Furniture Rental Market 2030: Unlocking the Potential of Commercial Spaces

Posted on 2024-12-24 by researchinsights in Industrial // 0 Comments

Furniture Rental Market Growth & Trends

The global furniture rental market size is expected to reach USD 89.68 billion by 2030, registering a CAGR of 7.0% during the forecast period, according to a new report by Grand View Research, Inc. The attitudes toward asset ownership among Indian consumers have changed significantly as a result of rising internet usage. Consumers were forced to replace long-standing practices and routines of product ownership with new accessible formats due to the COVID-19 pandemic. Changes in consumer behavior and a rise in the choice of lower-risk rental options are driving the demand. Moreover, an increase in the number of residential and commercial infrastructure settings would probably favor the need for services within such settings, promoting market expansion.

For instance, the National Association of Realtors reported that homeownership increased by 1.3% from 2019 to 65.5% in 2020. Moreover, a rise in the trend of subscription-based furniture renting services for regular use of furniture products is propelling the industry’s growth. Since people spent more time at home since the COVID-19 pandemic, the frequency of house improvements grew, and redecorating was a trend seen across segments; this attitudinal shift tends to stick around. In addition, in 2020, furniture companies that exhibited foresight and flexibility in responding to shifting consumer demands, specialized needs for quick home renovations, and understanding the trend around living effectively had remarkable results. These factors positively affect the residential segment growth.

Gather more insights about the market drivers, restrains and growth of the Furniture Rental Market

According to the data provided by key players, Rentomojo and Furlenco, millennials opt to rent consumer products as it is more environmentally friendly. The retail and rental industries are impacted by the 73% of millennials who are willing to pay extra for sustainable solutions. In addition, to attract environmentally concerned customers and enhance the brand reputation for sustainability, key furniture manufacturers, such as Ikea, entered into the rental industry and currently provide a variety of subscription-based leasing offerings across the globe. Asia Pacific is expected to be the fastest-growing region during the forecast period owing to the rapid expansion of the residential sector as a result of the increasing population.

Athoor, Cityfurnish, Furlenco, Zior, and other significant players in the region offer furniture for rent. These services are designed to give consumers furniture that is in pristine condition and has undergone stringent quality inspections. Even with any minor damages that may occur during routine usage of the products, companies offer free repair services. There are no installation or transportation fees associated with the furniture rental services’ offer to deliver selected furniture items to a customer’s doorstep. Furthermore, the service providers offer to assist to move the furniture even while relocating with no additional charges. Thus, the flexibility and ease of use of the services promote the growth of the industry.

Matched content

Editor’s pick