Report : North America School Furniture Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material (Wood, Metal, Plastic, and Others), Product Type (Benches and Chairs, Desks and Tables, Storage Units, and Others), and Distribution Channel (Specialty Stores, Online Retail, and Others)
At 4.5% CAGR, the North America School Furniture Market is speculated to be worth US$ 3,114.95 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America school furniture market was valued at US$ 2,385.22 million in 2022 and is expected to reach US$ 3,114.95 million by 2028, registering CAGR of 4.5% from 2022 to 2028. Growing construction of schools and increasing use of hybrid technology are the critical factors attributed to the North America school furniture market.
Construction of schools across the region is expected to increase, owing to rapid growth in population. Rising focus on the educational sector across urban and rural areas and compulsory primary education schemes provided by governments across the region are propelling the growth of the construction of schools. For instance, the Massachusetts Department of Transportation (MassDOT), through its Safe Routes to School (SRTS) Program, launched the 2022-2023 Infrastructure Funding Program in May 2022. The program was initiated to provide design and construction services for projects between US$ 300,000 and US$ 1.5 million in areas immediately around public elementary, middle, and high schools throughout Massachusetts. With aging school facilities, over-crowded classrooms, changes in building safety codes, and technological advances, the authorities of many countries face the dilemma of either investing in new infrastructure or upgrading existing ones. As a result, new approaches to building learning environments help create better student spaces and increase educational infrastructure efficiency. Furthermore, education is mandatory in many countries across the world for all students until the age of sixteen or eighteen. This has increased the construction of the school, thus leading to the growth of the North America school furniture market.
On the contrary, fluctuation in prices of wood is hampering the North America school furniture market growth.
Based on material type, the North America school furniture market is segmented into wood, metal, plastic, and others. The wood segment held 51.8% market share in 2022, amassing US$ 1,235.17 million. It is projected to garner US$ 1,588.31 million by 2028 to expand at 4.3% CAGR during 2022–2028.
Based on product type, the North America school furniture market is categorized into benches and chairs, desks and tables, storage units, and others. The implantable ventricular assist devices segment held 45.2% market share in 2022, amassing US$ 1,077.15 million. It is projected to garner US$ 1,459.43 million by 2028 to expand at 5.2% CAGR during 2022–2028.
Based on distribution channel, the North America school furniture market is segmented into specialty stores, online retail, and contracts/bids. The specialty stores segment held 58.3% market share in 2022, amassing US$ 1,391.13 million. It is projected to garner US$ 1,833.35 million by 2028 to expand at 4.7% CAGR during 2022–2028.
Based on country, the North America school furniture market has been segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.1% market share in 2022. It was assessed at US$ 1,910.08 million in 2022 and is likely to hit US$ 2,472.96 million by 2028, exhibiting a CAGR of 4.4% during the forecast period.
Key players dominating the North America school furniture market are Scholar Craft Products Inc; Global Industries Inc; Educan Institutional Furniture Ltd; Ven-Rez Products Ltd; MityBilt Products Inc; MillerKnoll Inc; Fleetwood Group Inc; Steelcase Inc; Virco Mfg. Corp; and Krueger International Inc, among others.
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