Furniture Rental Market -By Furniture Type, By Material,By Distribution Channel,By Business Model,By Tenure & Global Region - Market Size, Trends, Opportunity, Forecast 2021-2025
The concept of furniture rental is typically the practice of renting furniture instead of purchasing it.
Ease of procurement of items at times of need and returning them later, reduction in the hassle of moving the heavy, old-style furniture while shifting, fewer maintenance expenses and lower cost of furniture are some of the characterized advantages of renting furniture.
The multi-functional, convertible and/or portable furniture pieces, such as sofa-cum-bed, desk-turned-cabinet, etc. are not only effective in making rooms both at offices/workspaces and inside the homes look more spacious and aesthetically beautiful but are also transformable quickly and easily to cater to the various needs of people which makes them immensely desired by the consumers and the end-users.
The furniture rental market is expected to grow at a CAGR of around 18.4% over the period of next 5 years.
The growth of this market is attributed towards major relying factors including; the rising inclination of people towards rental furniture due to its cost effectiveness, the increasing number of employers including rental furniture’s into their corporate mobility policies, the growing unevenness related to the settlement of people across all regions, the surging housing population across the globe, the expanding student community across major regions and the escalating venture funding in the furniture rentals etc.
Additionally, the start-up ecosystem and the co-working culture across some of the major regions across the globe has been transforming enormously especially since the last few years. The modern day office owners mostly prefer to rent furniture instead of owning them as renting office furniture helps the new start-ups with small budget to achieve the apt office look without having any additional expenditure involved. Thus, with the rise in the number of startups and co-working spaces in different domains across various countries, the furniture rental market is likely to gain massive traction in the near future.
Moreover, the players in the furniture rental market are seen to be increasingly emphasizing on catering to the modern ways of life of the consumers in different regions. Alongside, with the ongoing technological advancements and innovations and the changing lifestyles of consumers, furniture rental companies are rapidly focusing on placing themselves uniquely in the market by launching aesthetically appealing and light weight products and by providing value-added services such as free delivery & installation etc., which in turn is opening new avenues and adding to the growth of the furniture rental market comprehensively.
Furthermore, other factors such as the growing number of businesses across the globe, the escalating real estate industry, the soaring trend of rented apartments due to increase in number of working population who are inclined towards multifunctional and smaller furniture that suits their changing lifestyle and the rapid emergence and growth of the e-commerce sector further propel the growth of the furniture rental market.
However, factors such as the dearth of awareness regarding furniture rental among the masses and the difficulties pertaining to the management of complex bookings and pricing models hinder the growth of the furniture rental market.
FURNITURE RENTAL MARKET SEGMENTATION:
By Furniture Type:
- Dining Table
- Overhead Bins
- Storage Units
By Distribution Channel:
- Online Stores
- Offline Stores
By Business Model:
- Self Inventory
- Tie-Up With Various Vendor
- Verified Vendor
- Less than 1 Year
- 1-2 Year
- Over 2 Years
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The North American region holds the commanding position in the furniture rental market and is further expected to maintain its position at the top in the upcoming years also. The growth in the region could be attributed to factors such as the proliferating demand for furniture rental in the region, the growing number of working class population in the region and the growing presence of key market players providing furniture rental services in the region etc. The major contributor to the region is the U.S.
The Asia-Pacific region holds the second largest share in the furniture rental market followed by Europe and is further anticipated to experience robust growth in the foreseeable years. The growth in the region could be attributed to various factors such as the tremendous growth in urbanization in the region, the rising number of corporate offices in the region, the rapidly growing demand for furniture rental from developing economies in the region, the burgeoning number of startups providing furniture rental services in the region and the increasing number of key market players in the region etc. The major contributors in the region include India and China.
FEW KEY PLAYERS IN FURNITURE RENTAL MARKET:
- The Lounge
- Asia Furniture Rental
- Brook Furniture Rental
- Luxe Modern Rentals
- Other Players
- In March 2021, 1RentPlace.com announced the launch of its online marketplace, which offers a massive inventory of rentable luxury furniture, art and home décor. It offers exclusive access to an assorted catalog of items from the most exclusive shops and dealers across the United States.
- In April 2021, Chair-man Mills Corp. , Canada's leading event rental provider, announced its partnership with Contemporary Furniture Rentals Inc. Contemporary Furniture Rentals Inc. is known to be the first and largest specialty furniture rental company in the Greater Toronto Area.