Furniture Rental Market Strategies & Technology 2033
The global furniture rental market size is projected to witness staggering growth from 2023 to 2033. According to the research report published by FMI, the global market is anticipated to exceed a valuation of US$ 55.75 billion in 2023. It is likely to reach a valuation of US$ 110.69 billion by 2033. The market is projected to showcase a noteworthy CAGR of 7.1% from 2023 to 2033.
The ever-increasing global population is surging the demand for housing, particularly in urban areas. Though living space is limited in urban areas, many people are choosing to live in small apartments and shared housing arrangements. This trend is creating a demand for flexible furniture solutions such as furniture rentals. Furniture rentals are economic and convenient solutions, and people can easily furnish their living spaces without the hassles of buying, transporting, and assembling them. As the global population expands, the demand for furniture rentals is likely to rise as consumers seek affordable and convenient solutions for their living spaces.
The residential application market is predicted to grow quickly. It is projected that the growing acceptance of online education and work-from-home/hybrid employment arrangements will support market expansion. The price of renting household furnishings is anticipated to rise in the future years. Demand is increasing as more rent-paying families and bachelors become aware of furniture rental services and the benefits they offer. As a result of rising digitization and the introduction of affordable subscription options, the industry is expected to grow.
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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.
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.
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Key Players in the Global Furniture Rental Market
Furlenco
Feather
Rentomojo
Brook Furniture Rental
Rent-A-Center
Luxe Modern Rentals
The Everest
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