The Indian interior design market revenue stood at $22,939.7 million in 2020, and it is predicted to rise significantly from 2021 to 2030 (forecast period). The market is being driven by the increasing real estate activities, mushrooming population, surging disposable income of people, soaring implementation of government initiatives for promoting and developing real estate, and rapid urbanization in the country. As per Invest India, India’s construction sector grew by 5.6% from 2016 to 2020, as compared to the 2.9% growth rate it exhibited between 2011 and 2015.
Furthermore, the real estate sector in the country attracted investments worth $5 billion in 2020. Additionally, the construction sector in the country is predicted to become the third largest in the world by 2025. These are primarily credited to the policies of the central government and the launch of real estate development programs by various state governments. Thus, with the surge in the real estate sector and increasing construction activities, the demand for interior designing services will shoot up in India in the coming years.
Browse detailed report – India Interior Design Market Analysis and Demand Forecast Report
Besides, the surging disposable income of people is also propelling the growth rate of the Indian interior design market. Depending on end use, the market is divided into residential and commercial categories. Between these, the commercial category is predicted to contribute higher revenue to the market in the coming years. This is attributed to the booming commercial real estate sector in the country. Additionally, with the changing work culture in the country, the interiors of offices and commercial spaces are becoming very important.
As professional interior designers can make the office area comfortable and aligned with the vision and ideology of the company, the demand for them is shooting up in the country. When decoration type is taken into consideration, the Indian interior design market is classified into renovations and new. Between these, the new category contributed higher revenue to the market in 2020, and this trend will continue in the coming years as well, as per the estimates of P&S Intelligence. This is ascribed to the burgeoning requirement for houses because of the ballooning urban population.
Due to Increasing Real Estate Investments, Commercial Category Expected To Be Faster Growing
People are rapidly moving from the primary sector to the tertiary and secondary sectors, which are primarily based in cities, thereby pushing up the need for urban housing. Furthermore, the growing spending power of people due to their increasing income is also supporting the advancement of the market. The players operating in the industry are focusing on collaborations in order to provide advanced interior designing solutions to their clients. For instance, Signify N.V. entered into a partnership with Livspace (Home Interior Designs E-Commerce Pvt. Ltd.) in August 2019. This partnership made the lighting products developed by Signify N.V. available to the architects and interior designers of India who are designing and decorating homes on the Livspace platform.
Hence, the market will grow substantially in the coming years, mainly because of the booming real estate sector, rising disposable income of people, and rapid urbanization in the country.