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.
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 governmentaliniti 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.
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.
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.
North America held the highest share exceeding 52% of the global school furniture market in 2018 due to rising number schools across developed countries like Canada and U.S. Asia Pacific is anticipated to register the highest growth rate with a CAGR of 7.1%. Moreover, rising preference for private education among the students due to its quality is expected to boost the number of private schools thereby increasing the demand for school furniture in the upcoming years.
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Further key findings from the report suggest:
• The seating furniture product segment held the highest share of 51.3% across the global market.
• The library and labs application segment is expected to register the highest growth with a CAGR of 6.1% in the upcoming years.
• Asia Pacific is anticipated to register the highest growth rate with a CAGR of 7.1% during the forecasted years, 2019 to 2025.
• The key players in this market are Scholar Craft; Knoll, Inc.; Fleetwood Group; VS America, Inc.; and Haworth Inc.
Million Insights has segmented the global school furniture market on the basis of product, application, and region:
School Furniture Product Outlook (Revenue, USD Million, 2015 - 2025)
• Seating Furniture
• Storage Units
• Lab Furniture
School Furniture Application Outlook (Revenue, USD Million, 2015 - 2025)
• Library & Labs
School Furniture Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa