The global Library Furniture market is valued at USD 2273.6 million in 2017 and is expected to reach USD 5011.8 million by the end of 2025, growing at a CAGR of 10.38% between 2017 and 2025. In the coming years there is an increasing demand for Library Furniture in the regions of Asia Pacific, North America and Europe that is expected to drive the market for more high-quality Library Furniture. Growth in government budgets in the principal countries, increasing of education expenditures, more-intense competition, launches in introducing new products, retrofitting and renovation of old technology, increasing adoption of Library Furniture will drive growth in North America and Europe markets.
In terms of geographic regions, North America was the major revenue contributor to the market in 2017, with about 34% of global market size. The growth in this region can be attributed to the continuously increasing number of K-12 schools and rapidly evolving higher education universities. The rapid rise in the number of enrollments in these schools and colleges drive the growth of the library furniture market in the education industry.
Globally, the Library Furniture industry market is very fragmented as the manufacturing technology of Library Furniture is relatively matures than some high-tech equipment. And some enterprises, Steelcase, Herman Miller, Haworth, Teknion, HNI Corporation, KI, Okamura, Global Furniture Group, KOKUYO and Knoll are well-known for the wonderful performance of their Library Furniture and related services. The top 10 players occupied just 20.7% of the global sales volume market, in terms of value/revenue, they occupied about 36.7% of global market in 2017.
In 2017, the library shelves segment accounted for the major shares (41%) of this market. The need to store an extensive collection of content and varied assortment of courseware for students is met by the towering shelves /racks, thus attributing majorly to the library furniture market in education industry.