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The global furniture rental service market size was valued at USD 72.50 billion in 2022. The market is projected to grow from USD 77.81 billion in 2023 to USD 142.91 billion by 2030, exhibiting a CAGR of 9.07% during the forecast period.
Households mainly use rented furnishing items to fulfill the interior requirements of their indoor spaces. Additionally, students prefer cost-effective, rented chairs and tables to meet their co-living spaces’ study requirements. The advent of recent online furniture rental platforms such as CORT, INHABITER, and others will significantly enhance the service demand among the global population. For example, Furlenco, a Bengaluru, India-based online furniture rental platform, offers subscription-based rented chairs, tables, and other furnishing items to Indian households as per their interior decoration requirements.
Work-From-Home Trend Amid COVID-19 Pandemic to Surge Growth of Industry
To avoid coronavirus infection while traveling to office locations, working professionals prefer remote working style over in-office. This factor significantly boosts consumer demand for rented furniture items to fulfill their home-office furniture needs. As per data published by Glassdoor, an American online job portal, from June 2019 to June 2021, Glassdoor’s online job searches for work-from-home (WFH) positions have jumped by 460%. Furthermore, the growing trend of renting furniture and other essential products amid pandemic will further fuel the furniture rental service market growth.
However, the closure of upholstery shops and furniture manufacturing sites due to COVID-19 related lockdown restrictions hampered the growth of the furniture rental service business. Furthermore, amid the COVID-19 pandemic, key players witnessed a slowdown in their furniture processing activities due to the limited availability of raw material supplies and equipment. This factor significantly challenges the key players in building their overall supply chain, thereby limiting the services’ revenues worldwide. According to the data presented by the Confederation of All India Traders (CAIT), in the first 15 days of 2022, 50% of the Indian retail businesses suffered losses due to the sudden COVID-19 related lockdown restrictions in India.
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Rising Trend of Interior Decoration to Accelerate Growth of Furniture Rental Businesses
The growing trend of renting furniture among newly married couples and families to have a sophisticated interior space and comfortable living will offer newer opportunities for key players to grow their business. Additionally, shifting consumer preference toward buying decorative furnishing items will further create newer avenues for industry growth.
Nowadays, businesses associated with rental services focus on offering diversified household products such as kitchen appliances, furnishing items, stationary bikes, and others on rent to increase their revenues from such services. This factor will support the industry in its future development. Furthermore, rental service providers offer dedicated customer service to attract home buyers to avail their subscriptions. For instance, in November 2021, CityFurnish, India’s leading furniture rental service company, introduced 'CityMax,' a subscription-based furniture relocation service in India.
Growing Residential and Commercial Infrastructural Settings to Drive the Furniture Rental Industry
Growing residential and commercial infrastructural settings will support the services demand among such settings, thereby driving the market growth. According to the statistical data published by the National Association of Realtors (NAR), from January 2019 to January 2020, U.S. housing sales rose by 5.7%. Nowadays, households prefer buying subscription-based furniture renting services to regularly use different furnishing items. This factor significantly helps them fulfill their home decoration needs, driving the furniture rental facility's growth.
Innovative Marketing Campaigns by Leading Companies to Support Market Growth
Nowadays, prominent companies conduct promotional events to trigger customer interest in subscribing to their services. Such a factor will enhance the services’ demand worldwide. For instance, in January 2019, RentoMojo, India's leading rental solutions company, launched a video campaign to target Indian youth who prefer relocation for career prospects. This video campaign showcased life scenarios related to the relocation hassles of households. It aimed to provide an extremely effortless and practical way of subscribing to RentoMojo’s furniture swapping & renting service.
Lack of Awareness Regarding Furniture Rental Services to Restrain Market Expansion
Lack of awareness regarding furniture rental service among the aged population worldwide mainly limits the demand for rental furnishings and other household products. Additionally, the emergence of new entrants with similar product offerings targeting rural customers poses challenges to the prominent players' business growth, thereby restraining the industry expansion.
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Wood Segment to Hold a Dominant Share Owing to Low Maintenance Requirements
The market based on material is divided into wood, plastic, metal, glass, and others. The wood segment holds a dominant share due to its low maintenance & durability over other material types. Additionally, the rising consumer trends toward using eco-friendly furnishings items will stimulate the consumer demand for wooden furnishing items, thereby driving the growth of the wood segment.
Plastic-based furniture has less weight and is cost-effective compared to other furniture materials. Furthermore, demand for plastic furniture is significantly increasing in the residential and commercial sectors owing to its high durability and waterproof nature. Hence, increased demand for premium and quality plastic furniture drives the segment's growth.
Additionally, metal furnishing items' higher strength and durability mainly drive the metal segment growth. Hard-worked metallic fixtures also offer a shining look to interior surfaces, which propels their adoption for aesthetic appeal.
