According to the research report published by FMI, the global furniture rental market size is anticipated to witness staggering growth from 2023 to 2033. The global market is anticipated to surpass a valuation of US$ 55.75 billion in 2023 and is likely to reach a valuation of US$ 110.69 billion by 2033. During the forecast period, the market is projected to showcase a noteworthy CAGR of 7.1%.
The growing demand for urban housing is surging the demand for furniture rental products. It is estimated that more than 6 billion people may live in urban areas by 2050. The increasing urbanization is likely to fuel the demand for small-space furniture rental services in the coming years.
The increasing shift in the perspective way of living is a vital factor influencing market growth. Millennials are more pragmatic. Their perspective of avoiding expenditure which seems redundant stimulates demand for furniture rental.
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It is anticipated that the residential application segment would expand quickly. Market expansion is anticipated to be aided by the rising popularity of online learning and work-from-home/hybrid work arrangements. In the upcoming years, the cost of renting household furniture is projected to escalate. Rent-paying families and bachelors are learning about furniture rental services and the advantages they provide, which is driving up demand. The market is projected to expand as a result of increasing digitization and the introduction of cost-effective subscription options.
The growing popularity of home staging is predicted to foster growth in the market. Several furniture rental businesses are engaging in home staging, which allows homeowners to showcase their property without purchasing expensive furniture. The increasing construction of new commercial buildings and offices is another significant factor driving market growth. Furniture rental services are witnessing increased annual signups for several kinds of office furniture, including desks, tables, benches, and others.
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Key Takeaways from the Furniture Rental Market:
- In 2018, the global market size stood at nearly US$ 24.48 billion.
- The beds segment generated a substantial revenue of more than 31.25% in 2022.
- The wood material segment held a huge share of more than 38.7% in 2022.
- The commercial application segment held the lion’s share in 2022, accounting for nearly 60.5% of the global revenue.
- North American region held a substantial share of nearly 35.2% in 2022 globally.
- Recent Developments Observed by FMI:
- David Phillips merged with Monty Space in March 2022. The merger is aimed to broaden the company’s furniture range into the growing built-to-rent market.
- In February 2021, Rent-A-Center acquired Acima Holdings. Customers may now take advantage of the company’s flexible Lease-to-Own (LTO) options via digital, internet, and mobile channels, thanks to the purchase.
- Furlenco launched ‘UNLTMD’ in July 2021. This annual subscription service gives customers the appliances and furniture they desire all at once and for a single price.
Key Players in the Global Furniture Rental Market
- Furlenco
- Feather
- Rentomojo
- Brook Furniture Rental
- Rent-A-Center
- Luxe Modern Rentals
- The Everest
- Fernished Inc.
- Athoor
- Fashion Furniture Rental
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Key Segmentations
by Product:
- Wardrobes & Dressers as Furniture Rental
- Beds as Furniture Rental
by Material:
- Plastic Furniture Rental
- Wood Furniture Rental
by Application:
- Residential Furniture Rental
- Commercial Furniture Rental
by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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