KUALA LUMPUR: Malaysian furniture industry is looking at India for improved trade and business opportunities as expanding middle class, boom in construction industry and growing demand for office space in major cities offer good market potential, according to Malaysia External Trade Development Corporation (Matrade).
The trade agency said India's market size and preference for international standards will pave the way for Malaysian furniture manufacturers to capture the market. "The Indian urban sector is design and quality-conscious, hence price is not a factor in the consumption of top-range furniture,” Matrade said in its bi-monthly publication for Malaysian exporters, Trademart.
Indian furniture market is worth US$8 billion and is growing at a 30 per cent compounded annual growth rate in the organised sector, which represents only 15 per cent of the whole industry. "Demand for furniture of international standards is very high in the larger cities like New Delhi, Bombay, Calcutta (Kolkata) and Chennai," Matrade said.
"In India, the unorganised sector concentrates on the wooden furniture segment (mainly for home furniture), while the organised sector produces wooden, metal and plastic furniture mainly for office use. Currently there are only 10,500 furniture importers in the organised sector and they mainly import from China, Italy, Germany, Singapore and Malaysia," the trade body added.
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