Pune, India, June 01, 2023 (GLOBE NEWSWIRE) -- The global furniture rental service market size was valued at USD 72.50 billion in 2022 and is projected to grow from USD 77.81 billion in 2023 to USD 142.91 billion by 2030, exhibiting a CAGR of 9.07% during the forecast period. Leading companies are conducting promotional events and using innovative marketing campaigns to attract consumer attention to the services they provide. This will contribute to market proliferation in the forthcoming years. This information is provided by Fortune Business Insights™, in its report titled, “Furniture Rental Service Market, 2023-2030.”
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List of Key Players Profiled in the Furniture Rental Service Market Report:
- Feather (U.S.)
- Aaron’s LLC (U.S.)
- Rent-A-Center (U.S.)
- Brook Furniture Rental Inc. (U.S.)
- The Everset (U.S.)
- Fernished Inc. (U.S)
- Furlenco (India)
- RentoMojo (Edunetwork Pvt. Ltd.) (India)
- Luxe Modern Rentals (Canada)
- Fashion Furniture Rental (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 9.07% |
| 2030 Value Projection | USD 142.91 Billion |
| Market Size in 2022 | USD 72.50 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 190 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
|
| Furniture Rental Service Market Growth Drivers | Growing Residential and Commercial Infrastructural Settings to Drive the Furniture Rental Industry |
| Innovative Marketing Campaigns by Leading Companies to Support Market Growth |
Browse a Detailed Summary of the Research Report with TOC: https://www.fortunebusinessinsights.com/furniture-rental-service-market-106643
Report Coverage:
The report includes valuable insights into drivers, restraints, opportunities, and threats impacting market dynamics and valuation. Market share, growth rate, and valuation of each segment and region are also provided in the report. Moreover, our seasoned analysts have conducted an exhaustive study of the market including the impact of COVID-19 on market dynamics. Leading companies in the market are listed along with recent developments such as mergers, acquisitions, collaborations, and partnerships.
Drivers and Restraints:
Rising Number of Residential and Commercial Infrastructural Settings to Aid Market Expansion
The growing number of residential and commercial infrastructural settings and surging demand for rented furniture among such settings are driving the market growth. According to the statistical data published by the National Association of Realtors (NAR), from January 2019 to January 2020, U.S. housing sales rose by 5.7%. Moreover, households prefer buying subscription-based furniture to regularly use different furnishing items. This also helps them to fulfill their home decoration needs economically, thus attributing to market proliferation
On the other hand, lack of awareness regarding furniture rental services among geriatric population and entry of new players targeting rural customers will hinder market expansion in the upcoming years.
COVID-19 Impacts:
Work-from-Home Trend Amid COVID-19 to Elevate Market Proliferation
The spread of COVID-19 worldwide resulted in the implementation of stringent lockdowns and social distancing norms to curb the spread of the virus. Schools and offices were shut down and work-from-home policies were adopted worldwide. This, in turn, boosted the demand for rented furniture items for home-office needs, thus aiding market growth. Furthermore, the growing trend of renting furniture and other essential products amid pandemic will further fuel the furniture rental service market growth.
Segments:
Wood Segment to Lead Due to Durability and Low Maintenance Needs
As per material, the market is divided into wood, plastic, metal, glass, and others. Among these, the wood segment dominated the market in 2022 owing to its durable nature and low maintenance needs over other material types. Moreover, the surging demand for eco-friendly furniture will also propel segment growth.
Commercial Segment to Dominate Due to Surging Demand to Reduce Infrastructure Costs
Based on application, the market is bifurcated into residential and commercial. Among these, the commercial segment captured majority of the market share owing to surging demand for furniture rental services from small offices and pantries to decrease infrastructural costs.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights:
Asia Pacific to Lead Backed by Surging Demand from Migrant Population in India and China
Asia Pacific captured majority of the furniture rental service market share in 2022 owing to rising popularity of the service in small towns and cities in India and China and growing service demand from migrant population in the region. Moreover, the presence of prominent companies in the region will further boost regional market growth.
The Europe market is projected to grow significantly due to changing consumer inclination towards sustainably-made furniture, concern regarding harmful impact of using plastic furniture, and surging demand for bamboo and wood furniture in the region. Moreover, rising government spending on developing housing facilities in the U.K. and Germany will further aid market growth in this region.
The North America market is projected to showcase positive trends in the forthcoming years owing to growing number of startups and small businesses in the region, which prefer renting furniture instead of buying. The presence of leading furniture rental providers such as CORT, AFT, Feather, and others in the U.S. further aids regional market progression.
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Competitive Landscape:
Mergers and Acquisitions Undertaken by Industry Leaders to Facilitate Market Growth
Leading companies in the global market are making several strategic decisions such as partnerships, product launches, collaborations, and mergers and acquisitions to maximize profits and earn higher revenues. For instance, in February 2021, Rent-A-Center announced its plans to acquire Acima Holdings LLC, a virtual lease-to-own solutions provider. The acquisition will help the company in effective POS integration and to increase its digital transactions with an advanced e-commerce platform.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Furniture Rental Service Market Analysis, Insights, and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Material (Value)
- Wood
- Metal
- Plastic
- Glass
- Others
- By Application (Value)
- Commercial
- Residential
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Material (Value)
TOC Continued...!
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Key Industry Development:
- September 2022: Fernished Inc. developed its in-house delivery service to expand its home furnishings and rental business. This move will help the company to enhance the functioning of its supply chain and help in the timely delivery of goods to customers.
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