Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the School Furniture market.
Trusted Business Insights presents an updated and Latest Study on School Furniture Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the School Furniture market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: School Furniture Market
The global school furniture market size was valued at USD 4.2 billion in 2018.Increasing focus on the educational sector across rural and urban areas and compulsory basic education schemes provided by governments around the world are affecting the growth of the market. In addition, growing demand for flexible furniture that is designed on evolving space configurations and that can cater to rising posture problems in children is expected to drive market demand.
Growing trend of ergonomic furniture for comfortable seating has promoted the demand for flexible school furniture. There has also been rising demand for multi-functional tables and chairs that can be used in classrooms, laboratories, and libraries, among others. Numerous raw materials are being introduced for the production of furniture and these new materials have proven to be more stable, durable, and sustainable than traditional ones. This has played a key role in market growth. For instance, manufacturers have been using materials such as molded plastic, processed or engineered wood, and high-pressure laminate to make tables, chairs, and benches for schools and classrooms. Furniture with additional storage options acts as a space-saving tactic in smaller, more compact classrooms and demand for the same has witnessed a considerable rise in recent years. For instance, CBT Supply Dba Smartdesks creates smart chairs and tables with stackable options and multi-functional applications for classrooms and offices.
Growing construction of schools, especially in developing countries, has significantly contributed to market growth. According to ISC Research, a prominent supplier of international school data, there were roughly 10,300 English-medium international schools across the globe in January 2019, with 5.6 million students enrolled. A paper by RMIT University in Melbourne finds that the total number of students in higher education will increase from 216 million in 2016 to approximately 380 million by 2030. Student enrollment in emerging economies such as China, Saudi Arabia and India will continue to increase, making Asia Pacific and Middle East immensely lucrative markets for school furniture.
Introduction of quality and safety regulations when it comes to classroom furniture, such as the British Engineering Standards Association (BESA), are promoting consumer confidence in these products. Leading suppliers of school furniture in U.K. are members of BESA and are committed to improve the quality and safety of classroom furniture. Such bodies ensure these products are properly shaped, sized, and developed in order to prevent long-term damage to a childs back and posture.
Product Insights of School Furniture Market
In terms of product, the seating category dominated the market with a share of 51.3% in 2018. This can be attributed to features such as wider application than other pieces of furniture, high durability, and the ability to add mobility and functionality. In addition, growing demand for chairs and tables on castors, which helps to easily rearrange furniture, has fueled segment growth. The storage unit segment is expected to register a CAGR of 6.0% from 2021 to 2026. Increasing need for storage space in administration offices, classrooms, laboratories, libraries, and other activity rooms will drive product demand. Additionally, growing application of these products in lounge areas and workstations in schools will give this segment a major boost.
Application Insights of School Furniture Market
By application, classrooms accounted for the largest revenue share of 79.9% in the school furniture market in 2018. Increasing innovation in raw materials for production of classroom furniture has resulted in greater attention toward collaborations, reconfigurations, and ergonomically derived furniture for classrooms. Increasing student enrolment in schools across the globe has upped the need for chairs and tables in classrooms.
Introduction of swivel chair designs with ergonomic features has been a recent addition in many schools, looking to replace traditional chairs. For instance, Steelcase Inc.s Node chairs offer smart solutions in the classroom furniture arena. The Node school chairs are immensely mobile, allowing students to rearrange their seating depending upon lesson plans, thereby ensuring classes are more interactive and collaborative. The base of these chairs has space for storing personal belongings and the adjustable worksurface is ideal for students of all sizes and ages.
The library and labs application segment will exhibit strong growth through 2025, registering a 6.1% CAGR. Increased requirement for large storage spaces in these areas, along with flexible seating, will drive this segment. This is supported by the vast amount of time spent in libraries and laboratories. As a result, there is growing need for furniture that comfortable and ergonomically designed. Apart from this, furniture that encourages and enables interactive and collaborative learning in libraries and labs has also gained prominence in recent years.
Regional Insights of School Furniture Market
North America dominated the global market, accounting for a share of 52.0% in 2018. Presence of leading manufacturers in U.S., such as Artco-Bell Corp.; Bretford Manufacturing Inc.; Fleetwood Group; Scholar Craft; VS America, Inc.; Smith System Mfg. Co; and Knoll, Inc. has helped cater to the increasing demand for school furniture in the region. As per 2015-2016 data by the National Center for Education Statistics (NCES), there are about 132,853 K-12 schools in U.S. Canada, on the other hand, had approximately 5,068,587 students enrolled in public elementary and secondary schools in 2015-2016, according to Statistics Canada. Such trends will continue to give the market for school furniture a major boost.
Asia Pacific is anticipated to exhibit the fastest CAGR of 7.1% from 2021 to 2026. There has been a growing culture of opting for private education in numerous developing countries, owing to better quality of education and facilities as well as focus on extracurricular activities. This trend is supported by growing disposable income and improving lifestyle and is projected to have a positive impact on the demand for school furniture. For instance, private schools in China accounted for more than 35.0% of all the schools in the country, reaching a total of 183,500 private schools in 2018.
Market Share Insights of School Furniture Market
The global market is highly competitive in nature. Top players operating in the market include Fleetwood Group; Scholar Craft; VS America, Inc.; Smith System Mfg. Co; Knoll, Inc.; Haworth Inc.; VITRA INTERNATIONAL AG.; Virco; Office Line; and MOBeduc. Companies are drawing resources through crowdfunding sites in order to explore the new aspects of this business, with increasing focus on flexible furniture. Crowdfunding site for school resources, DonorsChoose, noted an increase in funding for flexible furniture from 110 in 2015 to 21,163 in 2018. Social media has played a key role in spreading awareness about the benefits of flexible school furniture. According to an article on NBC News in June 2019, there are approximately 81,100 posts on Instagram with the hashtag #flexibleseating, with teachers and students posting tips and photos to spread the word.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of School Furniture Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global school furniture market report on the basis of product, application, and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Application Outlook (Revenue, USD Million, 2019 – 2030)
Library & Labs
Quick Read Table of Contents of this Report @ School Furniture Market Size, Share & Trends, Market Research and Industry Forecast Report, 2025 (Includes Business Impact of COVID-19)
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