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Study Table Market Segmented By Raw Material such as Wood, Plastic, Metal and Others in Online and Offline Distribution Channel
Study tables have long been regarded as a quintessential piece of furniture required in any well-planned home. Besides serving basic utilitarian functions such as reading, writing, drawing, working, etc. for both children and adults, study tables also need to be aesthetically complementary to a home’s décor to be seamlessly incorporated. Modern study tables are usually made up of plastic, wood or metal.
The competition landscape in the study table market is highly fragmented as various big and small players operate across the globe. Ease of access to raw materials and labour is the key cause of this fragmentation. This also sometimes makes it hard for large global players to enter local markets.
Furthermore, users in several continue to patronize local carpenters’ shops for wooden study tables, which is the largest market segment, out of the belief that observing a home’s décor will better enable the craftsman to design and build a compatible study table. At the core of this belief lies the fact that consumers prefer custom made products since it gives them a greater sense of control.
Some of the prominent global players in the study table market include Inter IKEA Systems, Adapt Europe, Flexsteel Industries, Herman Miller, Haworth, HNI, Meco Corporation, Kimball International, Dorel Industries, KOKUYO, Ashley Furniture Industries, Urban Ladder, OKAMURA Corporation, La-Z-Boy, Expand Furniture, Steelcase, Leggett & Platt, Teknion Group, Raymour & Flanigan Furniture, Durian, Resource Furniture, Pepperfry and Sauder Woodworking Company.
Key trends in the study table market in recent years have tended towards compact study tables that are suitable for small rooms and apartments. This trend is especially visible in densely populated urban centres and major cities in Europe, the US East Coast, East Asia and India where living spaces are continually contracting. In keeping with this trend, foldable study tables too have been gaining popularity.
While online sales of study tables have grown significantly in recent, major brands available online remain limited to players such as Amazon, Durian, Pepperfry, Expand, Furinno and Urban Ladder.
Several key manufacturers have preferred to continue with traditional distribution channels, especially furniture speciality stores, since this gives consumers a more accurate look and feel of the product.
As a result of these factors, prominent market dynamics include mergers and acquisitions, strategic partnerships and aggressive marketing strategies like advertisements and product launches.
Prominent manufactures’ marketing strategies focus on increasing product visibility and drawing consumers towards purchasing high-quality, durable and stylish study tables.
The study table market has been largely driven by increasing investment in interior designing and home décor, which is a direct result of consumers’ increasing disposable incomes. Increasing number of hours spent in reading and working from home have further driven the market.
The Covid-19 pandemic has caused unforeseen disruptions in the market. However, it has also caused a spurt in the study and work from home cultures, which has resulted in a spurt in study table sales in several countries. This culture is likely to endure in the near future as work from home has emerged as a viable alternative and may hence result in the market’s continued growth.
On the other hand, reduction in disposable incomes globally is likely to be a fallout of the economic crisis being caused due to the pandemic. This may cause a reduction in demand for high-priced products and consumers are more likely to determine their purchases through a cost-benefit analysis rather than based upon aesthetic considerations. This may cause a shift in manufacturing trends as well.
The North American regional segment of the study table market has been the leading revenue generator, followed by the European segment. High focus on interior decoration, a tradition of study tables in homes and high market penetration of prominent manufacturers has been a cause of these segments enjoying a substantial market share.
The East Asian and South Asian regional segments have seen the fastest growth rate in recent years as study tables are increasingly becoming a norm in homes in countries like China, India, Japan and the Southeast Asian nations. Oceania, Latin America and Middle East and Africa are they other key regional segments for the market.
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