Global Furniture Rental Market Getting on to the Magnanimous Growth—Projected to Reach worth USD 32.0 Billion in 2027

Published | 28 July 2021

A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global furniture rental market was worth USD 14.2 billion in 2020 and is further projected to reach USD 32.0 billion by 2027 at a CAGR of 14.1% during the forecast period (2021-2027). This significant growth can be attributed to the recent increase in homeownership around the world. Moreover, the increasing number of employers incorporating furniture rental plans into their policies is also contributing to the growth of this industry. Additionally, the growing disposable income, coupled with decreasing rental expenses of rented furniture, are expected to boost furniture rental market growth. Another major factor contributing to the growth of the furniture rental market is the convenience of the entire selection and rental process. The boom in the e-commerce sector has also made the renting of furniture more convenient and affordable for the people by giving them access to various online channels.

A furniture rental company rents out its furniture for a specific period of time, during which periodic rent payments are made. To get a refund on the security deposit, the furniture needs to be returned in intact condition to the service provider after termination.

Globalization leads to the growth of the furniture rental market

Rapid globalization has forced many people to relocate to different places for certain periods of time, and hence it is more common for such people to rent furniture than to buy it. This trend has had a positive influence on the furniture rental market globally. Furniture rental is a more cost-effective option for people since the price of renting furniture is substantially less than the price of buying furniture. An increase in working populations moving into urban areas is also contributing to the growth of the furniture rental industry across the globe. This is because of the rise in the number of apartments being rented by workers, who are looking for durable, convenient, and appealing furniture.

Growth of service sectors and offices also aids in the growth of the furniture rental market

The development of service sectors has assisted in the rise of the demand for commercial rented furniture. The evolution of the start-up ecosystem in countries such as India, China, Singapore, Malaysia, and Brazil, etc. has led to rapid urbanization and thus given birth to a large market for commercial rented office furniture. Furthermore, the growth of the hospitality industry and tourism has also catalyzed the growth of the furniture rental market in most developing countries. Also, consumers in corporate offices nowadays opt for rental furnishing because of its very cost-effective nature. Furniture renting is also eco-friendly and efficient. There are furniture rental service providers like City furnish who provide free delivery, pickup, installation, and even maintenance services, which further cuts down the cost, thereby aiding in the growth of the furniture rental market.

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Rise in e-commerce websites favoring the growth of the furniture rental market

The emergence of e-commerce platforms has significantly helped the furniture rental industry grow. Technology advancements have made these e-commerce sites very convenient for consumers to rent furniture online. There are several websites that offer consumers the option to rent furniture according to their taste. The hassle-free renting and delivery of furniture via these e-commerce sites have propelled the growth of the furniture rental market significantly. There are many options for consumers to choose from in online stores. These sites sell furniture in a variety of styles, colors, and functionalities to satisfy the needs of customers. As a result of the ongoing trends and continuous upgrades of design and styles, consumers are now opting to rent furniture to meet their current needs and preferences instead of permanently buying their furniture. Consumers also find renting furniture useful, since low maintenance costs and lower prices make renting furniture more practical.

Impact of Covid-19 on the Global Furniture Rental Market

COVID-19 has affected all markets, including the furniture rental market. With the onset of lockdown all over the world, work-from-home has become the norm, thereby giving rise to the need for a suitable workspace at home. The major players in the furniture manufacturing market are switching their outlook towards business and are investing in setting up rental divisions. The cutting down of expenses by buyers has led to an increase in the demand for rental furniture, so it may be expected that there would be an increase in rental furniture demand post-lockdown. Thus, it can be stated that the furniture rental market has grown at a steady pace during the pandemic and is also expected to keep growing post lockdown.

Global Furniture Rental Market: by End-Users

Based on end-users, the global furniture rental market can be divided into residential and commercial. Due to rapid urbanization, especially in developing countries, and the proliferation of start-up companies, the commercial sector accounts for the largest share of this domain. The convenience and cost-effectiveness of rented furniture make it a preferred choice among start-up companies globally, which in turn is contributing to the growth of the global furniture rental market. The residential segment, however, is currently the fastest-growing segment, due to the rise in global housing population, coupled with the trend of renting apartments. Work-from-home has become the norm since the pandemic began. Therefore, many individuals working remotely, from home, had to furnish their workspace by renting furniture instead of buying, which has led to the growth of this segment.

Global Furniture Rental Market: by Region

Based on regions, the furniture rental market can be segregated as North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Out of these, North America held the largest share in 2020 and is likely to dominate the segment during the forecast period. This can be attributed to the increase in the trend towards living in rented apartments in The U.S. and Canada. Also, the trend of renting apartments has been observed among the U.S. population who prefer economical and versatile living. Therefore, renting smaller and more compact furniture suits their lifestyles rather than owning them, which has led to the growth of the region in the global furniture rental market.

Global Furniture Rental Market: Competitive landscape

The furniture rental market has proven to be very lucrative in recent years, attracting a growing number of new competitors.Taking advantage of the lucrative opportunities, some established furniture manufacturing companies are also opening furniture rental departments.Some major players in the global furniture renting industry are Rentomojo, Furlenco, Cort, Brook Furniture Rental, Cityfurnish, Rentickle, GrabOnRent, Fernish, Feather, The Aaron’s Company, Inc. and other prominent players.

Don’t miss the business opportunity of the global furniture rental market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global furniture rental market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the ­­­global furniture rental market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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