The global furniture rental market size is anticipated to witness staggering growth from 2023 to 2033. According to the research report published by FMI, the global market is anticipated to surpass 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% during the forecast period.
The booming housing population is anticipated to be a significant market growth driver. Additionally, the expansion of the e-commerce industry is predicted to create lucrative growth opportunities for market players.
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.
Several nations are experiencing a demand surge for small-sized houses and studio apartments. Renovation and house remodelling are key trends that are boosting the furniture rental market growth.
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. Buying furniture is an expenditure they might avoid. As a result, the demand for beds and other rental furniture is rising.
Renting furniture is cost-effective and consumers can utilize high-quality and comfortable furniture with furniture rental services.
The coronavirus pandemic gave an immense impetus to furniture rental products as more than half of the world’s population was mandated to work from home. Increased demand for tables and chairs was witnessed during the pandemic as they boost employee efficiency.
Individuals as well as businesses opted to rent ergonomic furniture to increase their productivity while working from home. The swift change in purchasing patterns led manufacturers to develop a category, i.e., work-from-home furniture. The economic yearly and monthly options introduced by market players gave a significant boost to furniture rental products.
| Attributes | Details |
|---|---|
| Furniture Rental Market Share (2022) | US$ 52.05 billion |
| Furniture Rental Market Share (2023) | US$ 55.75 billion |
| Furniture Rental Market Share (2033) | US$ 110.69 billion |
| Furniture Rental Market Share (2023 to 2033) | 7.1% |
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According to the report published on the furniture rental market by FMI, the demand, and consumption of rental furniture are increasing every year. In 2018, the global market size stood at nearly US$ 24.48 billion. In the following years from 2018 to 2022, the market witnessed astonishing growth, accounting for a worth of US$ 52.05 billion.
The rising demand for furniture rentals can be attributed to growing urbanization. The increasing global population and industrialization are also boosting the demand for rental furniture. Construction of new offices, commercial and residential buildings, and others drive market expansion.
The e-commerce industry is exponentially expanding, creating growth opportunities for existing players and new entrants.
The demand for rented furniture is highly influenced by the kind of event or purpose it is required for. Commercial places, hotels, restaurants, and event managers organize several events. Corporate gatherings, wedding ceremonies, wedding anniversaries, birthday parties, and others require furniture according to their themes and ambiances. The growth of the event management industry is likely to bolster the furniture rental market development.
As businesses recovered from the coronavirus pandemic and began physical operations, the demand for furniture rental spiked. Several businesses have signed up for annual subscriptions with furniture rental providers and the numbers are rising. Hence, corporations adopting rental services are likely to flourish in growth for the market.
Wardrobes & Dressers Segment to Exhibit Marvellous Growth during the Forecast Period
According to the segmentation based on product type, the market is classified into beds, wardrobes & dressers. The beds segment generated a substantial revenue of more than 31.25% in 2022. The segment is likely to exhibit remarkable growth in the coming years. The increasing popularity of subscription-based furniture rental services by millennials and the Gen Z populace is the crucial factor substantially boosting the market growth.
The wardrobes and dressers segment is expected to witness rapid growth in the coming years. The availability of various finishes, designs, and sizes to uplift ambiance is expected to foster growth for the segment. It is observed that consumers prefer door-mounted mirrors or dressers with mirrors as they improve the room’s aesthetics. Dressers can also be utilized as a nightstand, a centrepiece, or a television cabinet, which further stimulates their sales.
Plastic Materials Segment to Attain Remarkable Growth
According to the segmentation based on material type, the market is fragmented into wood and plastic. The wood material segment held a huge share of more than 38.7% in 2022.
Wood is used for making several kinds of furniture, including beds, benches, chairs, desks, tables, and others. They add a natural charm to the environment, which is a significant factor in its high sales. Wood is affordable and is often used in manufacturing rental furniture. With proper care, wood furniture can withstand every type of weather.
The plastic segment is predicted to exhibit swift growth in the coming years. Plastic furniture is easily transportable and durable. They are lightweight and easy to handle, which serve as critical factors in increasing their adoption.
Commercial Application Segment to Witness Unparalleled Growth
According to the segmentation based on application, the market is bifurcated into residential and commercial. The commercial application segment held the lion’s share in 2022, accounting for nearly 60.5% of the global revenue.
Commercial events take place almost every day across the globe. Renting furniture is a feasible option when it comes to hosting mass audiences. It saves time, energy, and money for organizers while adding aesthetics to the event. The commercial application segment is anticipated to expand in the coming years due to mounting industrialization and urbanization.
