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
The global institutional furniture market is anticipated to witness a growth of steady CAGR during the forecast period, 2023-2027. The booming market of emerging economies and the rise in the expenditure capacity of consumers, along with the ongoing infrastructural development activities, are the key factors driving the growth of the global institutional furniture market.
Institutional furniture consists of general-purpose furniture used in schools, colleges, healthcare facilities.They comprise seating, storage, and desks & tables.
Growing demand for ergonomically designed furniture, which has enhanced aesthetic appearance and is affordable, is expected to boost the global institutional furniture market demand.
Rapid Infrastructure Development in Developing Economies Fuels Market Growth
Leading authorities are making efforts and allocating substantial funds for the development of infrastructure to improve the country’s economic conditions and provide quality to its citizens.There are close to 85000 hotels in United States as of 2021 and the developing hospitality sector of United States promises lucrative opportunities for the market growth.
Rapid urbanization in boosting the construction of necessary facilities like schools, offices, and hospitals is expected to create vast growth potential for the global institutional furniture market.The outbreak of COVID-19 accelerated the demand for the construction of quality healthcare facilities to provide treatment services to ailing patients.
Schemes and policies offer financial assistance to patients to avail quality healthcare services in the form of income tax rebates, and reimbursement policies fuel the construction of healthcare facilities equipped with the latest technologies and quality infrastructure.The use of beds, waiting area furniture, diagnostic room furniture, and other furniture necessities to provide enhanced comfort and convenience to patients during their visit to healthcare facilities is expected to propel the global institutional furniture market demand.
Continuous rise in the population and the growing affordability of consumers to send their children to private and world-class schools is bolstering the need for comfortable, aesthetically superior, and colorful institutional furniture to provide a better learning experience to their students. Total number of schools in United States were around 130,000 in 2018. The rise in the number of public and private facilities is expected to foster the demand for institutional furniture. The growing construction of quality facilities and the rise in the number of market players offering premium furniture products are expected to influence the demand in the predicted period.
Thriving E-Commerce Sector Supports the Market Growth
Market players are adopting alternate sales channels to boost their sales and stay ahead.An E-commerce platform expands the consumer base and accelerates the brand’s reach to international and domestic customers.
Market players are either developing their website and mobile applications or selling their products on big e-commerce websites such as Amazon, Flipkart which is significantly influencing the market demand.Availability of institutional furniture at relatively lower rates due to discounts offered by the market players and the facilities like doorstep delivery is attracting customers on a large scale.
These online sales channels enlist all the products at the same place, making it easier to quickly compare the product specifications, space, and size and make the purchasing decisions based on the requirement of customers. The proliferation of online sales channels and offline stores’ presence is expected to create substantial growth opportunities for the global institutional furniture market in the next five years.
The global institutional furniture market is segmented by type, end use, distribution channel, regional distribution, and competition landscape.Based on the type, the market is divided into seating, storage, desks & tables, and others.
Based on the end use, the market is divided into schools, universities, health, and others.Based on the distribution channel, the market is bifurcated into offline and online.
The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North American region, European region, Asia-Pacific region, South American region, and Middle East & African region.
Fleetwood Group, HNI Corporation, Herman Miller Inc., Steelcase Inc., Scholar Craft Products, Inc., Knoll Inc., Smith System Mfg. Co, VS America, Inc., Agati Furniture, are among the major market players in the global platform that lead the market growth of the global institutional furniture market.
In this report, global institutional furniture market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Institutional Furniture Market, By Type:
o Desks & Tables
• Institutional Furniture Market, By End Use:
• Institutional Furniture Market, By Distribution Channel:
• Institutional Furniture Market, By Region:
o North America
o Middle East & Africa
o South America
Company Profiles: Detailed analysis of the major companies present in global institutional furniture market.
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).