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Consumer Electronics And Appliances Rental Market Expected to Achieve 11.2% CAGR by 2029: Growth Forecast Insights
Consumer Electronics And Appliances Rental
How Large Will the Consumer Electronics And Appliances Rental Market Size By 2025?
In recent times, the market size of consumer electronics and appliances rental has experienced a swift expansion. The market, which is worth $73.71 billion in 2024, is projected to increase to $82.18 billion in 2025, reflecting an 11.5% compound annual growth rate (CAGR). The growth during the historic period is credited to factors such as economic context and affordability, modifications in consumer behaviors, urbanization and mobility, environmental consciousness, and the emergence of the sharing economy.
How Big Is the Consumer Electronics And Appliances Rental Market Size Expected to Grow by 2029?
Anticipated rapid expansion is projected for the consumer electronics and appliances rental market in the coming years. Its size is forecasted to escalate to $125.67 billion by 2029 with an 11.2% compound annual growth rate (CAGR). Multiple factors are contributing to this predicted growth within the forecast period, inclusive of the shift towards subscription-based business models, heightened demand for smart and connected devices, the rise of consumer debt and financial limitations, as well as factors of flexibility, upgradability, and evolving housing trends. Furthermore, key emerging trends during this period include the rise of e-commerce and digital platforms, technological progressions, the provision of rental services for high-end electronics and smart home appliances, as well as the integration of the Internet of Things (IoT) and connected devices.
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Which Key Market Drivers Powering Consumer Electronics And Appliances Rental Market Expansion and Growth?
The anticipated rise in reliance on electronic devices is set to fuel the expansion of the consumer electronics and appliance rental market. Recently, reliance on electronic products has escalated dramatically. The pervasive accessibility of devices such as smartphones, laptops, tablets, and more has led people to utilize electronic products more frequently. Because many tasks- ranging from communication and entertainment to work, education, and even health monitoring- are now performed through electronic devices, the demand for electronic rentals has surged. For example, data from the Japan Electronics and Information Technology Industries Association, a Japanese trade body, revealed that in February 2024, production of consumer electronic equipment climbed to $201.91 million (¥31,685 million) from $149.27 million (¥ 23,425 million) in January 2023. Consequently, the growing reliance on electronic products is steering the expansion of the consumer electronics and appliance rental market.
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Which Fast-Growing Trends Are Poised to Disrupt the Consumer Electronics And Appliances Rental Market?
Exploring innovative products is a significant trend that is gaining traction within the consumer electronics and appliance rental industry. Firms operating within this market are incorporating advanced technology to maintain their competitive edge. For example, AOTO Electronics Co., Ltd., a China-based LED display solution provider, unveiled the 'Rental Design LED Panel-SW Series' in October 2022. This innovation, made particularly for rental purposes, can be utilized as both an indoor and outdoor stage screen for events such as trade shows, theatres, and more. It aims to deliver the ideal visual background and is specifically designed for touring and massive live event screen applications. The inclusion of Quick Lock, Auto-Eject, and ergonomic handles enhances quick setup and eases maintenance.
What Are the Emerging Segments in the Consumer Electronics And Appliances Rental Market?
The consumer electronics and appliances rental market covered in this report is segmented -
1) By Type: Home Appliances, Refrigerator, Air Cooler, TV (Television), Washing Machine, Others
2) By Distribution Channel: Online, Offline
3) By Application: Personal, Business
Subsegments:
1) By Home Appliances: Kitchen Appliances, Small Appliances, Smart Home Devices
2) By Refrigerator: Single Door Refrigerators, Double Door Refrigerators, Side-By-Side Refrigerators, French Door Refrigerators
3) By Air Cooler: Personal Air Coolers, Desert Air Coolers, Tower Air Coolers, Window Air Coolers
4) By TV (Television): LED TV, OLED TV, Smart TV, Plasma TV, QLED TV
5) By Washing Machine: Front Load Washing Machine, Top Load Washing Machine, Semi-Automatic Washing Machine, Fully Automatic Washing Machine
6) By Others: Air Purifiers, Water Dispensers, Heaters, Microwaves, Fans
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Who Are the Global Leaders in the Consumer Electronics And Appliances Rental Market?
Major companies operating in the consumer electronics and appliances rental market include T and T Appliances, Reliance Retail Limited, Aaron's Inc., Buddy's Home Furnishings Inc., American Rental, FlexShopper Inc., Mr Rental NZ Pty Ltd, Cort Business Services Corporation, Rentex Corporation, Radio Rentals, Rent-A-Center Franchising International Inc., Cityfurnish Inc., Rent One Inc., Meeting Tomorrow Inc., SmartSource Inc., InnoVent Rental and Asset Management Solutions Ltd., Flex IT Rent BV, GSE Audiovisual Inc., Electro Rent Corporation, Rentacomputer.com Inc., Rentwise LLC, LeaseVille LLC, Rentickle Online Solutions Pvt Ltd, Red Cherry Computer Rentals Inc., Happy Rentz LLC, RentDelite Inc., Rent It Furnished Inc.
Which are the Top Profitable Regional Markets for the Consumer Electronics And Appliances Rental Industry?
Asia-Pacific was the largest region in the consumer electronics and appliances rental market in 2024. The regions covered in the consumer electronics and appliances rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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