The residential application segment is predicted to witness speedy growth. The growing trend of online education and work-from-home/hybrid work regimes are expected to bolster market development. It is critical to set up a pleasant place that allows flexibility and comfort during study or work hours. This has been difficult for people in small homes or work settings. Hence, companies that offer furniture rental services can diversify in the residential application segment to expand their growth horizons.
Furniture rental for households is likely to rise in the coming years. Families and bachelors living on rent are increasingly getting acquainted with furniture rental services and their benefits, surging their demand. The increasing digitalization and the introduction of affordable subscription models are likely to fuel market expansion.
Principal Consultant
Furniture Rental Market:
| Attributes | Furniture Rental Market |
|---|---|
| CAGR (2023 to 2033) | 7.1% |
| Market Value (2023) | US$ 55.75 billion |
| Growth Factor | Booming housing population and expanding eCommerce industry. |
| Future Opportunities | Growth in Tier II and Tier III cities. |
| Market Trends | Adoption of hybrid and work-from-home regimes. |
Small Space Furniture Market:
| Attributes | Small Space Furniture Market |
|---|---|
| CAGR (2023 to 2033) | 5.9% |
| Market Value (2023) | US$ 6 billion |
| Growth Factor | The increasing number of people choosing to live alone. |
| Future Opportunities | Development of multi-functional small space furniture. |
| Market Trends | Rising demand for modern furniture made from mild steel, plastic, and other lightweight materials. |
Bedroom Furniture Market:
| Attributes | Bedroom Furniture Market |
|---|---|
| CAGR (2023 to 2033) | 4.7% |
| Market Value (2023) | US$ 265.57 billion |
| Growth Factor | The increasing urbanization and expanding global populace. |
| Future Opportunities | Development of sustainable and eco-friendly furniture. |
| Market Trends | Growing demand for minimalist furniture. |
North America is anticipated to witness noteworthy growth during the forecast period. The region held a substantial share of nearly 35.2% in 2022 globally. The region’s growth can be attributed to the growing preference for rented furniture and the presence of key market players. The growing concept of shared economy and flexibility is expected to positively contribute to the market’s development. The popularity of rented furniture among young generations that value independence, flexibility, and convenience is rising. This is anticipated to flourish in growth for the market.
Asia Pacific is expected to gain swift growth during the forecast period. The increasing demand from millennial and Gen Z demographics is expected to boost the market growth. Rented furniture helps in easy relocation and transition while giving access to aesthetic designs. These factors propel the demand for rented furniture among the young populace. Additionally, the growing efforts to launch sustainable and eco-friendly products for consumers are expected to boost demand in Asia Pacific region.
The increasing entrance of new start-ups in nations such as India and China is expected to further propel market growth in Asia Pacific. The infrastructural development in these nations is likely to amplify market growth in the coming years.
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The furniture rental concept is witnessing an upsurge due to evolving ideology and culture worldwide. The affordability, value, and wide variety of products offered by furniture rental providers greatly contribute to the market’s expansion.
The global furniture rental market is extremely competitive. There are several key players operating at various levels globally. The key players emphasize several growth strategies, including acquisitions, partnerships, and new product launches. They aim to enter new markets to gain large consumer bases and uptick their market positions.
Furniture options are accessible, contributing to the growth of the market.
The sharing economy and millennial preferences are driving the market.
The market is projected to be around US$ 55.75 billion.
Asia Pacific is expected to have considerable growth in the furniture rental market.
The market is anticipated to expand at a CAGR of roughly 7.1%.
