Pune, India, June 30, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Educational Furniture Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Material, End User and Geography”, the global educational furniture market size is expected to grow from US$ 7,783.45 million in 2022 to US$ 10,420.65 million by 2028; it is estimated to grow at a CAGR of 5.0% from 2022 to 2028.
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Global Educational Furniture Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 7,783.45 million in 2022 |
| Market Size Value by | US$ 10,420.65 million by 2028 |
| Growth rate | CAGR of 5.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 161 |
| No. of Tables | 86 |
| No. of Charts & Figures | 79 |
| Historical data available | Yes |
| Segments covered | Material, Product Type, and End Use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Fleetwood Group Inc, Smith Systems Manufacturing Co, Knoll Inc, Haworth Inc, Scholar Craft Products Inc, AFC Furniture Solutions Pvt Ltd, Virco Manufacturing Corp, Vitra International AG, Office Line Srl, Creaciones Falcon SLU |
Browse key market insights spread across 161 pages with 86 list of tables & 79 list of figures from the report, "Educational Furniture Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Wood, Plastic, Metal, and Others), Product Type (Benches and Chairs, Desks and Tables, Storage Units, and Others), and End Use (Institutional and Residential)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/educational-furniture-market
Global Educational Furniture Market: Competitive Landscape and Key Developments
Fleetwood Group Inc, Smith Systems Manufacturing Co, Knoll Inc, Haworth Inc, Scholar Craft Products Inc, AFC Furniture Solutions Pvt Ltd, Virco Manufacturing Corp, Vitra International AG, Office Line Srl, Creaciones Falcon SLU are the key players operating in the global educational furniture market. The leading players adopt strategies such as mergers and acquisitions and product launches to expand their geographic presence and clientele.
Educational furniture includes bookshelves, lockers, cupboards, desks, chairs, and storage cabinets, among others, manufactured using various materials such as wood, plastic, metal, etc. Several schools and educational institutes across the globe are increasingly adopting wood-based, plastic-based, and metal-based furniture. Also, the education sector of rural and urban areas is focusing on the development and renovation of school infrastructure. New approaches to building learning environments help create better student spaces and increase educational infrastructure efficiency.
Based on end use, the market for educational furniture is bifurcated into institutional and residential. In 2021, the institutional segment dominated the market, and is expected to register a higher CAGR during the forecast period. The educational furniture market for institutional applications is widely growing due to rising focus of governments of several countries on educational infrastructure. For instance, the Massachusetts Department of Transportation (MassDOT), through its Safe Routes to School (SRTS) Program, launched the 2022–2023 Infrastructure Funding Program in May 2022. The program was initiated to provide design and construction services for projects between US$ 300,000 and US$ 1.5 million in areas immediately around public elementary, middle, and high schools in Massachusetts.
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Global Educational Furniture Market: Geographical Analysis
The educational furniture market is segmented into five main regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2021, North America dominated the global educational furniture market. Furniture manufacturers in North America continuously improve their overall business operations to meet distinct customer demands. Most domestic and international companies have a strong foothold in North America. The US marks the presence of major educational furniture manufacturers, namely Fleetwood Furniture, Herman Miller Inc, and Steelcase Inc. Increase in the number of schools, an inclination toward modern and ergonomic furniture, and the presence of educational furniture manufacturers are expected to boost the educational furniture market in North America during the forecast period.
Impact of COVID-19 Pandemic on Global Educational Furniture Market:
The onset of the COVID-19 pandemic forced governments of several countries to impose a domestic lockdown, which led to an immediate decline in the economy, slowdown in the global demand for trade, and disruption in supply chain. Subsequently, these factors hampered the manufacturing, delivery schedules, and sales of various goods. Various companies announced possible delays in furniture deliveries and projected a slump in the sales of their products. In addition, travel bans imposed by countries in Europe, Asia Pacific, and North America affected business collaborations and partnership opportunities. All these factors hampered the development of the consumer goods industry, along with restraining the growth of various markets related to this industry. Thus, major companies in the educational furniture market were severely affected in the initial phase of the pandemic.
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The COVID-19 pandemic drastically altered the status of the consumer goods sector and impacted the growth of the educational furniture market. The implementation of measures to combat the spread of SARS-CoV-2 aggravated the situation. The shutdown of schools and educational institutes due to the pandemic caused unprecedented disruptions in the global educational furniture market. With schools remaining mostly shut for approximately two years, furniture sellers and manufacturers were severely affected. Furniture sellers and manufacturers have suffered from unbearable losses as they were unable to make sales. As a result, many furniture sellers and manufacturers faced severe financial issues. Moreover, increasing preference for online classes also hampered the demand for educational furniture.
However, with economies reviving their operations, the demand for educational furniture started rising globally as producers and suppliers resumed their operations in full capacity. This factor helped them overcome the demand-supply gap. Moreover, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for industrial and commercial progress.
The "Global Educational Furniture Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry, focusing on the educational furniture market trend analysis. The report aims to provide an overview of the market with detailed segmentation. The educational furniture market is segmented on the basis of material, product type, end use, and geography. Based on material, the market is segmented into wood, plastic, metal, and others. Based on the product type, the market is segmented into benches and chairs, desks and tables, storage units, and others. Based on end use, the global educational furniture market is bifurcated into institutional and residential. Based on geography, the market is segmented into five regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2021, North America dominated the educational furniture market, and Asia Pacific is expected to register the highest CAGR in the market during the forecast period.
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