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Consumer Goods And General Rental Centers Market Size, Top Trends, Outlook Report To 2024 To 2033
Consumer Goods And General Rental Centers Market
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According to The Business Research Company's, The consumer goods and general rental centers market size has grown strongly in recent years. It will grow from $169.45 billion in 2023 to $183.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to economic conditions, housing market activity, construction industry health, seasonal demand, environmental regulations, consumer awareness.
The consumer goods and general rental centers market size is expected to see strong growth in the next few years. It will grow to $250.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to sustainability practices, e-commerce integration, circular economy initiatives, health and safety compliance, smart home device rentals. Major trends in the forecast period include supply chain innovations, subscription-based models, flexible rental terms, integration of technology, customer loyalty programs, collaborations with manufacturers.
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Market Drivers and Trends:
With the rise in mobile phone and internet penetration, online portals and mobile applications are being widely used to rent or lease goods. These mobile applications and online portals consist of an interface that enables users to view products and choose the desired one to be rented. The online leasing portals may offer various types of products or specialize in a single product. Major products being widely offered for lease through online portals include electronics, furniture, appliances, cameras, and others. For instance, according to PricewaterhouseCoopers, around 44% of US adults are familiar with the sharing economy which includes leasing and this market is expected to increase from $15 billion in 2014 to $335 billion by 2025.
Major companies operating in the consumer goods and general rental centers market are incorporating new technologies such as Rent Online, and Pick-up In-Store technology to gain a competitive edge in the market. Rent Online, Pick-up In Store (ROPIS) technology is a retail strategy that combines the convenience of online shopping with the immediacy of in-store pick-up that allows customers to rent or reserve products online through a retailer's website or app and then collect them in person from a physical store location. For instance, in June 2021, The Home Depot, a US-based company that provides rental services for tools, trucks, and large equipment through its well-stocked rental centers unveiled Rent Online, Pick-up In Store"" technology. This innovative online technology saves pro and DIY customer's time and travel to the store by allowing them to verify equipment availability and reserve what they need in advance, allowing them to get in and out of our rental centers faster than ever before.
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Major Key Players of the Market:
Toyota Motor Corporation, The Home Depot Inc., SK Inc., Menard Inc., United Rentals Inc., Rent-A-Center Inc., Chep (USA) Inc., JCDecaux Group, Herc Holdings Inc., Sunbelt Rentals Inc., Aaron's Inc., Outerwall lnc., Gfn North America Corp., H&E Equipment Services Inc., United Site Services Inc., Neff Rental LLC, BlueLine Rental LLC, HSS Hire Group plc, EVI Industries lnc., Ahern Rentals Inc., Sunstate Equipment Co. LLC, Compressor Systems Inc., 1-800-Pack-rat LLC, Home Essentials, BigRentz Inc., Cort Guitars Company, General Finance Corporation, Rental One, Red-D-Arc lnc., Axia Acquisition Corporation
Consumer Goods And General Rental Centers Market 2024 Key Insights:
• The consumer goods and general rental centers market size is expected to see strong growth in the next few years. It will grow to $250.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Growing Popularity Of Online Portals And Mobile Apps For Rentals
• Increasing Focus On Incorporating New Technologies Such As Rent Online, And Pick-Up In-Store Technology To Gain A Competitive Edge In The Market
• Asia-Pacific was the largest region in the consumer goods and general rental centers market in 2023
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