1. Executive Summary | Furniture Rental Market 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Product, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Product, 2023 to 2033 5.3.1. Bed 5.3.2. Sofa & Couch 5.3.3. Table & Desks 5.3.4. Chairs & Stools 5.3.5. Wardrobe & Dressers 5.3.6. Others 5.4. Y-o-Y Growth Trend Analysis By Product, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Product, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Material, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Material, 2023 to 2033 6.3.1. Wood 6.3.2. Metal 6.3.3. Plastic 6.3.4. Glass 6.3.5. Others 6.4. Y-o-Y Growth Trend Analysis By Material, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Material, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) Analysis By Application, 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2023 to 2033 7.3.1. Residential 7.3.2. Commercial 7.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022 7.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022 8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033 8.3.1. North America 8.3.2. Latin America 8.3.3. Europe 8.3.4. South Asia 8.3.5. East Asia 8.3.6. Oceania 8.3.7. MEA 8.4. Market Attractiveness Analysis By Region 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. USA 9.2.1.2. Canada 9.2.2. By Product 9.2.3. By Material 9.2.4. By Application 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Product 9.3.3. By Material 9.3.4. By Application 9.4. Key Takeaways 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Brazil 10.2.1.2. Mexico 10.2.1.3. Rest of Latin America 10.2.2. By Product 10.2.3. By Material 10.2.4. By Application 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Product 10.3.3. By Material 10.3.4. By Application 10.4. Key Takeaways 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. Germany 11.2.1.2. United kingdom 11.2.1.3. France 11.2.1.4. Spain 11.2.1.5. Italy 11.2.1.6. Rest of Europe 11.2.2. By Product 11.2.3. By Material 11.2.4. By Application 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Product 11.3.3. By Material 11.3.4. By Application 11.4. Key Takeaways 12. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. India 12.2.1.2. Malaysia 12.2.1.3. Singapore 12.2.1.4. Thailand 12.2.1.5. Rest of South Asia 12.2.2. By Product 12.2.3. By Material 12.2.4. By Application 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Product 12.3.3. By Material 12.3.4. By Application 12.4. Key Takeaways 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Country 13.2.1.1. China 13.2.1.2. Japan 13.2.1.3. South Korea 13.2.2. By Product 13.2.3. By Material 13.2.4. By Application 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Product 13.3.3. By Material 13.3.4. By Application 13.4. Key Takeaways 14. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 14.2.1. By Country 14.2.1.1. Australia 14.2.1.2. New Zealand 14.2.2. By Product 14.2.3. By Material 14.2.4. By Application 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Product 14.3.3. By Material 14.3.4. By Application 14.4. Key Takeaways 15. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 15.2.1. By Country 15.2.1.1. GCC Countries 15.2.1.2. South Africa 15.2.1.3. Israel 15.2.1.4. Rest of MEA 15.2.2. By Product 15.2.3. By Material 15.2.4. By Application 15.3. Market Attractiveness Analysis 15.3.1. By Country 15.3.2. By Product 15.3.3. By Material 15.3.4. By Application 15.4. Key Takeaways 16. Key Countries Market Analysis 16.1. USA 16.1.1. Pricing Analysis 16.1.2. Market Share Analysis, 2022 16.1.2.1. By Product 16.1.2.2. By Material 16.1.2.3. By Application 16.2. Canada 16.2.1. Pricing Analysis 16.2.2. Market Share Analysis, 2022 16.2.2.1. By Product 16.2.2.2. By Material 16.2.2.3. By Application 16.3. Brazil 16.3.1. Pricing Analysis 16.3.2. Market Share Analysis, 2022 16.3.2.1. By Product 16.3.2.2. By Material 16.3.2.3. By Application 16.4. Mexico 16.4.1. Pricing Analysis 16.4.2. Market Share Analysis, 2022 16.4.2.1. By Product 16.4.2.2. By Material 16.4.2.3. By Application 16.5. Germany 16.5.1. Pricing Analysis 16.5.2. Market Share Analysis, 2022 16.5.2.1. By Product 16.5.2.2. By Material 16.5.2.3. By Application 16.6. United kingdom 16.6.1. Pricing Analysis 16.6.2. Market Share Analysis, 2022 16.6.2.1. By Product 16.6.2.2. By Material 16.6.2.3. By Application 16.7. France 16.7.1. Pricing Analysis 16.7.2. Market Share Analysis, 2022 16.7.2.1. By Product 16.7.2.2. By Material 16.7.2.3. By Application 