Global Furniture Rental Market Overview
The Furniture Rental Market Size was estimated at 14.15 (USD Billion) in 2022. The Furniture Rental Industry is expected to grow from 15.6(USD Billion) in 2023 to 37.5 (USD Billion) by 2032. The Furniture Rental Market CAGR (growth rate) is expected to be around 10.24% during the forecast period (2024 - 2032).
Key Furniture Rental Market Trends Highlighted
The Furniture Rental Market is experiencing significant growth, driven by increasing urbanization, the rise of the sharing economy, and the growing popularity of subscription-based services. Key market drivers include rising disposable incomes, increasing demand for flexible living solutions, and growing environmental consciousness. Major opportunities to be explored in the Furniture Rental Market include expanding into new geographic regions, offering tailored rental plans to meet specific customer needs, and developing innovative technologies to enhance the rental experience. Recent trends in the Furniture Rental Market include the integration of technology for seamless booking and delivery, the rise of online rental platforms, and the increasing popularity of eco-friendly furniture options. By addressing these market requirements, furniture rental companies can effectively capture emerging opportunities and drive continued market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Furniture Rental Market Drivers
-
Rising urbanization and population growth
The increasing number of people moving to urban areas is driving the demand for furniture rentals. In cities, space is often at a premium, and renting furniture can be a more affordable and flexible option than buying. Additionally, the growing number of single-person households is also contributing to the demand for furniture rentals, as these individuals may not want to commit to buying large pieces of furniture. The Furniture Rental Market Industry is expected to grow significantly in the coming years as a result of these factors.
Changing consumer lifestyles
Consumers are becoming more mobile and less likely to stay in one place for long periods of time. This is leading to a shift away from traditional furniture ownership and towards more flexible rental options. Additionally, the growing popularity of online shopping is making it easier for consumers to rent furniture without having to visit a store. The Furniture Rental Market Industry is well-positioned to benefit from these changing consumer trends.
Technological advancements
Technological advancements are making it easier for furniture rental companies to operate. For example, online platforms are making it easier for consumers to find and book furniture rentals. Additionally, new technologies are making it possible to track furniture rentals and manage inventory more efficiently. The Furniture Rental Market Industry is expected to continue to benefit from these technological advancements in the coming years.
Furniture Rental Market Segment Insights
Furniture Rental Market Rental Period Insights
In 2023, the Short-Term rental period segment occupied the largest market share within the Furniture Rental Market. To be more precise, it accounted for nearly 45% of the revenue. One of the main factors leading to such results is the increasing popularity of Short-Term options, such as vacation rentals, Airbnb, etc., which are usually reasonable and flexible. According to the provided information, the Furniture Rental Market for this period is to continue growing and to remain a leader with the stable CAGR of around 12%. In the case of Medium-Term rentals or Monthly and Quarterly periods, demand is also to increase because of more people preferring furnished apartments and rental homes.At the same time, the CAGR for this period is to be above 10%, and it would be one of the highest results in the industry. Finally, as for Long-Term rental or over one year, the CAGR is to be less than others but still positive, approximately 8% by 2030. One of the key reasons to explain such changes is that people choosing long-term rentals have to pay more than those preferring shorter rates for their facilities. At the same time, the number of individuals and families choosing to rent rather than buy furniture is also increasing, and even though the CAGR for this period is below the average as well as for the short-term period, but it is still equal to around 8%.Consequently, it is possible to predict that in general, the Furniture Rental Market is to grow with the CAGR above 12% by 2030 and to exceed $45 billion at that time.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Furniture Rental Market Furniture Type Insights
The Furniture Rental Market is segmented by Furniture Type into Residential, Office, Commercial, Event and Exhibition. The Residential segment accounted for the largest market share in 2023, and is projected to continue to dominate the market over the forecast period. The growth of this segment can be attributed to the increasing popularity of renting furniture for short-term or long-term periods, as well as the growing number of people living in rented accommodation. The Office segment is expected to witness significant growth over the forecast period, due to the increasing demand for flexible and cost-effective office furniture solutions.The Commercial segment is also expected to grow steadily, driven by the growth of the hospitality and retail sectors. The Event and Exhibition segment is expected to witness moderate growth, due to the increasing demand for furniture rental services for events and exhibitions.
Furniture Rental Market Business Model Insights
Amidst the Furniture Rental Market segmentation, business models play a pivotal role in shaping market dynamics. Online Rental Platforms have emerged as a dominant force, accounting for a significant share of revenue. Their convenience, vast selection, and competitive pricing have attracted a growing customer base. Brick-and-Mortar Rental Stores, while facing challenges from online competitors, continue to hold a substantial market presence, particularly in regions with limited internet penetration. Subscription-Based Services have gained traction in recent years, offering flexible options and recurring revenue streams for providers.As the Furniture Rental Market continues to expand, these business models are expected to drive market growth, with each catering to specific customer preferences and market needs.
Furniture Rental Market Target Customer Insights
The Furniture Rental Market is segmented on the basis of target customer, which includes individuals and families, businesses and organizations, event planners, and students. Individuals and families represent a significant portion of the Furniture Rental Market revenue, driven by factors such as increasing urbanization, rising disposable incomes, and changing lifestyles. Businesses and organizations are also major contributors to the market, as they rent furniture for various purposes such as office spaces, conference rooms, and employee housing.Event planners utilize furniture rental services to cater to temporary events, weddings, and corporate functions. Students often rent furniture for short-term periods to furnish their dorm rooms or apartments. The Furniture Rental Market segmentation data indicates that businesses and organizations are projected to hold the largest market share in 2024, owing to the increasing demand for flexible and cost-effective furniture solutions. Individuals and families are expected to remain a key segment, driven by the growing popularity of subscription-based rental models.Event planners and students are anticipated to contribute to the market growth over the forecast period.
