Furniture Rental Service Market Size, Analysis, Share, Research, Business Growth and Forecast to 2030

The global furniture rental service market size was valued at USD 77.81 billion in 2023. The market is projected to grow to USD 142.91 billion by 2030, exhibiting a CAGR of 9.07% during the forecast period.

Information Source:  https://www.fortunebusinessinsights.com/furniture-rental-service-market-106643 

List of Key Players Profiled in the Furniture Rental Service Market Report:

• Feather (U.S.)
• Aaron’s LLC (U.S.)
• Rent-A-Center (U.S.)
• Brook Furniture Rental Inc. (U.S.)
• The Everest (U.S.)
• Fernished Inc. (U.S)
• Furlenco (India)
• RentoMojo (Edunetwork Pvt. Ltd.) (India)
• Luxe Modern Rentals (Canada)
• Fashion Furniture Rental (U.S.)

Report Coverage:

The report includes valuable insights into drivers, restraints, opportunities, and threats impacting market dynamics and valuation. Market share, growth rate, and valuation of each segment and region are also provided in the report. Moreover, our seasoned analysts have conducted an exhaustive study of the market including the impact of COVID-19 on market dynamics. Leading companies in the market are listed along with recent developments such as mergers, acquisitions, collaborations, and partnerships.

Drivers and Restraints:

Rising Number of Residential and Commercial Infrastructural Settings to Aid Market Expansion

The growing number of residential and commercial infrastructural settings and surging demand for rented furniture among such settings are driving the market growth. According to the statistical data published by the National Association of Realtors (NAR), from January 2019 to January 2020, U.S. housing sales rose by 5.7%. Moreover, households prefer buying subscription-based furniture to regularly use different furnishing items. This also helps them to fulfill their home decoration needs economically, thus attributing to market proliferation

On the other hand, the lack of awareness regarding furniture rental services among the geriatric population and the entry of new players targeting rural customers will hinder market expansion in the upcoming years.

Segments:

Wood Segment to Lead Due to Durability and Low Maintenance Needs

As per material, the market is divided into wood, plastic, metal, glass, and others. Among these, the wood segment dominated the market in 2022 owing to its durable nature and low maintenance needs over other material types. Moreover, the surging demand for eco-friendly furniture will also propel segment growth.

Commercial Segment to Dominate Due to Surging Demand to Reduce Infrastructure Costs

Based on application, the market is bifurcated into residential and commercial. Among these, the commercial segment captured majority of the market share owing to surging demand for furniture rental services from small offices and pantries to decrease infrastructural costs.

Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Regional Insights:

Asia Pacific to Lead Backed by Surging Demand from Migrant Population in India and China

Asia Pacific captured the majority of the furniture rental service market share in 2022 owing to the rising popularity of the service in small towns and cities in India and China and the growing service demand from the migrant population in the region. Moreover, the presence of prominent companies in the region will further boost regional market growth.

The European market is projected to grow significantly due to changing consumer inclination towards sustainably-made furniture, concern regarding the harmful impact of using plastic furniture, and surging demand for bamboo and wood furniture in the region. Moreover, rising government spending on developing housing facilities in the U.K. and Germany will further aid market growth in this region.

The North American market is projected to showcase positive trends in the forthcoming years owing to growing number of startups and small businesses in the region, which prefer renting furniture instead of buying. The presence of leading furniture rental providers such as CORT, AFT, Feather, and others in the U.S. further aids regional market progression.

Competitive Landscape:

Mergers and Acquisitions Undertaken by Industry Leaders to Facilitate Market Growth

Leading companies in the global market are making several strategic decisions such as partnerships, product launches, collaborations, and mergers and acquisitions to maximize profits and earn higher revenues. For instance, in February 2021, Rent-A-Center announced its plans to acquire Acima Holdings LLC, a virtual lease-to-own solutions provider. The acquisition will help the company in effective POS integration and to increase its digital transactions with an advanced e-commerce platform.

Key Industry Development:

• September 2022: Fernished Inc. developed its in-house delivery service to expand its home furnishings and rental business. This move will help the company to enhance the functioning of its supply chain and help in the timely delivery of goods to customers.