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 USD 55.75 billion in 2023. It is likely to reach a valuation of USD 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) | USD 52.05 billion |
| Furniture Rental Market Share (2023) | USD 55.75 billion |
| Furniture Rental Market Share (2033) | USD 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 USD 24.48 billion. In the following years from 2018 to 2022, the market witnessed astonishing growth, accounting for a worth of USD 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
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.
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.
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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 USD 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 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Bed 5.2. Sofa & Couch 5.3. Table & Desks 5.4. Chairs & Stools 5.5. Wardrobe & Dressers 5.6. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material 6.1. Wood 6.2. Metal 6.3. Plastic 6.4. Glass 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Residential 7.2. Commercial 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. South Asia 8.5. East Asia 8.6. Oceania 8.7. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Furlenco 18.2. Feather 18.3. Rentomojo 18.4. Brook Furniture Rental 18.5. Rent-A-Center 18.6. Luxe Modern Rentals 18.7. The Everest 18.8. Fernished Inc. 18.9. Athoor 18.10. Fashion Furniture Rental 19. Assumptions & Acronyms Used 20. Research Methodology
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