Market analysis for furniture repair in India
The relevance of research
The need for furniture is one of the basic human needs, while it is characterized by a long service life and high maintainability. That is, with a decrease in solvency, a person may for a certain time refuse to purchase new pieces of furniture by increasing the life of the old one, which is especially important during a crisis. Furniture repair services are part of the market of paid household services to the population
Purpose of the study
Analysis of the state of the furniture repair market, assessment of the market size, analysis of competitors, as well as identification of factors affecting the furniture repair market
Content
Part 1. Overview of the Indian furniture repair market
1.1. Definition and Characteristics of the Indian Furniture Refurbishment Market
1.2. Dynamics of the volume of the Indian furniture repair market, 2015-2019
1.3. Market structure by type of service provided in India
1.4. Market structure for furniture repair by Union Territories
1.5. Assessment of current trends and development prospects of the studied market
1.6. Assessment of factors affecting the market
1.7. Analysis of sectoral indicators of financial and economic activity
Part 2. Competitive Analysis in the Furniture Repair Market in India
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 furniture repair consumption
3.1. Estimated volume of furniture repair consumption per capita
3.2. Market Saturation and Estimated Market Potential in India
3.3. Description of consumer preferences
3.4. Price analysis
Part 4. Assessment of factors of investment attractiveness of the market
Part 5. Forecast for the development of the furniture repair market until 2024
Part 6. Conclusions on the prospects of creating enterprises in the study area and recommendations for current market operators
Research excerpt
Part 1. Overview of the Indian furniture repair market
1.1. Definition and Characteristics of the Indian Furniture Refurbishment Market
Consider the characteristics and features of the furniture repair market in the Indian market.
The furniture repair market in this study refers to the totality of enterprises providing ...
...
Furniture repair services are part of the market for paid household services to the population. During 2015-2019 the share of the considered market in the total volume of paid household services in India is insignificant …, if in 2015 it was …%, then in 2019 it became equal to …%.
The following types of services are provided on the furniture repair market: ... According to ..., in 2019. In India, there were more than … thousand facilities providing furniture repair services, including individual entrepreneurs.
According to GidMarket analysts' calculations based on … data, in 2019 the market share of furniture repair services amounted to …% of the furniture market in India. Market share of furniture repair …, in 2015 it amounted to …%, which indicates that consumer preferences have shifted towards … over the past five years.
1.2. Dynamics of the volume of the Indian furniture repair market, 2015-2019
Consider the dynamics of the market volume. The volume of the furniture repair market in India in 2015 amounted to … billion Rs., in 2016 … to … billion Rs., the market growth rate was …%. Market capacity … mainly due to …
In 2017, the market volume in monetary terms … and amounted to … billion Rs. (…%). … furniture repair market capacity and its … growth in monetary terms in 2017 was associated with …
In 2018, the market volume amounted to … billion Rs. …%), …
The volume of the furniture repair market in India in 2019 amounted to … billion Rs., the market volume … by …% compared to 2018. The development of …
During 2015-2019 size of the furniture repair market in India … at a moderate pace, as is in the process...
1.3. Market structure by type of service provided in India
Consider the structure of the furniture repair market by type of services provided.
The demand for furniture repair services by type can be estimated by the number of search queries on the Internet. According to Yandex analytics, services of … are in the greatest demand in the field of furniture repair services, accounting for …% of all requests for furniture repair.
The second place is occupied by … (…%), the third is the repair of …, this type of repair accounts for …%.
Fourth place with a share of...
The repair services for chests of drawers account for …%. Repair of antique furniture takes …%.
Repair of children's furniture takes only …%, because consumers...
1.4. Market structure for furniture repair by Union Territories
From the point of view of the geographical structure of the furniture repair market, …% of the market volume in terms of money falls on the … federal district. The second place is occupied by … federal district - …%.
Third place is…
The smallest shares of the furniture repair market in India are...
Chart 3. Structure of furniture repair services in India by Union Territories, %
Such a distribution of furniture repair market shares across the union territories is due to the influence of such factors as …
1.5. Assessment of current trends and development prospects of the studied market
Key trends in the furniture repair market include: … Prospects for the development of the furniture repair market: …
1.6. Assessment of factors affecting the market
Consider the main factors affecting the market and, accordingly, demand.
Economic forces
Dynamics of India's Gross Domestic Product
The dynamics of GDP is a determining factor in the development of the country's economy, it forms the main trends in consumer effective demand and economic activity.
Based on the data ..., the index of physical volume of GDP in 2019. amounted to …%.
