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School furniture is experiencing an escalating market expansion as parents are increasingly giving importance to children's education even in remote places of the world. The rising campaign on the vitality of education, the need for human physiological development, the escalating requirement of the production of a good citizen has helped to surge the demand for the product. The corporations around the world progressively giving importance to CSR activity for promoting education is acting as an opportunity for the market growth. For instance, Wipro Consumer Care and Wipro Cares initiation to promote education results to the Santoor Women Scholarship’s, which is benefited by 900 women for pursuing their further studies on a yearly basis.
The increasing growth of school enrolment in various countries all over the world led to a surge in the usage of the product is acting as a driving factor for the market growth. For instance, the data issued by the World Bank.Org, in 2018 the global school enrollment is assessed to be 89.412 percent which is a rise from 89.262 percent of its prior year. Furthermore, the rising popularity of the establishment of nurseries/kindergarten schools worldwide has resulted in the increasing need for the product. For instance, the data published by the British Educational Supplier Association in November 2019, proclaims that the United Kingdom has 3,714 nurseries schools.
Nevertheless, the wood products negatively affected by the environmental restriction place on cutting down of trees in multiple places around the world is acting as a hampering factor for its growth.
Key Market Driver -
The rising growth of school enrollment in countries around the world is acting as a driving factor for the market growth.
Key Market Restraint -
The spiking environmental restrictions negatively effecting wood products is restraining the market growth.
Fleetwood Group, Smith System Mfg. Co, Haworth Inc., Knoll, Inc., Vitra International AG, and others are the key companies operating in the global school furniture market.
The school furniture market is segmented into by product type, end-use, material use, and geography.
On the basis of product type, the market is fragmented into a storage unit, seating furniture, and lab furniture. Seating furniture is anticipated to be the dominant segment owing to large utilization of the product in classroom settings. Likewise, storage unit and lab furniture not being popularly used by many schools, especially in developing and underdeveloped countries, in turn, results in boosting the consumption of seating furniture.
Based on end-use, the market is divided into the classroom, laboratory, and library. Classroom is estimated to be the leading segment on account of being considered as one of the most crucial furniture which every school owns. Also, its ability to help students give more attention and improve their productivity while teaching increased the demand.
By material use, the market is grouped into the wood, plastic, and stainless steel. Wood is projected to be the largest segment due to its ability to offer flawless natural appeal, durability, eco-friendliness is surging the usage of this material.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Asia Pacific is estimated to display a prominent share and is anticipated to continue throughout the forecast period of 2021-2028. The excellent government financial support received by schools in various countries is helping to surge the consumption rate. For instance, the data released by the Times of India in February 2019, is stating that the Indian Financial Minister has allocated USD 12.1 billion to the Indian educational sector. In addition, the poverty rate witnessing an escalating decline in this region which would lead to foster children going to school, is likely to fuel the demand. For instance, the data issued by the Hindu Times in July 2019, is declaring that India has lifted 271 million people out of poverty in 10 years.
North America is anticipated to hold a vital presence in the school furniture market, owing to the rising establishment of schools resulted in the increasing utilization of the product. For instance, Educationdata.Org data released, states that in 2018 there are 130,930 elementary and secondary/ high schools in the United States. Moreover, the region attracting large number of international students pursuing their studies in the United States is acting as a driving factor for the market growth. For instance, the data published by the Power of International Education in November 2019, declares that the number of international students in 2018/2019 has reached an all-time high with a total of 1,095,299 students.
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