, thousand tons
Diagram 15. Dynamics of the total revenue of the largest manufacturers (TOP-5) of furniture fittings in India, 2016-2020, billion Rs.
Diagram 16. The share of exports in production for 2015-2020, %
Diagram 17. Volume and dynamics of imports of furniture fittings in physical terms in 2016-2020, thousand tons
Diagram 18. The volume and dynamics of imports of furniture fittings in monetary terms in 2016-2020, thousand dollars
Diagram 19. Dynamics of export of furniture fittings in physical terms in 2016-2020, thousand tons
Diagram 20. Dynamics of export of furniture fittings in monetary terms in 2016-2020, million dollars
Diagram 21. Balance of exports and imports in 2015-2020, thousand tons
Chart 22. Structure of exports by countries in 2020, %
Diagram 23. Dynamics of consumption of furniture fittings in monetary terms, 2016-2020, billion Rs.
Diagram 24. Forecast of the volume of the furniture fittings market in 2021-2025, thousand tons


Tables

Table 1. Types of furniture fittings
Table 2. Forecasts of various sources for real GDP in India in 2020-2023 (base scenario), %
Table 3. Weighted average interest rates of credit institutions on lending operations in rupees, excluding PJSC Sberbank (% per annum), 2016-2021 (Jan-Feb)
Table 4. STEP analysis of factors affecting the furniture fittings market
Table 5. The main companies participating in the furniture fittings market in 2020
Table 6. Profiles of companies participating in the furniture fittings market in 2020
Table 7. Dynamics of furniture fittings production in India by union territories in 2016-2020, thousand tons
Table 8. Structure of imports of furniture fittings by importing countries in 2020 in physical terms, units rev.
Table 9. Contracts for tenders for the purchase of furniture fittings, concluded in 2020 in the amount of more than 3 million Rs.
Table 10. Average producer prices in the furniture fittings market across the Union Territories in 2018-2020, thousand Rs./ton
Table 11. Average consumer prices in the furniture fittings market (for the product ""furniture handles"") by states of India in 2019-2020, Rs./pc.
Table 12. Assessment of factors of investment attractiveness of the furniture fittings market
Table 13. Assessment of the impact of recent crises on the industry


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