Asia-Pacific School Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific School Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Key Highlights

• Asia-Pacific is the fastest-growing school furniture market, followed by North America and Europe. The focus of government policies and basic education access across all the countries in Asia-pacific is expected to drive the growth of the school furniture market in the region.
• An increase in the number of school construction, the number of students enrolled in higher education in the region may drive the market for school furniture in the developing economies of the region. According to a source, the number of students enrolled in higher education is expected to increase to 380 million by 2030, which will significantly increase the number of schools and the demand for furniture in these schools. In India and China, the number of enrolments is expected to increase continuously, as these regions have a high percentage of the young population, thus, providing a lucrative opportunity for the growth of school furniture in the market.
• There is a surge in the demand for multifunctional and ergonomically designed seating furniture in the market to provide comfortable learning to the students, which will further increase the demand for school furniture in the region. Storage furniture with multifunctional usage is gaining traction in the school furniture market. Eco-friendly school furniture is also preferred by the schools in the region.

Key Market TrendsIncrease in the Number of Schools in China is Expected to Drive the Demand for School Furniture

Favorable government regulations are leading to the development of private schools in China despite free public education. There is a rise in the number of private schools operating in China in the last years. With the development of China's economy, there is a rise of international schools across China as people are demanding high quality of K12 education. For instance, private schools in China accounted for more than 35.0% of total schools in the country, with a total of 183,500 schools in 2018.

The number of international schools in China increased from 550 in 2015 to 734 in 2018. There were 87 new schools opened in China, which was the highest record in recent years. The growth of Chinese international schools may, thereby, lead to a surge in demand for school furniture as these schools plan to expand in the future. Thus, an increase in the number of international schools is expected to drive the demand for school furniture, which is affordable and comfortable in China and positively drives the growth of school furniture within the country.

Seating segment Dominated the School Furniture Product Category

The seating segment dominated the Asia-Pacific market as Chairs and tables are widely used in the classrooms of the schools in the region. Other key factors such as wide application, durability, and the ability to add mobility and functionality add to increase the use of seating furniture in the market. Flexible seating is becoming a staple seat part of the classroom environment. Chairs that allow students to choose where and how they sit while they learn are becoming important in today’s classrooms. Students, teachers, parents are coming to know the benefit of flexible seating as students can change the movement of the chair whenever they want, depending on their mood.

Competitive Landscape

The market studied is fragmented with huge competition for the cost and quality of the school furniture. Companies are adding new capacities and aim at the cost and quality leadership which shall improve profitability in the market. Major players in the market are Haworth, Steelcase, Knoll, and Teknion.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
TAWUNIYA
REZAYAT GROUP
AL RAJHI COMPANY FOR COOPERATIVE INSURANCE
THE MEDITERRANEAN AND GULF COOPERATIVE INSURANCE AND REINSURANCE COMPANY
AXA COOPERATIVE INSURANCE CO
WALAA COOPERATIVE INSURANCE COMPANY
TRADE UNION COOPERATIVE INSURANCE CO.
SALAMA COOPERATIVE INSURANCE CO.
SAUDI ARABIAN COOPERATIVE INSURANCE CO.
ALLIANZ SAUDI FRANSI COOPERATIVE INSURANCE COMPANY
SAUDI RE FOR COOPERATIVE REINSURANCE COMPANY

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