Diagram 4. Dynamics of India's GDP, 2012-2019, % to the previous year
From 2012 to 2014 GDP growth was …, after the 2014 crisis. GDP growth rate in 2015 became ... For the period from 2016 to 2018. there was a slight … annual GDP growth, and in 2019. growth rate … if in 2018. it amounted to …%, then in 2019. - ...%, which cannot be ...
According to …, according to … GDP will be in the negative zone by the end of 2020, …
According to the latest forecast of the Ministry of Economic Development (before the impact of the coronavirus pandemic on the Indian economy), in 2020-2021. growth rate of Indian economy...
...
The Development Center of the National Research University Higher School of Economics made a GDP forecast for 2020-2021 based on a survey ... For 2020. the forecast is a decline in GDP by …% under the following conditions: …
According to GidMarket analysts, the coronavirus pandemic, which has been a catalyst for problematic shifts in the global economy, will lead to …
...
Political and legal factors
...
Social factors
...
Technological factors
The main technological factor influencing the Indian furniture repair market is the introduction of…
For a business in the furniture repair market,…
Table 2. STEP analysis of factors affecting the furniture repair market
Macro-environmental factors have both ... and ... influence on the furniture repair market, however, ... factors have a decisive influence.
Economic factors such as … have a negative impact on the development of the furniture repair market.
Technological factors…
1.7. Analysis of sectoral indicators of financial and economic activity
According to GidMarket, at the end of 2019. Gross profitability of the furniture repair industry in India amounted to …%, which is at the level of … similar financial ratios for the Indian economy as a whole by …%.
Profit margin before tax in the furniture repair industry in India was … relative to all sectors of the Indian economy in 2015-2016, in 2017…, in 2018-2019. according to GidMarket, the profitability before tax was still …
Values of current liquidity in 2015-2019 India's furniture repair industries testify to...
It should be noted that in the analyzed period, the sectoral current liquidity increased to the level of … in 2017, which was associated with a sharp increase in ... In 2018-2019. current liquidity ratio … and in 2019 amounted to ..., which is an indicator of ... the standard (2).
For Indian companies, the normative value of the absolute liquidity ratio is within Kal > 0.2-0.5. In the furniture repair industry in the period under review 2015-2019. the absolute liquidity indicator was … standard, except for 2017, which may signal about …
During 2015-2018 business activity (average receivables turnover period) in furniture repair services … if in 2015 the business activity ratio was ... day days, then in 2018. – … day days As of 2019 the indicator of this financial ratio according to GidMarket was … days days.
During the analyzed period, indicators of financial stability (security of own working capital) in the furniture repair industry in India …, however, remain significantly … of the normative value (…%) more than in …
Diagram 11. Financial stability (security of own working capital) in the furniture repair industry, in comparison with all sectors of the Indian economy, 2015-2019, %
Overall, an analysis of the industry financial ratios of the furniture repair services industry in India shows…
Part 2. Competitive Analysis in the Furniture Repair Market in India
2.1. Major players in the market
The furniture repair market in India is characterized by … a level of concentration (large amount … with little …).
The biggest players in the furniture repair market in India include:…
2.2. Market shares of the largest competitors
Conducting a competitive analysis in the furniture repair market was carried out in such a way that the first degree criterion in determining the market share of competitors is revenue ...
The furniture repair market is characterized by the fact that there are ... enterprises and individual entrepreneurs according to Rosstat more than ... thousand objects that occupy ... The diagram shows the market shares of the TOP-5 largest competitors and other enterprises and individual entrepreneurs of the furniture repair market that occupy market share is less than TOP-5.
According to GidMarket, the furniture repair market leader in India is “…” LLC, which occupies …% of the Indian market in 2019, in second place is “…” LLC with a market share in terms of revenue of …%.
The third place is occupied by … Closes the top five of the furniture repair market in India …
2.3. Profiles of major players
Company ""…""
...
Table 6. Basic information about the participant No. 1 of the furniture repair market
According to GidMarket, the total revenue of the TOP-5 largest enterprises providing furniture repair services in India in 2019 amounted to 62,9 million Rs. For the period 2015-2019. revenue of the top five operators in the Indian furniture repair market grew 6,9 times.
Diagram 13. Dynamics of the total revenue of the largest furniture repair market operators (TOP-5) in India, 2015-2019
Higher revenue growth rates of the largest operators relative to the overall dynamics of the market volume in current consumer prices allow us to state the processes ...
