The circular economy is rising! The market size of furniture rental services is projected to grow from USD 73.19 billion in 2022 to USD 139.05 billion in 2029, CAGR during the forecast period is 9.6%.
Taiwan, Taipei (ADH News) – Are you still buying furniture at the store? Now the trend is “rent furniture”! Most renters prefer to rent furnished homes because they don’t have to worry about furnishing and furnishing costs. However, finding the ideal home is not easy. Today, the rise of furniture rental services has solved the economic troubles for tenants.
According to a market research firm Fortune Business Insights report, the demand for furniture rental has been increasing in recent years. The global furniture rental services market size was valued at USD 67.83 billion in 2021 and is projected to grow from USD 73.19 billion in 2022 to USD 139.05 billion in 2029, at a CAGR of 9.6% during the forecast period.
The report divides the market regions of the global Furniture Rental Services industry into Asia Pacific, Europe, North America, Middle East & Africa, and South America. Where is the largest market? The Asia Pacific! Because of the growing popularity of rental furniture in the area. In addition, increasing urban migrants in China and India will increase service demand among such regions, making the Asia Pacific dominate.
The report also divides the global furniture rental services industry into residential and commercial categories. Families, students, and business environments use furniture rental services. Families rent furniture to meet the decorative needs of interior spaces; students rent furniture to create co-living and learning spaces; commercial settings such as small offices and pantries prefer to rent furniture to reduce infrastructure costs.
On the other hand, office workers prefer to work from home or remotely due to the impact of the pandemic, a factor that has significantly boosted consumer demand for rental furniture. Nowadays, people like more refined and comfortable interior spaces, so newlyweds and families have also begun to become users of furniture rental services, driving the trend of rental furniture.
From the analysis in the report, we can see that the main raw materials in the furniture rental market are wood, plastic, metal, glass, etc. Durable wood materials dominate, while lightweight plastics and high-strength metal materials are popular with consumers. In addition, more and more consumers are renting furniture made of glass materials, and the demand for natural materials such as bamboo and seagrass is also increasing.
If you have experience renting a home, you will know why furniture rental services are popular. First, tenants generally don’t want to buy large furniture because they need to move out when the lease expires and won’t necessarily need it later. Secondly, it takes time and money for the tenant to move. Therefore, renting instead of buying can save expenses.