Expanding at a high-value CAGR of 7%, the global furniture on rent market is predicted to increase from a valuation of US$ 6.1 billion in 2023 to US$ 12 billion by 2033-end.
Nearly 60% of the earnings from renting out furniture is attributable to long rental cycles, which include subscriptions of 18 months to more than 2 years. Compared to short cycles and custom cycles, these extended rental cycles offer more advantages. A lengthy renting cycle also gives the renter peace of mind. New users typically choose shorter cycles, then after a few months, after they are satisfied with the services, they upgrade to longer cycles.
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Key Takeaways from Furniture on Rent Market:
- The Netherlands is estimated to account for over 30% of overall Europe furniture on rent revenue owing to presence of leading furniture manufacturers and rental providers such as IKEA and JMT International.
- North America is anticipated to account for over 30% of total market share.
- By rental model, furniture subscription generated over 3/4 of total revenue in 2020.
- By rental cycle, long rental cycles accounts for over 60% of overall furniture on rent revenue.
- By user type, commercial users are estimated to account for over 55% of total market share.
- By business model, furniture on rent revenue through the buy and rent business model is expected to swell at a CAGR of 7.2%.
Competitive landscape:
In recent years, investments have emerged as a key development in the furniture on rent industry. Major firms now concentrate on forging alliances with financial institutions to increase their working capital. They also put a lot of effort into expanding their furniture rental options to increase their global geographic footprint.
For instance :
- In 2020, to extend its product and service offerings internationally, Feather, a U.S.-based rental furniture company, secured US$ 30 million Series B financing from investment banking firm Credit Suisse Group AG.
Key players operating in the furniture on rent market include:
- CORT
- JMT International
- Aaron’s, LLC
- Rent-A-Center
- Thomas Rentals
- Feather
- Brook Furniture Rental, Inc.
- IKEA
- Fernish
- Lyght Living furniture leasing GmbH & Co. KG
- American Furniture Rental
- Fashion Furniture Rental
- Charter Furniture Rental
- Furniture Rentals
- Custom Furniture Rental
- The Attic
- Furlenco
- CityFurnish
- Inhabitr
- Fabrento
- Others
Growth Drivers:
- Migration of national residents between states and cities is propelling furniture on rent market.
- Rising inclination towards affordable furniture alternatives will drive market growth.
Key Segments of Furniture on Rent Industry Research:
· By Material :
- Wood
- Plastic
- Metal
- Glass
- Others
· By Rental Cycle :
- Short Cycle
- Long Cycle
· By Application :
- Residential
- Commercial
· By Distribution Channel :
- e-Commerce
- Brick and Mortar Stores
· By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Questionnaire answered in the Market outlook Report of Furniture on Rent include:
- What is the key strategy deployed by large players to maximize Furniture on Rent Market growth?
- What are the main challenges faced by players in the Furniture on Rent market Demand?
- With the advent of technological advancement, how will the Furniture on Rent market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Furniture on Rent market size?
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