The glass segment will grow considerably due to the growing trend of renting glass furnishing items in the residential sector. The others segment include materials such as bamboo and seagrass. Increasing consumer demand for furniture made from sustainable and recyclable material is mainly driving the others’ segment growth.
Commercial Segment to Hold a Leading Position owing to Rising Consumer Demand for Aesthetic Interiors
The market is segregated into residential and commercial by application. Nowadays, commercial settings such as small offices and pantries prefer buying rented furniture items to reduce infrastructure costs. Such a factor will accelerate the demand for furniture rental services from the commercial segment. Additionally, the rising popularity of subscription-based furniture and electronic appliance rental services will further enhance the commercial segment revenues.
Bachelors and families increasingly use home furniture rental service platforms to keep their furnishing items on rent. Furthermore, households maintain interior spaces decorated to provide a welcoming appeal for guests and friends. These factors are mainly supporting the households’ demand for such services.
Asia Pacific Furniture Rental Service Market Size, 2022 (USD Billion)
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Regionally, the global market is segregated into Asia Pacific, Europe, North America, the Middle East & Africa, and South America.
Asia Pacific dominates the global furniture rental service market share due to the growing popularity of renting furniture items in developing towns and cities especially in China and India. Furthermore, rising number of urban migrants in China and India will increase service demand among such migrant populations, thereby driving regional market growth. Additionally, the presence of prominent companies in the region creates newer avenues for industry growth. For instance, in January 2020, CityFurnish, a Gurgaon-based rental startup, announced its operations in Hyderabad. The rental start-up offers an online rental service to six Indian cities, including Bangalore, Pune, Mumbai, Noida, Delhi, and Gurgaon.
Europe is projected to witness stellar growth owing to changing consumer preference toward buying sustainably-made furnishing items. People are more conscious of the deteriorating health impacts of furnishings made from low-grade plastics, encouraging users to purchase eco-friendly furniture items. Also, furniture items crafted out of natural re-usable materials such as bamboo and wooden pallets are expected to witness huge demand in Europe. Evolving home decoration trends and increasing furniture replacement trends support market growth in this region. Furthermore, the increase in the number of residential and commercial infrastructural settings in Europe and significant government investments in developing the housing facilities in Germany and the U.K. further support regional market growth. According to the data presented by the Committee on Climate Change Organization, there were 29 million homes in the U.K. as of 2019. The U.K. government is expected to develop 1.5 million new living spaces by 2022.
North America holds a considerable share as the rising number of startups and new businesses in the region prefer buying rented furnishing items to fulfill their furniture needs. According to the data published by the U.S Census Bureau, in 2020, 4.3 million Americans filed paperwork to start a business. Additionally, total job applications for American startups and businesses increased by 24% during 2020. Moreover, the robust presence of prominent furniture rental service providers, such as CORT, Feather, AFT, and others, in the U.S. further supports market proliferation in the region.
Increasing awareness regarding furniture rental platforms among households in the UAE and Saudi Arabia mainly supports the market growth in the Middle East & Africa.
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The South America market is slated to showcase moderate growth as many people are relocating to urban areas, thereby gradually opening new furniture rental platforms. The people shifting to urban areas are getting exposure to the changing trends in the industry and have access to various digital platforms for fulfilling the necessities, which is likely expected to surge the service demand across the region.
Partnerships, Acquisitions and Business Expansion are the Key Strategies Fueling Industry’s Growth
Nowadays, key players focus on establishing partnerships with financial institutions to raise their working capital. Additionally, they concentrate on diversifying furniture rental offerings to expand their geographical presence worldwide. For instance, in August 2020, Feather, a U.S.-based rental furniture company, bagged USD 30 million in Series B investments from Credit Suisse Group AG, an investment banking company, to expand its product and service offerings globally.
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The market research report analyzes the market in-depth and highlights crucial aspects such as prominent companies, material analysis, application, and the overall market outlook. Besides this, the report includes insights into the latest trends and highlights significant industry developments. The report includes the current market size and forecast values. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market growth in recent years.
CAGR of 9.07% from 2023 to 2030
Value (USD Billion)
North America (By Material, Application, and Country)
Europe (By Material, Application, and Country)
Asia Pacific (By Material, Application, and Country)
South America (By Material, Application, and Country)
Middle East and Africa (By Material, Application, and Country)
Fortune Business Insights says that the global market size was USD 72.50 billion in 2022 and is anticipated to reach USD 142.91 billion by 2030.
In 2022, the worldwide market value stood at USD 72.50 billion.
The global market is estimated to grow at a CAGR of 9.07% from 2023 to 2030.
The wood segment is expected to be the leading product type during the forecast period (2023-2030).
Escalating the growth of real estate industries is accelerating the industry’s growth.
The Aarons Company, CORT, and Brook Furniture Rental Inc. are the leading companies worldwide.
The Asia Pacific region held a dominant position in 2022.
Interior decoration trends to drive the adoption of such services.
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