The size of the worldwide furniture rental service market was estimated at USD 77.81 billion in 2023 and is expected to increase at a compound annual growth rate (CAGR) of 9.07% to USD 142.91 billion by 2030. To draw customers' attention to their offerings, top businesses are holding promotional events and implementing creative marketing strategies. This is going to help the market grow in the upcoming years. Fortune Business InsightsTM has supplied this data in a research titled "Furniture Rental Service Market, 2024-2030." 

Information Source:

https://www.fortunebusinessinsights.com/infographics/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 Everset (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 market is expanding due to the expansion of residential and commercial infrastructure settings as well as the rising demand for rented furniture in these settings. Based on data released by the National Association of Realtors (NAR), there was a 5.7% increase in U.S. home sales between January 2019 and January 2020. Additionally, homes that frequently utilize different furnishing goods prefer to purchase furniture through subscription services. Additionally, this enables people to affordably satisfy their desires for home décor, which contributes to the growth of the market.

However, the aging population's demand for greater knowledge about furniture rental services and the arrival of new competitors aiming to attract rural clients may impede market growth in the years to come.

Segments:

Wood Segment to Lead Due to Durability and Low Maintenance Needs

The market is segmented into wood, plastic, metal, glass, and other materials. Because wood requires less upkeep and is more durable than other material kinds, it ruled the market in 2022. Additionally, the growing market for eco-friendly furniture will support segment expansion.

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 the 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

Due to the growing demand for the service from the region's migrant population as well as the service's increasing popularity in China and India's small towns, the Asia Pacific region held the majority of the global market share for furniture rental services in 2022. Furthermore, the presence of well-known businesses in the area will support the expansion of the regional market even more.

Due to shifting customer preferences for sustainably crafted furniture, worries about the negative effects of using plastic furniture, and an increase in demand for bamboo and wood furniture in the area, the European market is expected to rise dramatically. Furthermore, increasing government spending in Germany and the United Kingdom on the construction of housing facilities will support market expansion in this area.

Due to the increasing number of startups and small enterprises in the region that choose to rent furniture rather than buy it, the North American industry is expected to exhibit positive trends in the years to come. Leading furniture rental companies like CORT, AFT, Feather, and others are present in the United States, which helps the regional market grow even more.

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 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.