The global school furniture market size is expected to register a revenue of USD 6.2 billion by the end of 2025, according to a new report by Million Insights. It is expected to grow with a CAGR of 6.0% from 2019 to 2025. This growth can be attributed to increasing awareness for education among children across developing regions like Asia Pacific and Middle East and Africa.
Growth Drivers:
Moreover, rising usage of such chairs and tables in laboratories, classrooms, and libraries is expected to drive the market growth. Thus, majority of the key players have started producing school furniture with raw materials like plastics, woods and laminates. In addition, various governmentality atives to promote education among children across countries like China and India are expected to drive the market growth for such products in the upcoming years.
An increasing trend for the usage of furniture that is ergonomic in design and can be used for comfortable seating is expected to positively impact market growth. Moreover, the rising demand for multifunctional chairs and tables in laboratories, classrooms, and libraries has encouraged the key manufacturers to produce a variety of products from different raw materials. For example, manufacturers have started using wood, molded plastic, and durable laminates to produce chairs and tables. Furniture with more storage capacity and cabins has been on the rise for the last few years.
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Top Companies:
The market for school furniture includes key players such as Scholar Craft; Knoll, Inc.; Fleetwood Group; VS America, Inc.; Haworth Inc.; Smith System Mfg. Co; Office Line; MOBeduc; and Virco. These players are extracting resources from the Crowdfunding websites to explore various aspects of boosting their sales. A crowdfunding site named Donors Choose, witnessed a rise in funding for furniture from 110 during 2015 to 21,163 till 2018. Moreover, the rising influence of the internet and social media campaigns are expected to boost sales for such furniture.
Product Outlook:
- Seating Furniture
- Storage Units
- Lab Furniture
Seating furniture segment held the highest share of 51.3% across the global market in 2018 owing to rising demand, variety of applications, good functionality, and excellent mobility. The storage units product segment is anticipated to witness a CAGR of 6.0% during the forecasted years due to rising demand for storage spaces across the classrooms, administrative buildings, corporate offices.
Application Outlook:
- Classroom
- Library & Labs
Classrooms held the highest share of around 79.9% across the global market in 2018.Increasing enrollment of students in schools is anticipated to positively impact the market growth. The library and labs segment is expected to register the highest growth with a CAGR of 6.1% from 2019 to 2025 due to increasing demand for book storage spaces.
Regional Insights:
In 2018, North America held the highest share of 52% of the global school furniture market. The rising presence of key players like Fleetwood Group; Artco-Bell Corp.; Scholar Craft; Fleetwood Group; Knoll, Inc.; and VS America, Inc. has made it possible to cater to the rising demand for school furniture across this region. Moreover, the data provided by NCES stated that the total number of K-12 schools in Canada and the U.S. was 132,853 that had 5,068,587 students. This rising number is anticipated to drive the market growth for school furniture.
Asia Pacific is anticipated to register the highest growth rate with a CAGR of 7.1% during the forecasted years, 2019 to 2025. This growth can be attributed to a rising preference for private education owing to the education quality. Moreover, rising disposable income among the working population coupled with rapid urbanization is the factor projected to drive the market over the forecast period. For example, around 35% of the schools in China are private schools.
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