Global School Furniture Market 2017-2021
About School Furniture
The global furniture market is classified into the global educational furniture market, global office furniture market, global home furniture market, and others. With the rising number of K-12 schools and increasing enrollments of students in these schools, due to increasing awareness of education, particularly from the emerging economies, the demand for innovative furniture in modern classrooms is expected to rise continuously during the forecast period.
Technavio’s analysts forecast the global school furniture market to grow at a CAGR of 16.74% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global school furniture market for 2017-2021. To calculate the market size, the report considers the revenues generated by market vendors only through the new sales of furniture in schools, colleges, and other educational institutions, including seating furniture, storage furniture, laboratory furniture, and other furniture accessories.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global School Furniture Market 2017-2021
Technavio recognizes the following companies as the key players in the global school furniture market: Herman Miller, Steelcase, Smith System, and Virco
Other Prominent Vendors in the market are: Ballen Panels, Fleetwood Group, Hertz Furniture, Knoll, and KI.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Rapid popularity of online retailing. The rapid digitization and increasing penetration of mobile devices, including smartphones and tablets, have resulted in the emergence of e-commerce channels for selling and marketing goods, such as school furniture. Furniture manufacturers and retailers are entering the digital space considering its potential. Online vendors, including Wayfair and other e-commerce marketplaces, including Amazon and Alibaba, have helped the customers, buyers, and retailers to engage in trade in a much easier and convenient way, resulting in the growth of the market. Manufacturers can increase their geographical presence with the help of online retailing, and consumers can make better purchase decisions by referring to the reviews online. In addition, by taking a pre-look at various options of furniture, customers can decide on the most viable choice to purchase, making online retailing a win-win situation for both the parties involved in the trade. In addition, online retailing comes up with a set of innovative discounts and promotional offers, leading to the accelerating growth of school furniture, in turn, fueling the growth of the market.”
According to the report, one of the major drivers for this market is Stringent environmental regulations. Environmental regulations have been stringent when it comes to the furniture and types of materials used for children in schools. There is rapid inclination of market vendors toward offering eco-friendly and green solutions for various purposes, including seating, laboratory furniture, storage equipment, and other furniture in schools across the world. This has resulted in a rapid increase in demand for environment-friendly furniture for modern classrooms across the world. Integration of technology with modern furniture is a necessity today, which increases the demand for technically equipped, as well as safe furniture to be used in modern classrooms. This has resulted in the introduction of significant regulations for determining the type of material used in the manufacturing of school furniture.
Further, the report states that one of the major factors hindering the growth of this market is Considerable costs of transportation and logistics. School furniture is often ordered in bulk quantities and incurs considerably high costs in transportation and logistics. The cost further adds up at each level of the supply chain starting from the raw material supplier. The transportation cost involved in carrying raw materials to the manufacturer's plant, then carrying the finished goods to the storage or warehouse, and finally delivering the furniture to schools, end-users or retailers keeps adding up, resulting in the substantial hike in the prices of the products. In addition, often the various stakeholders involved in the supply chain, including the raw material supplier, retailer, and manufacturers, are generally not in the vicinity or the surrounding geographical locations. This, in turn, results in the addition of taxes, import or export duties, and fees, further augmenting the cost of the final products. Also, sudden spikes in the oil/diesel prices immediately reflect on the transportation costs, in turn, hindering the market growth during the forecast period.
Herman Miller, Steelcase, Smith System, Virco, Ballen Panels, Fleetwood Group, Hertz Furniture, Knoll, and KI.