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.
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