Rental Furniture Market: Introduction
- Furniture is a basic requirement of both households and offices. But moving the furniture can be a tedious job while shifting places. Purchasing good quality furniture is also costly. This is the reason why rental furniture is a fast growing segment. In this market, an individual or a company can rent the required furniture for a specific period. Maintenance of the furniture is done by the platforms providing furniture on rent. Consumer behavior is continuously changing. Consumers now prefer to spend money on health, food, vacations, etc. The rental furniture market not only gives them options from their price range but also allows them to try new and trending furniture with little investment.
Key Drivers of the Global Rental Furniture Market
- The rise in number of startups and co-working spaces is boosting the growth of the rental furniture market. This is the best option of cost-cutting for companies who want to save money. Alongside, rapid urbanization, growth of the hospitality industry, and rise in tourist turnout is expected to catalyze the growth of the rental furniture market during the forecast period.
- Many companies are providing the work from home option due to COVID-19. For this, employees need to set up a workspace in their home and many people are renting the furniture instead of buying it.
Rental Furniture Market: Key Segments
- The global rental furniture market can be segmented based on product type, material, application, distribution channel, and region. Based on product type, the rental furniture market can be classified into sofa, bed, wardrobe, dining table, tables, overhead bins, system, storage units, and others. For residential purposes, rental wardrobe is expected to have the highest market growth during the forecast period. For commercial purposes, rental sofa is expected to have the highest growth. Based on material, the market can be segmented into leather, plastic, wood, metal, glass, and others. Based on application, the market can be categorized into residential and commercial. The residential segment is expected to witness the highest growth during the forecast period due to rapid growth in construction projects and constant demand for rental furniture from the urban population. In terms of distribution channel, the market is segmented into the online and offline channel.
Asia Pacific the Leading Market for Rental Furniture
- By region, the global rental furniture market is classified into North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- Country-level bifurcation of the North America market includes the forecast and analysis for the U.S., Canada, and Rest of North America. Country-level analysis and forecast of the Europe market covers the rental furniture market in the U.K., Germany, France, and Rest of Europe. The country-level analysis and forecast of the Asia Pacific market includes major countries in the region such as India, China, Japan, and Rest of Asia Pacific. Middle East & Africa country-level analysis and forecast includes GCC countries, South Africa, and Rest of Middle East & Africa. The South America rental furniture market is categorized into Brazil, and Rest of South America.
- Asia Pacific holds the largest share in the rental furniture market. Market growth in the region is attributed to the rapidly growing demand from developing economies such as China and India.
Key Players Operating in the Global Market
The rental furniture market is still new in many economies. Players need to create more awareness about the market and expand their presence in emerging markets.
Some of the major companies identified in the global rental furniture market are:
- Brook Furniture Rental
- Luxe Modern Rentals
- The Lounge
- Asia Furniture Rental
Global Rental Furniture Market: Research Scope
Global Rental Furniture Market, by Product Type
- Dining Table
- Overhead Bins
- Storage Units
- Others (Chairs, etc.)
Global Rental Furniture Market, by Material
- Others (Jute, etc.)
Global Rental Furniture Market, by Application
Global Rental Furniture Market, by Distribution Channel
Global Rental Furniture Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report on the global rental furniture market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.