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Furniture Rental Market Size, Industry Trends Report | 2031
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Furniture Rental Market Size, Industry Trends Report | 2031

Segments - Furniture Rental Market by Types (Individual Furniture Rental, Room Packages, and Furniture Subscription), Product Types (Bed, Sofa, Dining Table, Wardrobe, Storage Unit, and Others), Rental Cycles (Short Cycle, Long Cycle, and Custom Cycle), Materials (Metal, Glass, Wood, Plastic, and Others), Distribution Channels (Online and Offline), Applications (Commercial and Residential), and Regions (Asia Pacific, North America, Latin America, Europe and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

https://growthmarketreports.com/Debadatta
Author : Debadatta Patel
https://growthmarketreports.com/Partha
Fact-checked by : PARTHA PAUL
https://growthmarketreports.com/Shruti
Editor : Shruti Bhat

Upcoming | Report ID :CG-4263 | 4.3 Rating | 85 Reviews | 166 Pages | Format : PDF Excel PPT

Report Description


The Global Furniture Rental Market size was valued at USD 16.32 Billion in 2022 and is expected to surpass USD 53.49 Billion by 2031, expanding at a CAGR of 14.1% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing number of companies and organizations offering rental furniture to their employees as a part of their corporate policies.

Furniture rental refers to a process of leasing furniture for personal or commercial use. Individuals peruse through variety of furniture options provided by furniture rental companies. Then, they select furniture according to their need to rent. The companies can present various offers, discounts, and benefits to their potential customers. Customers can select from long-term rental cycle and short-term rental cycle, or they can choose a customized plan prepared according to their need by the rental companies. The furniture rental companies lend furniture to customers to use in their houses or offices for a certain period of time. At the end of that time period, customers either return the furniture or exchange it for something new.

Furniture Rental Market Outlook

Customers can change their furniture according to their needs or latest trends easily through renting furniture. They don’t have to invest in bulky furniture pieces. Individuals who relocate constantly or individuals who are looking for economic options prefer to rent furniture pieces than buying them.

  • Surging population and housing across the globe are expected to drive the market during the forecast period.

  • Increasing number of employers adopting furniture rental in their corporate policies boost the market.

  • Rising disposable income and reducing prices for rented furniture are anticipated to fuel the market in the coming years.

  • Increasing number of working populations constantly relocating to different places is estimated to spur the market during the projected period.

  • Growing usage of internet, smartphones, and online retail platforms to rent furniture drive the market.

  • Increasing inclination of consumers towards rented apartments is projected to boost the market during the forecast period.

  • Maintaining rented furniture proves to be hassle for some consumers, which hampers the growth of the market.

  • Low awareness of furniture rental services is anticipated to hinder the growth of the market in the coming years.

Scope of Furniture Rental Market Report

The report on the global furniture rental market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Furniture Rental Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Types (Individual Furniture Rental, Room Packages, and Furniture Subscription), Product Types (Bed, Sofa, Dining Table, Wardrobe, Storage Unit, and Others), Rental Cycles (Short Cycle, Long Cycle, and Custom Cycle), Materials (Metal, Glass, Wood, Plastic, and Others), Distribution Channels (Online and Offline), and Applications (Commercial and Residential)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

1RentPlace, Inc.; Kieraya Furnishing Solutions Pvt. Ltd. (Furlenco); Edunetwork Pvt. Ltd.; The Lounge; Athoor Party & Services; Luxe Modern Rentals; CORT; Brook Furniture Rental, Inc.; Cityfurnish; Asia Furniture Rental; Feather; Inhabitr; GramOnRent; Aaron’s, LLC; and Others

Furniture Rental Market Segment Insights

Furniture subscription segment drives the market

In terms of types, the market is divided into individual furniture rental, room packages, and furniture subscription. The furniture subscription segment is expected to boost the market during the forecast period, as several commercial enterprises opt for furniture subscription to get sets of furniture to meet their office requirements. Furniture subscriptions offer other services such as deep cleaning, periodical maintenance, and furniture swap, which aid in the expansion of segment.

