The Furniture on Rent Market: Overview
The Furniture on Rent Market is valued at around USD 5.3 Billion in 2022 and is expected to reach USD 10 Billion by 2030, registering a CAGR of 3.8% over the forecast period. Furniture is a fundamental need for both homes and workplaces. However, moving furniture can be a tiresome task when changing locations. It costs a lot of money to buy furniture of high quality. This is the cause of the rapidly expanding market for rental furniture. An individual or business can rent the necessary furniture in this market for a set amount of time. Platforms that rent out furniture are responsible for maintaining it. Consumer behaviour is always evolving. Nowadays, consumers prefer to spend money on things like food, travel, and health. In addition to providing options within their price range, the rental furniture market also enables them to experiment with new and fashionable furniture with little outlay of cash.
The Furniture on Rent Market - Growth Factor
The enormous growth in the number of service sectors around the world has significantly increased the demand for rental commercial furniture. Due to the development of start-up ecosystems within these developing nations, there has been an increase in demand for such rented furniture in countries like India, Brazil, China, Indonesia, Malaysia, and Singapore. Additionally, these nations' quick urbanisation and the emergence of a thriving hospitality sector have fuelled the market for furniture rentals. Because of the widespread population relocations caused by globalisation for temporary work assignments, people are increasingly choosing to rent furniture rather than buy it outright. Nowadays, many jobs require employees to relocate from one city to another. The rental furniture market has benefited from this trend on a global scale. Renting furniture also saves customers money who only need to stay at a place for a short period of time, thereby assisting the growth of the furniture rental market.
The Furniture on Rent Market Market Trends
The market for rental furniture is expanding as a result of the increase in start-ups and co-working spaces.
For businesses looking to cut costs, this is the best course of action. During the forecast period, the rental furniture market is anticipated to grow in tandem with rapid urbanisation, the expansion of the hospitality sector, and a rise in tourist attendance.
Due to COVID-19, many businesses now offer the option to work from home. Employees must set up a workspace in their home for this, and many opt to rent office furniture rather than buy it.
The Furniture on Rent Market Segmentation
The Furniture on Rent Market fragrance concentrates market has been sub-classified into nature, end-user industry.
On the basis of material, the Furniture on Rent Market is bifurcated into:
Wood
Plastic
Metal
Glass
others
On the basis of end-user, the market is segmented into:
commercial
residential
others
on the basis of distribution channel, the market is segmented into:
e-commerce
brick and mortar
others
The Furniture on Rent Market Regional Analysis
North America dominated the global Furniture on Rent Market, in this region due to the rising trend of apartment rentals in the United States and Canada. Apartment rentals are becoming increasingly popular among people who prefer practical and affordable housing. Renting smaller, more practical furniture therefore better fits their altering lifestyles than buying furniture.
The Furniture on Rent Market Key Market players
Global key players of Furniture on Rent Market include Credit Suisse, Zinnia Global Fund, CE Ventures, Lightbox, and Great North Labs, the industry is gaining traction and attracting investments from key propellers like Credit Suisse, Zinnia Global Fund, CE Ventures, Lightbox, and Great North Labs. Fulenco, Feather, Inhabitr, and RentoMojo, and others.
Report scope
Global Furniture on Rent Market: Historical Years- 2018-2021
Global Furniture on Rent Market: Forecast Years- 2022-2030
Global Furniture on Rent Market 2022- USD 5.3 Billion
Global Furniture on Rent Market 2030- USD 10 Billion
Global Furniture on Rent Market CAGR- 3.8%
