Dublin, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The "Global Educational Furniture Market: Analysis By Material, By Product, By Application, By Distribution Channel, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global educational furniture market was valued at US$4.85 billion in 2022. The market value is expected to reach US$6.19 billion by 2028. The educational furniture market is projected to grow at a CAGR of 4.36% over the years 2023-2028.
The global educational furniture market is poised for significant expansion, projected to soar at an accelerating pace. This growth trajectory is underpinned by several key drivers. One such factor is the continual surge in enrollment rates across schools and universities worldwide. Additionally, the rising disposable income among consumers contributes to increased spending on quality educational furniture. Government initiatives aimed at enhancing educational infrastructure also play a pivotal role in propelling this market forward.
Furthermore, the proliferation of schools and educational institutions fuels the demand for specialized furniture. Beyond these factors, evolving classroom dynamics and a heightened focus on creating conducive learning environments further amplify the market's potential. Collectively, these catalysts drive the anticipated growth, reflecting a robust trajectory for the global educational furniture market.
Market Segmentation Analysis:
By Material: The report identifies four segments on the basis of material, namely; wood, plastic, metal, and others. In 2022, the wood sector held a prominent position in the market, while the metal segment is anticipated to experience the most rapid growth in the projected timeframe.
By Product: The report identifies four segments on the basis of product, namely; Seating Furniture, Storage Units, Lab Furniture and Others. The seating furniture segment held the major share of the global educational furniture market and is expected to be the fastest growing segment in the forecasted period.
By Application: On the basis of application, the report identifies three segment, namely; Classroom, Library & Labs, and Others. The classroom held the highest share in the market and is expected to be the fastest growing segment in the forecasted period.
By Distribution Channel: The report identifies two segments namely based on distribution channel, Offline and Online. Offline segment held the highest share in the market. Offline channel operates through physical stores, showrooms, dealerships, and direct sales representatives.
By Region: In 2022, North America led the market, propelled by escalating enrollment rates, a surge in demand for high-quality educational furniture, and the rise of blended learning approaches. Market players strategically positioned themselves to capitalize on these trends, strengthening their market presence and fostering further growth.
Meanwhile, the educational furniture market in the Asia Pacific region, encompassing key regions like China, Japan, India, and South Korea, is dynamic and rapidly evolving. Its growth is driven by rapid urbanization, population expansion, and the consequent need for more educational institutions and furniture.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic significantly altered the landscape of the educational furniture market. As educational institutions transitioned to remote or hybrid learning models, there was a temporary slowdown in the demand for traditional classroom furniture.
However, the pandemic also accelerated the need for adaptable, technology-integrated furniture suitable for flexible learning environments. Schools and universities began investing in furniture conducive to remote learning setups, such as ergonomic chairs, adjustable desks, and technology-compatible solutions like charging stations and video conferencing furniture.
Moreover, the heightened awareness of health and safety led to a surge in demand for easy-to-clean, antimicrobial furniture to maintain hygienic environments within educational settings. Supply chain disruptions and material shortages impacted production and delivery, causing delays and affecting market dynamics. Overall, the pandemic prompted a shift in furniture requirements towards more versatile, tech-savvy, and hygienic options, emphasizing adaptability to changing learning environments, both in traditional classrooms and remote setups.
Competitive Landscape:
The global educational furniture market is fragmented, with increasing number of large and medium sized players accounting for the majority of market revenue, and presence of a substantial number of regional market players with limited business offerings and customer base.
However, in developed economies, such as the US, Canada, the UK, Germany, and Japan, a selected number of market manufacturers dominate the global market with their strong brand recognition and competitive positioning.
Market Dynamics
Growth Drivers
- Rising Enrollment Rates In Schools And Universities
- Increase In Disposable Income
- Government Initiatives
- Upsurge In Number Of Schools
Challenges
- High Upfront Costs
- Fluctuations In Prices Of Wood
Market Trends
- Smart Education Furniture
- Growing Popularity Of Ergonomic Furniture
- Increasing Focus On Sustainability
- Active Learning Environments
- Customized Furniture
- Evolution Of Educational Practices
The key players of the global educational furniture market are:
- Steelcase Inc.
- MillerKnoll, Inc.
- Vitra International AG
- Falcon
- VS America, Inc.
- KI
- OfficeLine
- British Thornton
- Virco Mfg. Corporation
- Fleetwood Group, Inc.(Fleetwood Furniture)
- Hertz Furniture
- Metalliform Holdings Limited
For more information about this report visit https://www.researchandmarkets.com/r/fllf7c
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