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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