The Growth of Furniture Rental Market between 2017-2024 due to Strong Inclination for Online Shopping
January 12, 2018 --
The global furniture rental market is segmented into material such as leather, plastic, wood, metal and glass. Among these segments, wood furniture rental segment is expected to occupy top position in overall furniture rental market during the forecast period. Wide availability of wooden rental furniture along with obtainability of cost effective options is anticipated to trigger the growth of global wood furniture rental market. Moreover, riding inclination of the consumers towards rental furniture due to cost effectiveness is expected to intensify the growth of the furniture rental market. However, leather furniture rental segment is expected to grow at a remarkable CAGR during the forecast period.
Global furniture rental market is expected to flourish at a considerable CAGR during the forecast period. Moreover, the global furniture rental market is anticipated to garner exponential sales by the end of the 2024. Rising popularity of e-commerce coupled with robust expansion of e-retail companies all over the globe is anticipated to be the dynamic factors behind the growth of the furniture rental market.
The commercial use segment by type is estimated to register a significant CAGR during the forecast period. Moreover, the commercial use segment is expected to account for the largest share of revenue across the globe. In addition to this, rising number of events have fueled the demand for rental furniture which is projected to foster the growth of commercial use segment during the forecast period. Apart from this, North America is projected to account the largest market of furniture rental in the global furniture rental market. Moreover, U.S. is the dominating country in this region.
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Increasing Popularity of Rental Furniture
Rising spending on rental furniture along with growing adoption of rental furniture due to lower price with reduced expense and maintenance is anticipated to positively impact the growth of the furniture rental market. Moreover, factors such as growing number of internet subscribers, increasing smartphone penetration and swift expansion of e-commerce channels are anticipated to substantially impact the growth of the furniture rental market.
Expansion of urban region and rising number of working population coupled with unevenness related to the settlement is predicted to trigger the growth of the furniture rental market. Additionally, rising trend for rented apartments along with availability of aesthetically appealing and light weight rental furniture is also expected to fuel the growth of the furniture rental market.
However, lack of awareness is some of the factors that are likely to inhibit the growth of furniture rental market during the forecast period. Moreover, maintaining furniture and delivering amazing customer service is also projected to hamper the growth of furniture rental market.
The report titled “Furniture Rental Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global furniture rental market in terms of market segmentation by material, by type, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global furniture rental market which includes company profiling of CORT, Furlenco, Rentmojo, Churchill, Brook, AFR, Arenson, and JMT. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global furniture rental market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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