Furniture on Rent Market to Hit US$ 12 Billion by 2033

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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This release was published on openPR.