16.8. Spain 16.8.1. Pricing Analysis 16.8.2. Market Share Analysis, 2022 16.8.2.1. By Product 16.8.2.2. By Material 16.8.2.3. By Application 16.9. Italy 16.9.1. Pricing Analysis 16.9.2. Market Share Analysis, 2022 16.9.2.1. By Product 16.9.2.2. By Material 16.9.2.3. By Application 16.10. India 16.10.1. Pricing Analysis 16.10.2. Market Share Analysis, 2022 16.10.2.1. By Product 16.10.2.2. By Material 16.10.2.3. By Application 16.11. Malaysia 16.11.1. Pricing Analysis 16.11.2. Market Share Analysis, 2022 16.11.2.1. By Product 16.11.2.2. By Material 16.11.2.3. By Application 16.12. Singapore 16.12.1. Pricing Analysis 16.12.2. Market Share Analysis, 2022 16.12.2.1. By Product 16.12.2.2. By Material 16.12.2.3. By Application 16.13. Thailand 16.13.1. Pricing Analysis 16.13.2. Market Share Analysis, 2022 16.13.2.1. By Product 16.13.2.2. By Material 16.13.2.3. By Application 16.14. China 16.14.1. Pricing Analysis 16.14.2. Market Share Analysis, 2022 16.14.2.1. By Product 16.14.2.2. By Material 16.14.2.3. By Application 16.15. Japan 16.15.1. Pricing Analysis 16.15.2. Market Share Analysis, 2022 16.15.2.1. By Product 16.15.2.2. By Material 16.15.2.3. By Application 16.16. South Korea 16.16.1. Pricing Analysis 16.16.2. Market Share Analysis, 2022 16.16.2.1. By Product 16.16.2.2. By Material 16.16.2.3. By Application 16.17. Australia 16.17.1. Pricing Analysis 16.17.2. Market Share Analysis, 2022 16.17.2.1. By Product 16.17.2.2. By Material 16.17.2.3. By Application 16.18. New Zealand 16.18.1. Pricing Analysis 16.18.2. Market Share Analysis, 2022 16.18.2.1. By Product 16.18.2.2. By Material 16.18.2.3. By Application 16.19. GCC Countries 16.19.1. Pricing Analysis 16.19.2. Market Share Analysis, 2022 16.19.2.1. By Product 16.19.2.2. By Material 16.19.2.3. By Application 16.20. South Africa 16.20.1. Pricing Analysis 16.20.2. Market Share Analysis, 2022 16.20.2.1. By Product 16.20.2.2. By Material 16.20.2.3. By Application 16.21. Israel 16.21.1. Pricing Analysis 16.21.2. Market Share Analysis, 2022 16.21.2.1. By Product 16.21.2.2. By Material 16.21.2.3. By Application 17. Market Structure Analysis 17.1. Competition Dashboard 17.2. Competition Benchmarking 17.3. Market Share Analysis of Top Players 17.3.1. By Regional 17.3.2. By Product 17.3.3. By Material 17.3.4. By Application 18. Competition Analysis 18.1. Competition Deep Dive 18.1.1. Furlenco 18.1.1.1. Overview 18.1.1.2. Product Portfolio 18.1.1.3. Profitability by Market Segments 18.1.1.4. Sales Footprint 18.1.1.5. Strategy Overview 18.1.1.5.1. Marketing Strategy 18.1.2. Feather 18.1.2.1. Overview 18.1.2.2. Product Portfolio 18.1.2.3. Profitability by Market Segments 18.1.2.4. Sales Footprint 18.1.2.5. Strategy Overview 18.1.2.5.1. Marketing Strategy 18.1.3. Rentomojo 18.1.3.1. Overview 18.1.3.2. Product Portfolio 18.1.3.3. Profitability by Market Segments 18.1.3.4. Sales Footprint 18.1.3.5. Strategy Overview 18.1.3.5.1. Marketing Strategy 18.1.4. Brook Furniture Rental 18.1.4.1. Overview 18.1.4.2. Product Portfolio 18.1.4.3. Profitability by Market Segments 18.1.4.4. Sales Footprint 18.1.4.5. Strategy Overview 18.1.4.5.1. Marketing Strategy 18.1.5. Rent-A-Center 18.1.5.1. Overview 18.1.5.2. Product Portfolio 18.1.5.3. Profitability by Market Segments 18.1.5.4. Sales Footprint 18.1.5.5. Strategy Overview 18.1.5.5.1. Marketing Strategy 18.1.6. Luxe Modern Rentals 18.1.6.1. Overview 18.1.6.2. Product Portfolio 18.1.6.3. Profitability by Market Segments 18.1.6.4. Sales Footprint 18.1.6.5. Strategy Overview 18.1.6.5.1. Marketing Strategy 18.1.7. The Everest 18.1.7.1. Overview 18.1.7.2. Product Portfolio 18.1.7.3. Profitability by Market Segments 18.1.7.4. Sales Footprint 18.1.7.5. Strategy Overview 18.1.7.5.1. Marketing Strategy 18.1.8. Fernished Inc. 18.1.8.1. Overview 18.1.8.2. Product Portfolio 18.1.8.3. Profitability by Market Segments 18.1.8.4. Sales Footprint 18.1.8.5. Strategy Overview 18.1.8.5.1. Marketing Strategy 18.1.9. Athoor 18.1.9.1. Overview 18.1.9.2. Product Portfolio 18.1.9.3. Profitability by Market Segments 18.1.9.4. Sales Footprint 18.1.9.5. Strategy Overview 18.1.9.5.1. Marketing Strategy 18.1.10. Fashion Furniture Rental 18.1.10.1. Overview 18.1.10.2. Product Portfolio 18.1.10.3. Profitability by Market Segments 18.1.10.4. Sales Footprint 18.1.10.5. Strategy Overview 18.1.10.5.1. Marketing Strategy 19. Assumptions & Acronyms Used 20. Research Methodology
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Furniture Rental Market