Part 3. Analysis of furniture repair consumption
3.1. Estimated volume of furniture repair consumption per capita
Estimation of per capita consumption of furniture repair services in India was made by GidMarket at the rate of …
As can be seen from the chart, consumption of furniture repair services in India … during 2015-2019, from … to …Rs. per person per year. Thus, based on the average prices for furniture repair services, we can conclude that at least once every 5 years, furniture repair services are used by ..., which indicates ... the use of furniture repair services and ...
For the period 2015-2019. furniture repair service costs per capita increased by … Rs. (…%), while the growth was mainly due to …
3.2. Market Saturation and Estimated Market Potential in India
The potential of the furniture repair market in India is estimated by GidMarket specialists to be no less than “plus …%” to the existing market volume, or more than … billion Rs. in 2019 prices Achieving the potential of the market and its qualitative development is constrained ...
An increase in the level of reaching the potential market capacity is possible due to …
Currently, enterprises in the industry are trying to attract more consumers and increase the average check by introducing ...
3.3. Description of consumer preferences
...
3.4. Price analysis
The dynamics of prices for furniture repair services is determined by the general level of …, ... Thus, in India in the period 2015-2019. the growth in prices for furniture repair services amounted to …% annually, in 2020. for January-March compared to the same period in 2019. prices increased by …%.
In India, the average consumer price for furniture repair services in May 2020 amounted to ... depending on the service. The highest prices in … Federal District … Rs. and in … federal district … Rs. The lowest average consumer prices for furniture repair services in … federal districts.
Part 4. Assessment of factors of investment attractiveness of the market
… factors of the investment climate of the furniture repair market in India dominate over ... A comprehensive assessment of the factors of investment attractiveness is ... points - ... investment climate.
The most significant negative factors
...
The most significant positive factors
...
Part 5. Forecast for the development of the furniture repair market until 2024
...
Part 6. Conclusions on the prospects of creating enterprises in the study area and recommendations for current market operators
...
Diagrams
Diagram 1. Dynamics of the furniture repair market volume, 2015-2019
Diagram 2. Market structure for furniture repair by types, %
Chart 3. Structure of furniture repair services in India by Union Territories, %
Diagram 4. Dynamics of India's GDP, 2012-2019, % to the previous year
Chart 5. Monthly dynamics of the average monthly exchange rate of the US dollar against the rupee, 2014-2019, Rs. for 1 US dollar
Diagram 6. Dynamics of real disposable income of the population in India, 2012-2019, % to the previous year
Diagram 7. Population dynamics in India, as of 01 Jan. 2012-2020, million people
Diagram 8. Profitability of profit before tax (profit of the reporting period) in the field of furniture repair in comparison with all sectors of the Indian economy, 2015-2019, %
Diagram 9. Current liquidity (total coverage) in the furniture repair industry for 2015-2019, times
Diagram 10. Business activity (average turnover period of receivables) in the furniture repair industry, for 2015-2019, days days
Diagram 11. Financial stability (security of own working capital) in the furniture repair industry, in comparison with all sectors of the Indian economy, 2015-2019, %
Diagram 12. Shares of the largest competitors in the furniture repair market in 2019
Diagram 13. Dynamics of the total revenue of the largest furniture repair market operators (TOP-5) in India, 2015-2019
Diagram 14. Volume of furniture repair consumption per capita, 2015-2019, Rs./person
Diagram 15. Market size forecast for furniture repair in 2020-2024 (one COVID-19 self-isolation)
Diagram 16. Forecast of the furniture repair market size in 2020-2024 (two COVID-19 self-isolations)
Tables
Table 1. Support measures for small and medium-sized businesses to overcome the consequences of a new coronavirus infection, including small and medium-sized furniture repair businesses
Table 2. STEP analysis of factors affecting the furniture repair market
Table 3. Gross margin of the furniture repair industry compared to all sectors of the Indian economy, 2015-2019, %
Table 4. Absolute liquidity in the furniture repair industry compared to all sectors of the Indian economy, 2015-2019, times
Table 5. The main companies participating in the furniture repair market in 2019
Table 6. Basic information about the participant No. 1 of the furniture repair market
Table 7. Basic information about the participant No. 2 of the furniture repair market
Table 8. Basic information about the participant No. 3 of the furniture repair market
Table 9. Basic information about the participant No. 4 of the furniture repair market
Table 10. Basic information about the participant No. 5 of the furniture repair market
Table 11. Consumer price indices in the furniture repair market in India in 2015-2020 (available period), %
Table 12. Average prices in the furniture repair market by Union Territories
Table 13. Assessment of factors of investment attractiveness of the furniture repair market
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