Institutional Furniture Market to be Dominated by Schools through 2027
High demand for space saving furniture and growing
disposable income of consumers are expected to drive the growth of the global institutional
furniture market in the forecast period, 2023-2027.
According to TechSci Research report, “Institutional
Furniture Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2017-2027”, the global institutional furniture market is
anticipated to grow at a steady rate in the forecast period, 2023-2027.
Increasing demand for adjustable chairs and multi-functional chairs, tables
that can be used in schools, hospitals and the renovation of old facilities and
replacing the furniture with new and comfortable products is the primary factor
driving the growth of the global institutional furniture market.
The introduction of raw materials for manufacturing
durable and lightweight furniture is growing at a rapid pace. Construction of
office at a large scale and the shift in priority of organizations to
effectively utilize the office space and the efforts to make it more modular
and integrated is expected to fuel the market growth in the forecast period.
Focus on the education sector in rural and urban areas and providing primary
access to children worldwide is bolstering the demand of the global
institutional furniture market.
However, an increase in inventory levels and the
lack of available resources may restrain the growth of the global institutional
furniture market in the forecast period.
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The global institutional furniture market is
segmented by type, end use, distribution channel, regional distribution, and
competition landscape.
On the basis of type, the global institutional
furniture market is divided into seating, storage, desks & tables, and others
The seating segment is projected to hold the largest market share in the
forecast period. An increase in demand for chairs and tables that can be
rearranged according to needs and convenience and the rise in the number of
market players offering different seating institutional furniture is expected
to foster the market growth.
On the basis of end-use, the global institutional
furniture market is divided into schools, universities, health, and others. The
school segment is expected to hold the largest market share in the forecast
period, 2023-2027. Market players are offering institutional furniture products
by using premium quality wood and cutting-edge technology to stay ahead in the
market as low-quality furniture provides discomfort to students and the
development of certain health issues.
Tables, chairs, canteen furniture, library furniture,
desks are in high demand in schools to provide a comfortable learning
experience. School furniture is generally made up of wood, plastic, or metal,
and these are manufactured to correct the physical posture of students and
teachers. Furniture plays a crucial role in uplifting the classroom experience
from static learning experience to dynamic learning experience. The use of
spacious cabinets and wheels in furniture to provide enhanced convenience to
students is accelerating the demand for ergonomically designed furniture from
schools, colleges, and other learning institutes.
On the basis of distribution channel, the global
institutional furniture market is divided into offline and online. The offline
segment is expected to account for a significant market share in the forecast
period. The wide availability of offline stores and the preference of consumers
to physically examine the products before buying is fostering the market
demand. These stores assign customer service executives to guide the customers and
show them around to make the buying process more enjoyable and convenient.
On the basis of regional analysis, the Asia-pacific
region is dominating the market and is expected to maintain its dominance
throughout the forecast period. Increasing commercial activities in the region
and the launch of supporting policies and initiatives by leading authorities of
developing economies to boost infrastructure development are expected to be
driving factors for the global institutional furniture market. Market players
are investing in finding innovative technologies to simplify the manufacturing
process in Japan, Korea, China, and India to boost the sales of their
respective products.
Major players operating in global institutional
furniture market are:
·
Okamura
Corporation
·
HNI
Corporation
·
Herman
Miller Inc.
·
Haworth
Inc.
·
Global
Furniture Group
·
Steelcase
Inc.
·
Knoll
Inc.
·
Kimball
International
·
9to5
Seating
·
KOKUYO
Co. Ltd
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“Market players adopt sustainable practices in their
manufacturing process to fulfill the consumer's demand for sustainable living
and eco-friendly furniture. Around 30% of consumers are eager to pay premium
prices for products that deliver sustainability claims. Market players are
making investments in research activities to lower fuel consumption and recycle
sheet metal and byproducts. The demand for materials that are not affected by
external environmental conditions and have a longer life, affordable for
manufacturing institutional furniture is expected to propel the global
institutional furniture market growth till 2027” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Institutional
Furniture Market - Global Industry Size, Share, Trends, Opportunity and
Forecast, 2017-2027 Segmented By Type (Seating, Storage, Desks & Tables,
Others), By End Use (Schools, Universities, Health, Others), By Distribution
Channel (Offline, Online), and By Region”, has evaluated the future growth potential of global institutional
furniture and provides statistics & information on market size, structure,
and future market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global institutional furniture market.
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