Furniture Rental Market Regional Insights
The regional landscape of the Furniture Rental Market presents distinct growth dynamics across key geographic segments. North America dominates the market, accounting for a significant share due to the presence of a large number of rental companies and a growing trend of minimalism and urbanization. Europe follows closely, driven by increasing demand for flexible and affordable furniture solutions in major cities. APAC is expected to witness substantial growth in the coming years, fueled by rising disposable incomes and a growing middle class in countries like China and India.South America and MEA also offer potential growth opportunities, albeit with their own unique challenges and opportunities.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Furniture Rental Market Key Players And Competitive Insights
The leading players on the market of Furniture Rental Market are heavily investing in their competitive advantage. As of now, they are aiming to expand their presence on the international level. The development of the Furniture Rental Market is fueled by numerous factors, such as growing popularity of subscription-based models, increasing demand for flexible furniture solutions, etc. Therefore, the Furniture Rental Market Competitive Landscape is expected to remain rather tough in the long run, with new players entering the realm and trying to reach the top.Being one of the leading Swedish furniture retailers, IKEA is the key representative of the Furniture Rental Market. The organization offers a variety of pieces for rent, allowing the customer to choose between short-term and long-term rental. IKEA’s strong brand and the vast number of stores located across the globe make it a key player in the market. Furthermore, the organizations focus on sustainability and its range of innovative furniture designs also contribute to IKEA’s success on the Furniture Rental Market since it appeals to the target customer’s values.Another important player on the Furniture Rental Market is Rent the Runway, an American service specializing in the rental of clothes and accessories. Rent the Runway has recently started providing furniture to rent, including pieces for both residential and commercial application by expert designers. Much like IKEA, Rent the Runway’s focus is on the sustainable use of resources, the model of furniture rental being a response to the call for a circular fashion economy. The key factor of its positive performance on the Furniture Rental Market is the use of a subscription-based model.ReferencesIKEA. 2018. Web.Rent the Runway. 2018. Web.
Key Companies in the Furniture Rental Market Include
- Furnishr
- Ethan Allen
- Arhaus
- The Rug Company
- Structube
- Urban Barn
- BoConcept
- Interior Define
- IKEA
- West Elm
- Stori
- Kane’s Furniture
- Design Within Reach
- Joybird
- SoftMoc
Furniture Rental Market Industry Developments
The furniture rental market is projected to reach a value of USD 37.5 billion by 2032, exhibiting a CAGR of 10.24% during the forecast period (2024-2032). Increasing urbanization, rising disposable income, and growing popularity of flexible living arrangements are driving market growth. Key industry participants include CORT, Feather, and Rent the Runway.Recent news developments include CORT's partnership with Airbnb to offer furniture rental services to Airbnb hosts, and Feather's expansion into new markets such as Los Angeles and San Francisco. The market is also witnessing the emergence of subscription-based rental models, offering consumers greater flexibility and convenience.
Furniture Rental Market Segmentation Insights
Furniture Rental Market Rental Period Outlook
- Short-Term (Daily, Weekly)
- Medium-Term (Monthly, Quarterly)
- Long-Term (Annual, Multi-Annual)
Furniture Rental Market Furniture Type Outlook
- Residential
- Office
- Commercial
- Event and Exhibition
Furniture Rental Market Business Model Outlook
- Online Rental Platforms
- Brick-and-Mortar Rental Stores
- Subscription-Based Services
Furniture Rental Market Target Customer Outlook
- Individuals and Families
- Businesses and Organizations
- Event Planners
- Students
Furniture Rental Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
14.15(USD Billion) |
| Market Size 2023 |
15.6(USD Billion) |
| Market Size 2032 |
37.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
10.24% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Furnishr ,Ethan Allen ,Arhaus ,The Rug Company ,Structube ,Urban Barn ,BoConcept ,Interior Define ,IKEA ,West Elm ,Stori ,Kaneโs Furniture ,Design Within Reach ,Joybird ,SoftMoc |
| Segments Covered |
Rental Period ,Furniture Type ,Business Model ,Target Customer ,Regional |
| Key Market Opportunities |
Flexible subscription models Targeting ecoconscious consumers Smart furniture rental Expansion into emerging markets Partnerships with home decor and design companies |
| Key Market Dynamics |
Rising urbanization Subscriptionbased economy Growing number of millennials Technological advancements Environmental concerns |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The furniture rental market is expected to reach USD 37.5 billion by 2032, growing at a CAGR of 10.24% from 2023 to 2032.
The key factors driving the growth of the furniture rental market include rising urbanization, increasing disposable income, and changing consumer preferences towards flexible and sustainable living.
North America is expected to hold the largest share of the furniture rental market, followed by Europe and Asia-Pacific.
The major applications of furniture rental include residential, commercial, and event-based rentals.
The key competitors in the furniture rental market include CORT, Rent-A-Center, and IKEA.
The furniture rental market faces challenges such as high upfront costs, competition from traditional furniture retailers, and the need for efficient logistics and inventory management.
The furniture rental market has opportunities for growth in areas such as online rentals, subscription-based models, and partnerships with furniture manufacturers.
The key trends in the furniture rental market include the increasing popularity of smart furniture, the rise of shared economy models, and the growing demand for sustainable furniture options.
The future outlook for the furniture rental market is expected to be positive, driven by the increasing demand for flexible and affordable furniture solutions.
The potential risks to the furniture rental market include economic downturns, changes in consumer preferences, and increased competition from traditional furniture retailers.
