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.
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.
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The wardrobe & dresser product segment is expected to witness substantial growth over the forecast period due to the versatility of this type of furniture to be used for organizing clothing and accessories
The plastic material segment is expected to witness considerable growth over the forecast period as plastic is easier to transport or carry than other types of materials
The residential application segment is expected to witness the fastest growth rate over the forecast period
For students, international residents, and those staying temporarily in a big city, renting furniture can be a reasonable choice. Most people have to move for new jobs or internships and some choose to spend time in various parts of town for various reasons
Grand View Research has segmented the global furniture rental market on the basis of product, material, application, and region:
Furniture Rental Product Outlook (Revenue, USD Million, 2017 - 2030)
Sofa & Couch
Table & Desks
Chairs & Stools
Wardrobe & Dressers
Others (Ottomans, Kitchen Islands, Nightstands, Storage Benches)
Furniture Rental Material Outlook (Revenue, USD Million, 2017 - 2030)
Others (Vinyl, Leather)
Furniture Rental Application Outlook (Revenue, USD Million, 2017 - 2030)
Furniture Rental Regional Outlook (Revenue, USD Million, 2017 - 2030)
Central & South America (CSA)
Middle East & Africa (MEA)
List of Key Players of Furniture Rental Market
Brook Furniture Rental
Luxe Modern Rentals
Fashion Furniture Rental
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