Furniture Rental Market Types

Sofa segment boosts the market

Based on product types, the market is segregated into bed, sofa, dining table, wardrobe, storage unit, and others. The sofa segment is projected to drive the market during the forecast period, as consumers tend to change large furniture pieces such as sofa according to changing furniture trends and designs. The wardrobe segment is anticipated to expand in the coming years, as consumers change wardrobe constantly according to their changing needs.

Long cycle segment holds a key market share

On the basis of rental cycles, the market is segmented into short cycle, long cycle, and custom cycle. The long cycles are estimated to expand at a rapid pace during the forecast period, as furniture rental companies offer greater benefits such as low cost, next-day delivery, furniture maintenance, and others with long rental cycles than short rental cycles. The short cycle segment is anticipated to expand during the forecast period, as new customers prefer to opt for short rental cycle to try out the product before committing to for a long time.

Furniture Rental Market Rental Cycles

Wood segment spurs the market

In terms of materials, the market is segregated into metal, glass, wood, plastic, and others. The wood segment is estimated to hold a significant market share during the forecast period, due to durability of wooden furniture. Aesthetic appeal of the wooden furniture is a key factor boosting the segment. The plastic segment is expected to expand during the forecast period, as it is cheaper than other materials, easy to transport, low maintenance, and resistant to termites and moisture.

Online segment fuels the market

On the basis of distribution channels, the market is bifurcated into online and offline. The online segment is expected to drive the market during the forecast period, owing to increasing penetration of internet, growing usage of smartphones, and rising availability of online furniture rental platforms, stores, and services. Online stores offer variety in furniture and door-step delivery, which aids in the expansion of the segment.

Commercial segment boosts the market

Based on applications, the market is divided into commercial and residential. The commercial segment is estimated to fuel the market during the forecast period, as start-up companies prefer to rent furniture than buying for cost-effectiveness. The residential segment is estimated to expand during the projected period, due to rapid urbanization, which leads to increased relocation of individuals.

North America dominates the market

On the basis of regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is projected to register a high CAGR during the forecast period, due to rising trend of renting apartments in the region. Individuals living in rented place tend to adopt economical and versatile living, which aids in the expansion of the market in North America. The market in Asia Pacific is estimated to expand in the coming years, owing to rapid urbanization and increased number of individuals moving to metropolitan areas in the region.

Furniture Rental Market Regions

Segments

The global furniture rental market has been segmented on the basis of

Types

  • Individual Furniture Rental
  • Room Packages
  • Furniture Subscription

Product Types

  • Bed
  • Sofa
  • Dining Table
  • Wardrobe
  • Storage Unit
  • Others
Rental Cycles
  • Short Cycle
  • Long Cycle
  • Custom Cycle

Materials

  • Metal
  • Glass
  • Wood
  • Plastic
  • Others

Distribution Channels

  • Online
  • Offline

Applications

  • Commercial
  • Residential

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • 1RentPlace, Inc.
  • Kieraya Furnishing Solutions Pvt. Ltd. (Furlenco)
  • Edunetwork Pvt. Ltd.
  • The Lounge
  • Athoor Party & Services
  • Luxe Modern Rentals
  • CORT
  • Brook Furniture Rental, Inc.
  • Cityfurnish
  • Asia Furniture Rental
  • Feather
  • Inhabitr
  • GramOnRent
  • Aaron’s, LLC
  • Others

Competitive Landscape

The global furniture rental market is expanding with the presence of key players such as 1RentPlace, Inc.; Kieraya Furnishing Solutions Pvt. Ltd. (Furlenco); Edunetwork Pvt. Ltd.; The Lounge; Athoor Party & Services; Luxe Modern Rentals; CORT; Brook Furniture Rental, Inc.; Cityfurnish; Asia Furniture Rental; Feather; Inhabitr; GramOnRent; Aaron’s, LLC; and others, who use business strategies such as mergers, partnerships, product launches, collaborations, and acquisitions to strengthen their position in the market. For example, in March 2021, 1RentPlace, Inc. launched its online retail platform that enables its US-based customers to rent furniture, house decor, wall art, and others. In July 2021, Kieraya Furnishing Solutions Pvt. Ltd. (Furlenco) launched an annual subscription service, UNLIMITED by Furlenco, which offers free furniture and appliances swapping solutions to its India-based customers.

