The global school furniture market is expected to grow at a CAGR of close to 17% during the period 2017-2021, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global school furniture market from 2017-2021. (Graphic: Business Wire)
The report categorizes the global school furniture market by product that includes seating furniture, storage furniture, and laboratory furniture. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: evolving teaching methodologies
Over the years, the teaching methodologies have evolved substantially because of the rapid inclusion and incorporation of education technology in modern classrooms. There has been a dynamic shift from the medium of instruction, which was limited only to face-to-face instruction or classroom training. This has resulted in the continuous adoption of innovative teaching methodologies such as blended learning, collaborative learning, game-based learning, and flipped classrooms. This has contributed to the increasing demand for designing and creating well-equipped school furniture to support the continuously increasing technological evolutions in the education delivery techniques.
According to Jhansi Mary, a lead analyst at Technavio for school and college essentials research, "Market vendors have acknowledged the increasing demand for school furniture and they are continuously innovating their product offerings to meet the requirements of both educators as well as students. For instance, schools are encouraging the use of seating and storage furniture, enabling students to collaborate and work in teams to ensure higher engagement and involvement in the learning. Also, several activity-based or game-based approaches to train students in science, technology, engineering, and technology domain are anticipated to require more free spaces in classrooms."
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Market trend: rapid popularity of online retailing
Rapid digitization and increasing penetration of mobile devices such as 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 have helped the customers, buyers, and retailers to engage in trade in a much easier and convenient way. This has resulted 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. Additionally, online retailing comes up with a set of innovative discounts and promotional offers, leading to the accelerating growth of school furniture, which is fueling the growth of the market.
Market challenge: 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. This results in a significant hike in the prices of the products.
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Some of the vendors covered in the report:
- Ballen Panels
- Fleetwood Group
- Herman Miller
- Hertz Furniture
- Knoll
The global school furniture market is highly fragmented. Several global and regional players are present in the market because of the diversified segments. Based on product differentiation and pricing, the competition among the market vendors is intense. The competition is expected to intensify further owing to the increased product extensions. The emergence of online retailers is another factor hampering the vendor landscape that is putting pricing pressure on the players.
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