Pune, India, July 31, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “School Furniture Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type, Product Type, and Distribution Channel, and Geography,” the school furniture market is expected to grow from $ 5.05 billion in 2021 to $ 7.36 billion by 2028; it is estimated to grow at a CAGR of 5.6% from 2022 to 2028. The projected growth of the market during the forecast period is attributed to increasing construction of school.
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In 2021, North America held the largest share of the global school furniture market. Factors contributing to the school furniture market growth in the region are the growing construction of school and rise in utilization of furniture in schools. The furniture manufacturing companies located in this region are continuously enhancing their overall business processes to cater to the demand of customers in the best possible way. The US holds the largest share in the school furniture market in the region. The rising population and investment in the education sector are creating demand for school furniture. This, in turn, is driving the school furniture market in the region.
Growing Construction of Schools
Construction of schools across the globe is expected to increase owing to a rapid growth in population. Increasing focus on the educational sector across rural and urban areas in developing and developed economies and compulsory basic education schemes provided by governments of various countries are boosting the growth of the construction of schools. With aging school facilities, changes in building safety codes, over-crowded classrooms, and advances in technology, the authorities of many countries face dilemma to either invest in new infrastructure or upgrade the existing ones. Moreover, innovative technologies and developing educational practices have designed novel requirements for educational infrastructure purposes. As a result, new approaches to build learning environments help create better spaces for students and increase educational infrastructure efficiency.
School Furniture Market: Segmental Overview
Based on material type, the school furniture market is segmented into wood, metal, plastic, and others. The wood segment held the largest share in the global school furniture market in 2021. Wooden furniture is highly preferred in schools, owing to the high manufacturing output of wooden products in comparison to other materials. Moreover, wood is conventionally looked at as the most preferred material for furniture production.
Based on product type, the school furniture market is categorized into benches and chairs, desks and tables, storage units, and others. The benches and chairs segment held the largest share in the global school furniture market in 2021. Benches and chairs are consumed by the school management in bulk quantities. School chairs vary in design and are primarily made of wood, metal, and synthetic plastic materials. The several types of chairs, such as folding chairs, rocking chairs, and loungers, have gained popularity. This, in turn, is influencing the market for school furniture through the benches and chairs segment.
Based on distribution channel, the school furniture market is divided into specialty stores, online retail, and contracts/bids. The contracts/bids segment held the largest share in the global school furniture market in 2021. Most of the schools organize bids for school furniture. The companies are given a contract for vendor ship, replacement, or repair based on the contract signed between the schools and them. This is the reason for dominance of the contracts/bids segment in the school furniture market.
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Impact of COVID-19 Pandemic on School Furniture Market
The COVID-19 pandemic caused a significant economic loss across the globe. The school furniture market also experienced adverse effects of the pandemic in 2021. The pandemic led to temporary effects on the operational efficiencies of various industries due to huge gap in supply and demand for raw materials. The pandemic has negatively impacted the demand for school furniture from the educational sector.
Various economies have started reviving their operations. Further, the demand for school furniture from educational institutes started increasing, backed by the reopening of schools after vaccination drives. The growing need for school furniture and significant investments by prominent manufacturers to increase production capacity are expected to drive the growth of school furniture market during the forecast period.
School Furniture Market: Competition Landscape
Fleetwood Furniture; Herman Miller, Inc; KI; Steelcase Inc.; Virco, Inc.; Scholar Craft; Global Furniture Group; Educan; Ven-Rez; and Mitybilt are among the major players operating in the global school furniture market. Players operating in the global school furniture market are constantly focusing on strategies such as investments in research and development activities and new product launches.
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