Furniture Rental Market Key Players

Frequently Asked Questions

1RentPlace, Inc.; Kieraya Furnishing Solutions Pvt. Ltd. (Furlenco); Edunetwork Pvt. Ltd.; The Lounge; Athoor Party & Services; Luxe Modern Rentals; CORT; and Brook Furniture Rental, Inc. are some of the key players in the market.

North America dominates the global furniture rental market.

Furniture rental refers to a process of leasing furniture for personal or commercial use.

Individual furniture rental, room packages, and furniture subscription are the three types of furniture rental.

The global furniture rental market size was valued at around USD 16.32 billion in 2022 and is anticipated to reach around USD 53.49 billion by 2031.

The market is estimated to register CAGR of around 14.1% during the forecast period.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Furniture Rental Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Furniture Rental Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Furniture Rental Market - Supply Chain
  4.5. Global Furniture Rental Market Forecast
     4.5.1. Furniture Rental Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Furniture Rental Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Furniture Rental Market Absolute $ Opportunity
5. Global Furniture Rental Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Furniture Rental Market Size and Volume Forecast by Types
     5.3.1. Individual Furniture Rental
     5.3.2. Room Packages
     5.3.3. Furniture Subscription
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Furniture Rental Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Furniture Rental Market Size and Volume Forecast by Applications
     6.3.1. Commercial
     6.3.2. Residential
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Furniture Rental Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Furniture Rental Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Furniture Rental Demand Share Forecast, 2019-2026
8. North America Furniture Rental Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Furniture Rental Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Furniture Rental Market Size and Volume Forecast by Types
     8.4.1. Individual Furniture Rental
     8.4.2. Room Packages
     8.4.3. Furniture Subscription
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Furniture Rental Market Size and Volume Forecast by Applications
     8.7.1. Commercial
     8.7.2. Residential
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Furniture Rental Demand Share Forecast, 2019-2026
9. Latin America Furniture Rental Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Furniture Rental Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Furniture Rental Market Size and Volume Forecast by Types
     9.4.1. Individual Furniture Rental
     9.4.2. Room Packages
     9.4.3. Furniture Subscription
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Furniture Rental Market Size and Volume Forecast by Applications
     9.7.1. Commercial
     9.7.2. Residential
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Furniture Rental Demand Share Forecast, 2019-2026
10. Europe Furniture Rental Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Furniture Rental Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Furniture Rental Market Size and Volume Forecast by Types
     10.4.1. Individual Furniture Rental
     10.4.2. Room Packages
     10.4.3. Furniture Subscription
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Furniture Rental Market Size and Volume Forecast by Applications
     10.7.1. Commercial
     10.7.2. Residential
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Furniture Rental Demand Share Forecast, 2019-2026
11. Asia Pacific Furniture Rental Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Furniture Rental Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Furniture Rental Market Size and Volume Forecast by Types
     11.4.1. Individual Furniture Rental
     11.4.2. Room Packages
     11.4.3. Furniture Subscription
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Furniture Rental Market Size and Volume Forecast by Applications
     11.7.1. Commercial
     11.7.2. Residential
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Furniture Rental Demand Share Forecast, 2019-2026
12. Middle East & Africa Furniture Rental Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Furniture Rental Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Furniture Rental Market Size and Volume Forecast by Types
     12.4.1. Individual Furniture Rental
     12.4.2. Room Packages
     12.4.3. Furniture Subscription
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Furniture Rental Market Size and Volume Forecast by Applications
     12.7.1. Commercial
     12.7.2. Residential
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Furniture Rental Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Furniture Rental Market: Market Share Analysis
  13.2. Furniture Rental Distributors and Customers
  13.3. Furniture Rental Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. 1RentPlace, Inc.
     13.4.2. Kieraya Furnishing Solutions Pvt. Ltd. (Furlenco)
     13.4.3. Edunetwork Pvt. Ltd.
     13.4.4. The Lounge
     13.4.5. Athoor Party & Services
     13.4.6. Luxe Modern Rentals
     13.4.7. CORT
     13.4.8. Brook Furniture Rental, Inc.
     13.4.9. Cityfurnish
     13.4.10. Asia Furniture Rental

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