LONDON--(BUSINESS WIRE)--Technavio analysts forecast the school furniture market in North America 2018-2022 to grow at a CAGR of close to 5%, according to their latest market research report.
The growth in demand for eco-friendly furniture is one of the major trends being witnessed in the school furniture market in North America 2018-2022. The increasing concern over global warming has generated high demand for eco-friendly furniture. Eco-friendly furniture results in reduced production of waste and reduced deforestation practices. Refurbished or recycled furniture reduces landfills and the demand for wood to carve new furniture. Hence the demand for recycled furniture is expected to grow during the forecast period as it is less cost intensive than new furniture.
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In this report, according to Technavio analysts, one of the key factors contributing to the growth of the school furniture market in North America is the growing demand for modern, luxury furniture:
School furniture market in North America: Growing demand for modern, luxury furniture
Growing economy and increased focus on aesthetics have fueled the demand for luxury furniture in schools across North America. The global luxury furniture market is expected to grow at a CAGR of close to 4% during the forecast period with the US being the largest market in the region in 2017. Canada is expected to grow in its demand for luxury furniture owing to the increasing number of international schools with aesthetically-appealing learning centers.
According to a senior analyst at Technavio for unit operations, “The focus on aesthetics is expected the boost the demand for luxury furniture in North America. Modern luxury furniture is characterized by innovative designs and technologically advanced production practices and is sold at a higher cost than traditional furniture.”
School furniture market in North America: Market segmentation and analysis
This market research report segments the school furniture market in North America by product (seating, storage, lab equipment, and other furniture), and geography (US, Canada, and Mexico). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Based on product, the seating segment held the largest market share in 2017, accounting for nearly 48% of the market, due to its prime importance in all educational institutions.
The US accounts for the major share in the school furniture market in North America with a market share of more than 74%. This is due to the availability and adoption of innovative and aesthetically appealing furniture. Increasing revamping activities in educational institutions will also fuel market growth.
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