The furniture rental service market size is predicted to reach USD 139.05 billion by 2029 and exhibit a CAGR of 9.6% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Furniture Rental Service Market, 2022-2029”. The market value stood at USD 67.83 billion in 2021 and USD 73.19 billion in 2022.
To meet the interior requirements of their indoor areas, most households rely on rental furnishings. Additionally, students prefer to use hired seats and tables to satisfy the study needs of their co-living areas. INHABITER, CORT, and other recent online furniture rental platforms are expected to considerably increase service demand among the global population. For example, Furlenco, a Bengaluru, India-based online furniture rental platform, offers subscription-based rented chairs, tables, and other furnishing items to Indian households as per their interior decoration requirements.
COVID-19 Impact-
Working professionals prefer remote work over in-office work to avoid coronavirus infection while traveling to office sites. This factor has a significant impact on consumer demand for rented furniture to meet their home-office furniture requirements. According to data supplied by Glassdoor, an American online employment platform, online job searches for work-from-home positions increased by 460% from June 2019 to June 2021. In addition, the rising trend of the furniture rental service and other essentials in the face of pandemics will stimulate expansion.
Fortune Business Insights™ lists out all the furniture rental service market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Feather (New York, U.S.)
- Aaron’s LLC (Atlanta, Georgia, U.S.)
- Rent-A-Center(Texas, U.S.)
- Brook Furniture Rental Inc. (Illinois, Chicago)
- The Everset (New York, U.S.)
- Fernished Inc.(California, U.S)
- Furlenco (Bangalore, India)
- RentoMojo (Edunetwork Pvt. Ltd.)(Bengaluru, India)
- Luxe Modern Rentals(Toronto, Canada)
- Fashion Furniture Rental (California, U.S.)
Report Coverage-
The furniture rental service market research examines the industry in-depth and covers key elements such as leading players, application, material analysis, and the market's overall prognosis. Aside from that, the market research report contains information on the most recent trends as well as key industry developments. The current market size and forecast values are also included in the research. In addition to the above-listed characteristics, the research covers a number of other variables that have contributed to the industry's recent rise.
Drivers Restraints-
The Rental Furniture Industry is expected to grow in Residential Commercial Infrastructure Settings
Growing residential and commercial infrastructure will support the need for services in these contexts, resulting in an increase in furniture rentals. According to the National Association of Realtors (NAR), housing sales in the U.S. increased by 5.7% from January 2019 to January 2020. Households nowadays prefer to purchase subscription-based furniture rental services in order to use different furnishing pieces on a regular basis. This factor contributes to the growth of the furniture rental facility by assisting them in meeting their home decoration needs.
The market for rental furniture and other household products is mostly limited by a lack of awareness about furnishing rental services among the world's elderly population. Furthermore, the development of new competitors with identical product offerings aimed at rural customers provides a threat to the important players eventually limiting the furniture rental service market growth.
Segmentation-
On the basis of material, the furniture rental service industry is fragmented into wood, plastic, metal, glass, and others. On the basis of application, the market is split into residential and commercial. Geographically, the market is classified into South America, North America, Asia Pacific, Europe, and the Middle East Africa.
Regional Insights-
North America to Lead the Global Market
The Asia Pacific area dominates the growing popularity of the furniture rental service among the population in emerging cities like India and China. Furthermore, as the number of urban migrants in these areas grow, so will the need for services among these migratory populations, propelling the region's growth. In addition, the region's renowned enterprises are expanding, opening up new opportunities for the industry to thrive.
The market in Europe has seen phenomenal growth owing to the population's shifting preference for choosing sustainably-made furnishings. People are becoming more aware of the negative health effects of furnishings made of low-grade plastics, which pushes them to acquire eco-friendly furniture. In addition, furniture made from natural reusable materials such as bamboo and wooden pallets is likely to be in high demand in the region. Europeans' need for services is supported by changing home decoration preferences and rising furniture replacement trends. Furthermore, the growing number of commercial and residential infrastructure settings in Europe, as well as considerable government investments in the development of housing facilities in Germany and the U.K., contribute to the expansion of rental services in Europe. According to the Committee on Climate Change Organization's figures, the U.K. had 29 million houses as of 2019. By 2022, the U.K. government plans to build 1.5 million new domestic living spaces.
North America accounts for a significant furniture rental service market share because a growing working population with startups and innovative business models choose to rent furniture to meet their needs. According to data given by the U.S. Census Bureau, 4.3 million Americans have filed papers to create new businesses in 2020. Additionally, overall employment applications for American startups and businesses climbed by 24% over the course of the year. Furthermore, the strong presence of major furniture rental companies in the U.S., such as CORT, Feather, AFT, and others, in their supply chain and warehouses, contributes to the region's growth.
The furniture rental service rise of the Middle East Africa region is aided by increased awareness of furniture rental platforms among Saudi Arabia and UAE families. Because many people are relocating to metropolitan regions, South America is expected to have a significant presence, resulting in the steady introduction of new furniture rental platforms. People moving to cities have exposure to evolving industry trends and have access to numerous digital platforms for meeting their needs, which is likely to drive product demand across the region.
Competitive Landscape-
Key Players to Adopt Several Growth Strategies
To increase their operating capital, significant businesses are now focusing on forming agreements with financial institutions. They also focus on diversifying their furniture rental products in order to extend their global footprint. For example, Feather, a rental furniture company based in the U.S., received a USD 30 million Series B investment from Credit Suisse Group AG, an investment banking firm, in August 2020 to extend its product and service offerings abroad.
Key Industry Development-
July 2021: Furlenco, India's biggest furniture rental provider, has launched "UNLMTD by Furlenco," an annual subscription service that provides Indian consumers with hassle-free relocation and free furniture and appliance shifting solutions.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/furniture-rental-service-market-106643
